Your benefits

As a deferred member, you have three options over what you can do with the benefits you have built up in the Scheme. You can:

• Leave the benefits in the Scheme until you retire. Between the date of leaving and the date you retire, your benefits will increase in line with inflation each year; subject to the Scheme’s rules (unless the rate of inflation is 0% or less, in which case there will be no increase for that year).
• If you are aged 55 or over, you can choose to take early retirement from the Scheme, subject to any reductions that might apply to take into account the pension being paid for longer. Find out more about early retirement.
• Transfer the benefits you have built up in the Scheme to a new provider, such as your new employer’s scheme or a personal pension. A transfer may not be in your best interests, so we would suggest that you speak to a financial adviser before you make any decisions.
• Please note that if the value of your benefits is £30,000 or more, you will have to provide evidence that you have taken financial advice before a transfer can go ahead.