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.