Leaving service doesn’t mean that you lose your benefits. Your options depend on when you first joined the Scheme, how long you have been a Member and whether you have any previous Qualifying Service.
If you joined (or re-joined) the Scheme on or after 1st October 2015
If you have less than 30 days membership then you may receive a return of your own contributions, including AVCs, minus tax.
If you have more than 30 days membership, you can leave your Pension Account invested in the Scheme until you choose to draw your benefits or you can transfer your savings to another pension scheme, (you would only have a very short time period in which to make a transfer).
If you joined (or re-joined) the Scheme before 1st October 2015
If you have more than 3 months but less than 2 years membership you may receive a return of your own contributions, including AVCs, minus tax or you can transfer your savings to another pension scheme, (you would only have a very short time period in which to make a transfer).
If you have more than 2 years membership you can leave your Pension Account invested in the Scheme until you choose to draw your benefits or you can transfer your savings to another pension scheme, (you would only have a very short time period in which to make a transfer).
You can find full details in the Ministers & Staff Section and Basic Section explanatory booklets in the Document Store.
If you have any questions please contact the Scheme administrators, Broadstone Consultants and Actuaries Ltd on baptistpensions@broadstone.co.uk.