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
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