If an employee is leaving the Scheme please complete and return a Withdrawal Form to The Pensions Trust, prior to the member’s date of leaving, if possible. It is important to complete the Withdrawal Form in full - the Trust needs this information to calculate and quote the member's benefits.
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 Social Housing 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 value of their benefits from the Scheme to an occupational pension scheme, a personal pension or a stakeholder arrangement. Members who are interested in this option should ask their pension provider to contact The Pensions Trust 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.
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.
For more information, please refer to our Employer Administration Guide, click here.