Leaving Cummins
If you leave Cummins, you’ll become a ‘deferred’ member of the Plan and stop building up benefits.
Your benefits will remain in the Plan until you’re ready to retire.
Your benefits will increase in value between the date you leave and when you retire in line with inflation.
Leaving and AVCs
Any money paid into your AVC account belongs to you and you can leave your savings in your AVC account until you:
- access them at retirement
or
- transfer them to a new pension arrangement
Transfers
If you want to transfer your pension to your new employer’s pension scheme or another registered pension arrangement, this will depend on whether the new scheme will accept the transfer.
Also bear in mind that if you transfer to a defined contribution arrangement, you would be giving up a defined benefit pension, which is calculated based on a set formula. Instead, your pension would be invested, which means you’d bear the risk of its value going up and down and the amount of retirement income you receive could change.
If you’re thinking of transferring out of the Plan, please contact us.