What if

I want to leave the plan?

What are my options?

You will have the option of either leaving your benefits in the Plan until retirement OR transferring the value of your benefits to another registered pension arrangement.

If you decide to remain in the Plan, your Pension Pot will remain invested in the Plan until you retire. If you decide to transfer, we will pay the full value of your Pension Pot to your chosen pension arrangement.

You may receive your pension at any time from age 55 provided that Pearson agrees. If you do this, your pension is likely to be less than the pension you would have received if you retired at age 62.

What benefits are payable if I die after leaving but before retirement?
If you leave your benefits in the Plan, death benefits will be calculated in accordance with the rules of the Money Purchase 2003 Section. Remember to keep your expression of wish form up to date and consider whether you need to complete a new form if your personal circumstances change.

What happens to my additional voluntary contributions (AVCS) if I leave?

If you elect to transfer the value of your Plan benefits to another pension arrangement, the value of your AVCs will be included in this

If you elect to take a refund of your normal Plan contributions, the value of your AVCs will also be refunded, less a tax charge.

If you elect to leave your benefits in the Plan, your AVCs will also remain invested within the Plan. You will not be able to make further AVCs in to the Plan, but you will still be able to change your investment choices.

What happens if I change my address after leaving?
It is important that you notify the pensions team of any changes to your personal and contact details, so that we can keep in contact with you and ensure that we are sending important information to the right place.

Still have questions?

If you have any questions then please go to the Contact us page on the website for different ways to get in touch. 


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