Frequently Asked Questions - Active Members
Leaving the Scheme early
Q: What happens if I die before leaving service?
A: There is a death grant payable equivalent to three years' pensionable pay; this cover is available from the day you join the Pension Scheme. There are pensions payable to dependants too; please see our Scheme Guide for further information.
A: Provided you have more than 3 months' total membership of the Scheme, or have had a transfer of other pension rights pension rights into the scheme, you will have the choice of either transferring the pension entitlement you have accrued in the Staffordshire Pension Fund to another pension arrangement or keeping your accrued entitlement in the Fund as a "Deferred Benefit" until payment of that benefit becomes due.
A: Only if you leave the Scheme before you have 3 months membership. In this case, you will receive a refund of your contributions, less your share of the cost of buying you back into the State Second Pension (S2P). Your refund will be subject to pension scheme taxation which is currently 20%.
If you have transferred benefits into the Scheme from elsewhere, you will not be able to take a refund of contributions, even if you have less than 3 months membership.
A: Any contributing member of the Scheme can opt out at any time. We would strongly recommend that you seek independent financial advice if you are thinking of opting out.
Please remember that some alternative pension schemes may not provide the same level of benefit.
To opt out you will need to complete an opt out form. You should either return this form to your payroll section or if directed on the form, to Pension Services.
Your option normally takes effect from the payment period after the option is received. For monthly paid members this will be the beginning of the following month. It is not possible to backdate this option, unless you opt out within three months of joining.
A: Yes, you can transfer your Deferred Benefit at any time from leaving the Scheme and up to one year before your Normal Retirement Date. The transfer payment is available for you to purchase benefits in:
• a new employer's scheme
• a buy-out policy from an approved insurance company or
• a personal or stakeholder pension arrangement
You are strongly advised to take independent advice before proceeding with such a transfer.
Last Modified:
29/12/2011 16:59:50
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