Early leavers (DB): Basics


The rights of early leavers depend on how long they have been a member of the scheme before leaving service.

Early leavers with at least 2 years’ pensionable service

Early leavers with at least two years’ pensionable service have a right to a deferred pension in the scheme (“vesting”) or to take a cash equivalent transfer value (CETV).

Early leavers with between 3 months’ and 2 years’ service

Members with at least 3 months’ pensionable service are entitled to a cash transfer sum or to a contribution refund.

Early leavers with less than 3 months’ pensionable service

Early leavers with less than 3 months’ service have no statutory rights to a benefit on leaving service