Leaving the Scheme before retirement

The options available to you if you leave the Scheme will depend on how long you have been a member.

Less than two years’ membership

If you have been a member of the Scheme for less than two years, you will have the option to either:

• Take a refund of your own contributions, less any tax due; or
• Transfer your benefits to a new pension arrangement, such as your new employer’s scheme or a personal pension. If the value of the transfer is £30,000 or over, you will need to provide evidence that you have taken financial advice before a transfer can be made.

More than two years’ membership

If you have been a member of the Scheme for more than two years, you have three options:

• Leave the benefits you have built up in the Scheme until you are ready to retire. Your pension is not frozen, but it increases in line with inflation each year. You will need to keep Mercer informed of your address should you move house. Mercer will write to you shortly before your Normal Pension Age with your retirement options.
• If you are age 55 or over, you can choose to take your pension straight away. The pension will be reduced if you retire early. See Early Retirement page for more information.
• Transfer your benefits to a new pension arrangement, such as your new employer’s scheme or a personal pension. If the value of the transfer is £30,000 or over, you will need to provide evidence that you have taken financial advice before a transfer can be made.