Benefits if you leave

You will leave the scheme if:

  • you leave your pensionable employment and do not rejoin OSPS within one month.
  • you no longer have a support staff role.
  • you choose to opt out of OSPS.
  • you reach age 75.

Options

The benefits you can receive depend on the length of your qualifying service. For most people qualifying service is the same as the length of time they have been in the scheme. However, it might be different if you have been in the scheme before or have transferred benefits in.

If you have... You can receive...
Up to three months qualifying service

A refund of your contributions, or

A transfer of your contributions to another pension scheme
Between three months and two years qualifying service

A refund of your contributions, or

A transfer of your contributions to another pension scheme

Two or more years qualifying service

Preserved benefits in the scheme, or

A transfer of your contributions to another pension scheme

Suspended benefits

If you leave without preserved benefits your benefits are ‘suspended’. This is because we do not know whether you wish to have a transfer or a refund. When you leave we will send you a letter giving the refund value and the transfer value and an option form.

Refund of contributions

If you choose to take a refund, we will pay out your contributions less:

  • your share of the cost of putting you back fully into the state pension scheme; and
  • short service refund tax (usually 20%).

Please note that contributions paid through Salary Exchange cannot be refunded.

No interest will be added if you delay claiming a refund.

Transfer of benefits

If you have been in the scheme for more than three months we will calculate the Cash Equivalent Transfer Value (CETV) in accordance with the instructions given by the scheme actuary. If you have been in the scheme for less than three months the transfer value will be your contributions only.

The CETV Is guaranteed for three months. If the benefits are transferred out after this we will recalculate it.

If you want to transfer your benefits to a new pension scheme you should contact them first and ask them about their transfer process. Not all pension schemes accept transfers.

We will not pay your benefits to another pension scheme until you and the new scheme have signed the appropriate paperwork.

Preserved benefits

This means that you can keep the benefits in the scheme until you either claim them or transfer them out to a new pension scheme. Preserved benefits go up in line with inflation (maximum of 8% for CARE benefits). When you leave we will send you a statement of your preserved benefits. If you keep the benefits with OSPS you will get an update sent to you each year.

Retirement

If you are old enough and are entitled to preserved benefits you could claim your benefits in most circumstances. Please see the Retirement section for more information.

Further information

For more information about what you can do with your benefits once you have left please see the past members who joined before 1 October 2017 section.