Deferred pension

You will be awarded a deferred pension if you leave the scheme before you are able to draw your benefits.

The amount of your deferred pension will be the value of your accrued pension at the date of leaving.

A deferred pension is due for payment at age 60 so you will not be allowed to draw your benefits from age 50 with at least 25 years service. There is no option to take a deferred pension before 60.

A deferred pension will increase each year in line with the Consumer Price Index (CPI). An Annual Benefit Statement will be produced each year which will show you the current value of your deferred pension.