After two years as a member of an occupational pension scheme, benefits accrued to date must be preserved when leaving service. Less than two years service gives the option of taking a refund of any personal contributions, less certain deductions.
Benefits arising on an individual ceasing to be an active member of an occupational pension scheme approved under Chapter I, payable at a later date.
These are the benefits an occupational pension scheme member has already earned from the scheme when they stop being an active member (or the scheme closes) before their normal pension age . The member will then get these preserved benefits when they retire. These are also called frozen benefits .
Benefits within a superannuation fund that cannot be accessed until the fund member turns 55 and/or retires, or a 'special circumstance' has been met (e.g. severe financial difficulties or permanent incapacity).
When leaving employment after at least two years as a member of an Occupational Pension Scheme, pension benefits accrued to date must be preserved within the scheme or transferred to another pension scheme. If less than two years 'service, members of the pension scheme can take a refund of any personal contributions, less certain deductions.
Occupational Scheme benefits that remain preserved (for payment of benefits at a later date) when a scheme member leaves the scheme, providing the individual has been an active member of the scheme for a minimum of 2 years.