If you leave the Scheme, all contributions to the Scheme paid by you or on your behalf will cease. Your options will depend upon the date you joined and left the Scheme and how long you were a member of the Scheme.
Further information is available on request. Please refer to the Contact Us section of this website. There is currently no charge by the Scheme for exercising any of your rights to your benefits if you leave the DC Section before your Normal Retirement Date, for example if you take flexible retirement or transfer your benefits to another arrangement.
You will be treated as having never joined the Scheme. Any contributions paid by you will be refunded.
Any contributions paid by you or on your behalf will be held within the Scheme and you will be treated as a deferred member. Your Personal Account will remain in the Scheme to provide retirement benefits.
You will also have the option to transfer the total value of your Personal Account to another registered pension scheme at any time.
Any refund payment will be subject to tax which is currently charged at the rate of 20% on the first £20,000 and 50% on any excess.
Pensions Plus contributions (if applicable) will not be refunded by the Scheme but will be refunded by the Company.
If you have become a deferred member you have the option to transfer your Personal Account out of the Scheme. The transfer must be made to another registered pension scheme. You should seek independent financial advice prior to making any financial decisions. If you do not have a financial adviser, details of those near to you can be found at www.unbiased.co.uk.
If you are entitled to transfer your Personal Account, it may be possible to transfer your Personal Account to an overseas pension arrangement if the receiving arrangement is a Qualifying Recognised Overseas Pension Scheme (QROPS). This means that it satisfies certain criteria.
A list of overseas pensions arrangements which may be treated as QROPS (sometimes called a recognised overseas pension scheme (ROPS)) and which have consented to having their details published is available at www.hmrc.gov.uk/pensionschemes/qrops-list.htm. However, please note that inclusion of an overseas pension arrangement on this list does not guarantee that it is a QROPS.