What happens if I do not qualify for immediate payments of benefits?

Question:
What happens if I do not qualify for immediate payments of benefits?
Answer:

Once you have left, your benefits will automatically be preserved and fully inflation-proofed in the LGPS until they come into payment. You can if you wish, choose to transfer the value of them into another pension scheme or arrangement. You can do this at any time before you reach your normal retirement age.

Your preserved benefits will usually come into payment when you reach your normal retirement age. You can, however, choose to take your benefits early from:

  • age 55, however benefits paid before normal pension age will be reduced to take into account early payment, (unless you qualify for the protections of the rule of 85)
     
  • any age due to ill-health