Deferred Members

...if you have left the Scheme and have a deferred pension

A Deferred member is someone who has opted to keep their pension benefits in the Scheme until they retire (or die).

Your Deferred Pension will have been worked out in the same way as for a pension at Normal Retirement Age, but will have been based on Pensionable Service completed to the date you left the Scheme and your Pensionable Earnings at that date. It will then, usually, be revalued for the period of time between leaving and taking the pension at normal retirement, early retirement or in the event of your death.

The rate of inflation for September 2022 has been confirmed as 10.1% (Consumer Prices index, CPI). Pensions generally have some protection against inflation, but the way this works can be different before and after you retire. As a consequence of these differences in a high inflation environment it might be the case that a delay in taking your pension could result in you receiving a higher pension than if you elect to retire at an earlier date. This depends on individual circumstances and the way your pension is revalued in deferment.

For more information either contact Pensions Administration Team or seek the advice of an Independent Financial Advisor on what action might be most appropriate for you.

However, because there are different rules and conditions applying to different members at different times over the history of the Scheme, it would be difficult to easily summarise the information that applies to each deferred member. We have therefore provided general information only in this section of the website - if you want to know your specific terms and conditions, your benefits and your options, then you must contact the Pensions Administration Team.

But above all, please make sure you keep us up-to-date with your address before you retire and are due to receive your pension from the Scheme. This will enable us to make any pension or other payments in good time.