You will be entitled to your deferred pension at your Normal Pension Date and the Pension team will issue you a quotation automatically if you have not been in contact with them.

The quotation will explain when the pension is payable, quote any lump sum option, confirm the basis for increases and other useful information.

State Pension Deduction

If you joined the Scheme after September 1969, the Scheme's State Pension Deduction takes into account your basic State Pension.

The calculation, generally, is based on pensionable service up to July 1998 and the basic State Pension for a single person. If you reach State Pension Age after 6th April 2016, the current value of the basic State Pension which is paid to people who reached State Pension Age pre 6th April 2016 will be used in the calculation.

The deduction is, normally, the smaller of 1/80 of basic State Pension of pensionable service before July 1998 and 20% of your Scheme pension which accrued before July 1998.

The deduction applies immediately if you take your pension on or after your Sate Pension Age.

If your pension starts prior to your State Pension Age, then a temporary pension equal to the deduction calculated at that date is paid until you reach your State Pension Age.

At State Pension Age, the temporary pension ceases and the State Pension Deduction will be recalculated using the current basic State Pension and your pension will be reduced by this amount.

This leaflet explains how the State Pension Deduction works.

Description File size Date Download
Description: RIGPS - SPD leaflet - September 2019 File size: 94KB Date: 18th November 2019 Download: Download

Options available

There are circumstances where, due to the size of the pension, that you may be offered a once-off cash sum in lieu of your pension. This cash sum will be subject to tax. The Pension Admin Team will provide details when they quote benefits to you if this applies.

It may be possible that you can arrange to provide additional pension for a dependant in the event of your death by giving up part of your own pension.