Leaving the Company
Your membership of the Scheme will end automatically if you leave the Company’s employment.
That is unless you start work immediately with one of the other electricity companies who participate in the Scheme. In this case, you should speak to the relevant person at your new company about any transfer arrangements that may be available.
Leaving the Scheme while still employed by the Company (opting-out)
Paying into a pension is one of the most secure ways of saving for your life after work. But if you decide it’s not right for you, then you can leave the Scheme at any time whilst still employed by the Company. This is known as opting-out.
You must give 2 months’ notice in writing to opt-out. It will then take effect from the last day of the 2nd full calendar month after the month in which you give notice.
If you opt-out of the Scheme, you will not be able to re-join at a later date, so you might want to think about what you’ll be giving up before you leave. See the your contributions and pension benefits page for a summary of what you get from being a member of the Scheme or check your Member Booklet.
You may also want to speak to an Independent Financial Advisor (IFA) before making any decisions. Please see the help and useful links page for details.
If you have any questions about opting-out, please contact the Scheme administrator, Railpen.
If you leave the Scheme having already reached the Normal Minimum Pension Age (NMPA), then you can choose to put your pension into payment early (before reaching your Normal Pension Age in the Scheme).
The NMPA is set by the government. For more details please check the early retirement minimum age on the your retirement options page.
Your NPA in the Scheme depends on when you joined the industry. If you joined:
- On or after 1 April 1988, your Normal Pension Age is 63.
- Before 1 April 1988, your Normal Pension Age is 60.
If you choose to leave the Scheme, and take your benefits before your NPA, it will be classed as early retirement. And in most circumstances, your benefits will be reduced for early payment. Please check the early retirement minimum age and reduction factors on the your retirement options page for details.
Please note that if you leave the Scheme having reached your NPA, your pension will become payable and you will not have the option to defer payment of your benefits (as outlined below).
Leaving the Scheme without taking your benefits
If you leave the Scheme not having reached your NPA, or choose not to take your pension benefits immediately, you can either:
- become a deferred member. You can read more about your options as a deferred member on the taking your deferred benefits page and in your member booklet. or
- request a transfer value payment to enable you to move to another tax registered pension arrangement. You can read more on the transferring your benefits page.
