Benefits on Leaving Service
If you leave the Plan before retiring, you will have a number of options available to you. These will be communicated automatically to you by BBS.
1. Defer your benefits within the Plan
You may leave your benefits within the Plan (this is referred to as a deferred pension). Details of your deferred pension at date of leaving together with details of any increases that will be applied will be provided to you by BBS on leaving.
2. Early Retirement
If you are aged over 55, you may be able to take your pension early. The pension you receive will be reduced to take account of the extra time it will be in payment. Should you wish to obtain details on this option on leaving, please contact BBS directly.
3. Transfer out
You may transfer the cash equivalent value of your benefit to another approved pension arrangement. We would recommend that you seek independent financial advice before making any decisions regarding the transfer of your benefits. Should you wish to obtain details on this option on leaving, please contact BBS directly.