An employee in a pension scheme who leaves before retirement is entitled to a deferred or preserved pension. This is calculated in the same way as a normal pension by multiplying the number of years of service by a fraction (usually 1/60th). The purchase money in a deferred pension should not normally be less than the member's total contributions.
A pension payable at a later date, either because the plan member terminates employment before the earliest date at which the pension may begin, or because the plan member chooses to have the pension commence at a later date. For example, a plan member may choose to defer a pension in order to later receive an unreduced pension.
The pension benefit payable from Normal Retirement Age to a member of the Fund who has ceased to contribute as a result of leaving employment or opting out of the pension scheme before retirement age.
The pension benefit accumulated and remaining with an ex employer. Usually applies to benefits from a final salary pension scheme.
A pension that is determined when a member's employment terminates, but is not payable until a later date, usually at normal retirement age.
A pension, which will become payable at retirement ages to which a right has accrued. (See Frozen pension.) / A pension not yet payable to a member of a pension fund because he or she has continued working beyond normal retirement age.
A specified pension determined when a member's employment or plan terminates that is not payable until pensionable age.
This is a pension which is taken later than the member's normal retirement date .
The pension calculated at the time of termination of employment and payable at age 65 that will only be provided at a later date because the Member: is not old enough to begin immediate pension payments; or chooses to wait until a later date to begin receiving pension payments.