Your deferred pension will be subject to increases between your date of leaving and the date you take your benefits.

The payment of an early retirement pension under the APS is subject to the Rules of each Section of the Scheme. This may be subject to the consent of the Trustee and/or the Company. The Company has agreed that until further notice, it will consent to deferred members of the APS taking early retirement from age 55. The Trustee will also give its consent from age 55, where Trustee consent is required under the Rules.

If your pension starts before you reach age 65, please remember that it will be reduced to allow for the fact that it will be paid for longer - please refer to the Early Retirement Factors. Please contact JLT Employee Benefits if you want to receive an estimate of your benefits at retirement.

Remember to let us know if your personal details change (you move, or change name or marital status, for example). Fill in 'changes in personal information' - form APS10 (pdf) or send a letter. You might also need to update the information you have given in your Expression of Wish:
Expression of Wish (All Sections) - form APS02 (pdf)

This might be your new employer's scheme, or a personal or stakeholder pension. Please note that such transfers require the approval of the receiving scheme.

The value of your transfer will be equivalent in value to the benefits you would have received from the Scheme, although the value may be reduced if the Scheme's assets are insufficient to provide the full value without disadvantaging the remaining Scheme members.

JLT Employee Benefits will work out the transfer value as required by law, using assumptions (such as future investment returns, future pension increases, etc.) set by the Scheme actuary.

The transfer value will not allow for any discretionary benefits that may be granted in the future.

If you are considering transferring your pension benefits:

Please contact JLT Employee Benefits and ask for a statement that shows the transfer value.

The transfer value will be guaranteed for three months from the date it is worked out. You will lose the right to this guaranteed transfer value if you do not take it within the three month period.

You can ask JLT Employee Benefits to work out your transfer value once a year.

You can transfer your benefits at any time before they are paid, even is it is several years since you stopped contributions to the Scheme.

You may wish to take independent financial advice.

Neither the Company nor the Trustees can provide this advice.