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Deferred benefits

Deferred benefits

If you leave the scheme with at least two years’ membership, and before you can receive payment of your pension, you will be awarded deferred benefits in WYPF.

We pay your deferred benefits from your normal pension age (this is the same as your state retirement age) unless you decide to take them earlier at a reduced rate, or later at an enhanced rate.

Any future changes to state pension age will mean that your normal pension age for the part of your deferred benefits you build up from 1 April 2014 will also change. However, if you were in the scheme before 1 April 2014, the protected normal pension age for the part of your deferred benefits you built up before 1 April 2014 will not change.

You’ll also have the option of transferring your pension rights to another pension scheme if you want to.

Are deferred benefits inflation proofed?

Deferred benefits keep their value while they’re with us because we increase them every year in line with the Consumer Prices Index.

You’ll be able to see how your deferred benefits are going up on the annual statement we send you each year (around May). Your statement will show you:

• the value of your benefits at the time you left the scheme, and
• the current value of your benefits, including cost-of-living increases that we add each April