Even if you leave the Scheme, the benefits you have earned may play an important part in your retirement. There are several options for the benefits that you have built up. If you do nothing, the benefits will continue to be revalued until your Normal Retirement Age. Your main options are as follows:
- Transfer the cash equivalent value of your pension to another Scheme. More information on this option can be found here. If you want to transfer your benefits to a Defined Contribution (DC) pension scheme you will have to take professional financial advice before the transfer can proceed.
- Leave your pension entitlement as a preserved benefit in the Scheme until you retire or decide to transfer it elsewhere. The amount of pension will be based on your final DB Pensionable Salary; years of pensionable service and rate of pension build-up (accrual rate).
You can leave the Scheme at any time as membership is not compulsory. If you wish to withdraw, you can do this via the Wellness Hub.
However, once you leave the RS Group Pension Scheme DB Section, you will be unable to re-join at a later date. You will still be eligible to join the RS Group Defined Contribution Scheme.
If you leave the Company
If you have more than two years’ pensionable service in the Scheme, you may choose to leave your pension entitlement with the Scheme as a preserved or deferred benefit. Your pension at the date you leave the Scheme will be worked out and will take into account your pensionable service and DB Pensionable Salary to the date you left.
Your pension at retirement will then be increased in line with inflation, subject to a cap, but you will not receive any additional pensionable service.
Alternatively you may choose to transfer your benefits to a Defined Contribution (DC) pension scheme. You will have to take professional financial advice before the transfer can proceed.