How is my deferred pension worked out?
If you paid higher (or lower) contributions to have your pension worked out on a different rate from the standard Build-up rate, we will use this Build-up rate for the period during which you paid for the different rate.
- Your deferred pension is due to be paid from Normal Retirement Age but can be paid at, or after, Normal Retirement Age or you can choose to draw a reduced pension from the age of 50 or even earlier if you become too ill to work.
- Your APS 6 deferred pension receives increases in accordance with Scheme Rules for the period of deferment.
- Any Additional Voluntary Contributions (AVCs) you saved stay in the fund and continue to build-up with investment income until you draw deferred pension. You can continue to change your AVC investment choices at any time by filling in an AVC Investment Switch form.
- You can transfer the value of your deferred pension (including any AVCs saved) to another pension scheme approved by HM Revenue and Customs.
If, prior to leaving, you elected to stop paying contributions and crystallise your pension on or after reaching your Normal Retirement Age, the amount of pension you will get will also depend on the actuarial, late retirement increases that are applied to your crystallised pension.