You will cease being an Active Member of the Scheme if you leave Service or opt-out of Active Membership.

The following options are available on ceasing Active Membership:

Ceasing to be an Active Member with less than 30 days Pensionable Service

The part of your DC Account arising from your own contributions will be refunded to you less tax.
(Note: This does not include any contributions made by your Employer on your behalf under Salary Sacrifice).

Ceasing to be an Active Member with at least 30 days’ Pensionable Service

Under age 55?

You will have Paid-up Benefits and you may transfer the value of your DC Account into another pension arrangement of your choice. If you do not transfer within 12 months of ceasing Active Membership, the Trustee will use your DC Account to buy a pension policy with the Provider in your own name.

Over age 55?

You have three options: to use your DC Account to secure benefits, (with the Trustee’s and your Employer’s agreement), your policy can become a Paid-up benefit, or you can transfer the value of your DC Account into another pension arrangement of your choice. If you do not transfer 12 months after you cease Active Membership of the Scheme, the Trustee will use your DC Account to buy a pension policy with the Provider in your own name.

Note: If you die after you have ceased Active Membership of the Scheme, but before you have transferred the value of your DC Account to another provider or the Trustee has secured your benefits through a policy in your name with the Provider, a lump sum will be payable equal to the value of your DC Account.

Transfers-out

If you cease Active Membership with at least 30 days Pensionable Service in the Scheme and wish to transfer the value of your DC Account to another provider, please contact the ITB Pension Funds’ Office in the first instance. If you do not transfer your DC Account within 12 months after ceasing Active Membership, your DC Account will be used to secure benefits for you through a pension policy in your name.