Leaving or transferring your benefits

If you opt out of the Fund, you can either leave your benefits where they are, or transfer them to another pension arrangement.

Leave your benefits in the Fund until your Normal Pension Age

If you leave your benefits in the Fund, the value of your future pension income will usually go up each year, to help it keep up with inflation. Check your schedule factsheet to see by how much your pension income could increase.

You may be able to take your pension earlier than your Normal Pension Age, if you want to

The earliest you can do this is your 55th birthday. If you do start taking your money early, the annual amount you get as income will be lower than what you’d get if you waited until your Normal Pension Age. That’s because we’ll need to pay you an income for a longer time. Alternatively, you can choose to take your benefits after your Normal Pension Age, in which case your annual income will increase between your Normal Pension Age and the date you take your benefits.

Transfer the value of your pension to another arrangement

You can transfer part or all of the value of your pension to a new plan – like a new employer’s pension scheme, or a personal pension. This is called ‘transferring out’.

If you’ve saved Additional Pension Contributions (APeCs) and you’d like to transfer out, you can choose between:

  • Only transferring the money in your APeCs pot, and keeping your main benefits in the Fund
  • Transferring the money in your APeCs pot, as well as part or all of your main benefits in the Fund
Find out more about transferring out