If you cease employment with the Bank, you will no longer be able to contribute to the Scheme. Your contributions from your employer will stop, and you will become a deferred member of the Scheme. You will receive a leaver’s statement showing your current Pension Account and you will continue to receive annual benefit statements. Don’t forget you should also notify the Scheme administrator of any changes to your address or personal circumstances, for example if you move to a new house or change your surname. It’s also important to keep your Nomination Form up to date to let the Trustees know who should receive your pension benefit should the worst happen.
If you wish to update your nominated beneficiary(s) for any pension benefits that may be payable on your death, please contact Capita. If you are a current employee and wish to update your nominated beneficiary(s) for any death in service benefits that may be payable on your death, please contact your HR department.
Between the date you leave the Scheme and retirement, your Account will continue to be invested. Your benefits will normally be paid to you at age 65, unless you request that they be paid earlier or later than this. The earliest you can currently receive your pension is age 55 unless you are suffering from ill-health. You can also transfer your pension value to another pension arrangement if you wish. If you wish to do this, you should contact the Trustees or the administrator of your new pension arrangement.
