Leaving the Plan

You can leave the DB Section at any time. If you stop working for the Company or opt out of the Plan before your normal retirement date (NRD), you can leave your benefits in the Plan until you transfer them to another pension arrangement or retire.

Deferred membership

You’ll be known as a deferred member and will no longer be able to build up more pension in the DB Section.

As a deferred member, your pension will increase each year between the date of your leaving and your retirement in line with inflation, subject to certain limits.

Taking a transfer

Alternatively, you can transfer the value of your pension benefits to another pension arrangement. If you’re considering a transfer, you can request a transfer value from the Plan administrator. Please note that if your benefits are worth more than £30,000, the law requires you to take independent financial advice from an adviser who is authorised by the Financial Conduct Authority (FCA).

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