If an employee is leaving the scheme, please complete a Withdrawal Form and return it to The Pensions Trust (prior to the member’s date of leaving, if possible). It is important to complete the Withdrawal Form fully. Failure to do so may cause delays in The Pensions Trust's procedures when issuing information.
Once The Pensions Trust has received the form, a letter will be issued direct to the member’s home address outlining the options available: |
| If the employee is leaving because of ill-health or is taking retirement Click Here |
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A Deferred Pension
The pension remains in the SFHA Pension Scheme and continues to increase whilst in deferment. Benefits can currently be taken at age 50 but are reduced for early payment. The earliest age from which a pension may be taken is to be increased by law to age 55 by 2010.
A Transfer
It may be possible for the member to transfer the benefits from the Scheme to either an occupational pension scheme, personal pension or stakeholder arrangement. Members who wish to take this option should ask their pension provider to contact the Final Salary Team for a quotation.
Refund of Contributions
This option is only available to members with less than 2 years’ pensionable service. Members will receive a refund of the contributions which they have paid into the scheme. Amounts will be deducted to buy the member back into the additional State pension scheme. Tax is also deducted. Please note that should the member have transferred benefits from a previous arrangement, it may not always be possible for them to receive a refund of contributions.