Scheme benefits - Leaving benefits
Redundancy
If you are made redundant, there are different options depending on your age. You might be able to take your pension earlier, as follows:
| Age at date of redundancy | Your pension may be payable: |
| 50 or over | Immediately, without a reduction |
| 45–49 | From age 50 without a reduction
|
| 40–44 | From 50 – reduced for early payment
|
| Under 40 | From 60; or from 55 with a reduction for early payment
|
The younger you are, the greater the reduction will be.
You can also choose to transfer your benefits to another registered pension scheme.
The process
- 1.
You and HR discuss your options and figures.
- 2.
HR gives you an Expression of Wish form in case you want to divert any of your redundancy payment (in excess of £30,000 only and up to certain limits) to your pension.
- 3.
Return this form before your leaving date if applicable.
Under 50?+
- 4.
HR will notify you that you are leaving the business in either your month of leaving or the following month.
- 5.
On leaving the Scheme, you become a deferred member.
- 6.
Once UK Pensions Operations receives confirmation, the team will write to you with your deferred benefits.
50 or over?+
- 4.
UK Pensions Operations gives you a retirement quote and necessary forms.
- 5.
Complete and return your forms with a copy of your birth certificate plus marriage certificate or decree of divorce if applicable.
- 6.
We pay your pension on the 15th of the month.
- 7.
Lump sum? We pay this into your bank account on the first Friday after your retirement date.
