Benefits on resignation

If a member opts to leave the service of the Sponsor before attaining Early Retirement Age,  they will have the following options in which to draw their benefits:

  • That the full value of their accumulated credit remain in the Scheme, until they become eligible to retire
  • To take a cash lump sum equal to their member contributions plus interest and the employers contributions are retained in the Scheme until they become eligible to retire or elect to take a maximum of half of the Employer’s portion as well as interest along with the full Member’s Portion. The other half of the Employer’s portion remains ‘preserved’ until the member becomes eligible to retire.
  • To transfer the value of their benefit entitlement to another registered retirement benefits scheme; which includes schemes operated by another employer or an individual pension plan operated by insurance companies.

A member does not have to make an immediate decision as to what option to choose. If at the time of leaving a member has not decided which option they prefer, the member may request the Trustees to retain their benefits in the Scheme. These amounts will continue to earn interest on the same basis as the Member Accounts of Active Members.