Deferred pension

If you have been in the Scheme for two years or more, and you leave before you can take immediate payment of your pension, then the amount of pension you’ve built up is deferred.  The amount of your deferred pension is increased every year in line with the cost of living - as currently measured by the Consumer Prices Index (CPI) - to ensure it keeps its value.

Your deferred benefit will be paid at your Normal Pension Age unless you choose to take it early or late.  If you choose to take your pension early it would normally be reduced as you would be drawing it early.  If you choose to take it later, it would be increased because you would be drawing it later.

Remember any future changes to State Pension Age will mean that your Normal Pension Age for the part of the deferred benefits built up from 1 April 2015 will also change. However, if you were in the scheme before 1 April 2015, the protected Normal Pension Age for the part of the deferred benefits built up before 1 April 2015 will not change.

You may also have the choice of transferring your pension out to another pension scheme.