Leaving
If you stop working for the Company, or opted out of the DC Section, all contributions to the Scheme paid by you or on your behalf will cease.
Currently the Scheme makes no charge should you exercise your rights to leave the DC Section before your Normal Retirement Date. For example if you take flexible retirement or transfer your benefits to another arrangement. Further information is available on request from the DC Section Administrator.
If you leave within one month of joining (i.e. 30 days)
You will be treated as having never joined the Scheme. Any contributions paid by you will be refunded.
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 leave after one month of joining
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.