Leaving
If you leave the Scheme, this will normally be because you change jobs. You may also leave the Scheme and continue to work for your employer. If you choose this option, you must give your employer one month’s written notice. In this case you can only rejoin the Scheme if your employer and the SFHA Pensions Committee agree to you doing so. In both cases you can choose to:
Deferred pension
Final salary option
Your deferred pension is calculated using the pensionable service you have completed to the date you leave the Scheme (including any service transferred in from previous pension schemes) and the better of:
■ your final pensionable earnings; and
■ your actual pensionable earnings during the 12 months before you leave.
CARE options
Your deferred pension is calculated using your total revalued career earnings, plus any benefits secured by transfer payments from previous pension schemes.
For pensionable service before April 2002, your deferred pension from the Scheme is payable from age 60 without reduction for early payment.
Your deferred pension will continue to increase in value until it is paid to you. You may apply for early payment of your pension when you are eligible but this will be reduced to reflect the longer payment period.
If you rejoin the Scheme within 30 days you will not have a break in your pensionable service or life assurance cover.
Transfer of your benefits
You may transfer your benefits to another pension arrangement (such as your new employer’s pension scheme or to a personal pension or Stakeholder plan) at any time after you leave the Scheme, but before you start your pension. The amount transferred will be the cash value of your deferred benefits.
A transfer value can be paid to another scheme or pension contract at your request. The transfer value represents the cost to the Scheme of securing your
pension entitlement, using rates provided by our Actuary at the date of calculation. A Statement of Entitlement to a guaranteed cash equivalent transfer
value of your benefits will be provided on request at any time. Transfer payments take into account the value of any discretionary benefit awarded by established custom.
Refund of your contributions
You may take a refund only of your own contributions to the Scheme (with interest) only if you have less than 2 years’ qualifying service. Qualifying service includes your period of membership of this Scheme or other schemes of The Pensions Trust plus actual pensionable service in any previous scheme which you have transferred into this Scheme. If you have transferred benefits from a personal pension plan to the Scheme you cannot take a refund of your contributions.
There are two deductions from the refund: tax, and an amount which will buy you back into the additional State pension.