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Leaving your pension in the Scheme

If you defer your benefits the amount held in your active pension account up to your date of leaving is transferred to a deferred pension account and you then have what are known as deferred benefits.

The value of the pension in your deferred pension account is held in the Scheme for you until either you decide to transfer the value to another pension scheme, or the deferred benefits are due to be paid at your normal retirement age. 

Your personal deferred benefits package consists of an annual pension, payable for the rest of your life, plus an option on retirement to exchange some of this pension for a one-off tax-free lump sum.  It also includes life cover and financial protection for your family. 

Your deferred benefits will be revalued every year in line with the cost of living until they are due to be paid and each year we will send you an annual benefit statement to tell you the current value of your benefits.

Approximately three months before the date your pension becomes payable, we will write to you with details of your pension and the options available to you.

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