Benefits

If you stop building up pension

Most members stopped building up pension from 31 July 2017.

If you’re an active member, you’ll stop building up pension if you:

  • stop working for the Bank
  • opt out, by contacting HR
  • retire and start taking your pension

Last updated: 31/10/2024

If you stop working for the Bank, or opt-out

You’ll become a deferred member.

As a deferred member, you:

If you retire and start taking your pension

You’ll become a pensioner.

You’ll no longer build up benefits in the Scheme, and you’ll start to receive a pension which increases each year.

Leaving the Scheme

You can leave the Scheme by transferring your pension to another provider.

Read about transferring your benefits

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