When you leave the scheme you become a non-active member, this means that you are no longer contributing to your RCPS pension. JSS will often refer to this as a preserved or deferred member.
If you leave employment with more than two years' service and are under the scheme retirement age, JSS will calculate the amount of pension you have built up. This will be preserved (held for you) and will become payable when you reach the scheme pension age.
Each year your preserved pension will be increased to reflect cost of living increases; the Consumer Price Index (CPI) is used to calculate this increase.
JSS will contact Classic, Classic Plus and Premium deferred members six weeks prior to their 60th birthday, and for Nuvos deferred members six weeks prior to their 65th birthday, to start the process of paying their benefits, it is important that JSS are informed of any change of address or personal details.
Taking your benefits early
You can apply to take your benefits early from age 50 if you were in the scheme prior to 6 April 2006, or from age 55 for those enrolled after 6 April 2006. If you take your pension early, an actuarial reduction is placed on the pension to take into consideration the expectation that the pension will be in payment for longer. There will also be the option for you to buy-out the reduction to your pension.
Aged over 55
Please use the Actuarial Reduction and Buy Out Calculator (Excel, 226KB) - opens in new window to see how much your pension will be reduced by and the buy-out cost.
Aged under 55
Please contact JSS at firstname.lastname@example.org.
Ill health retirement (Classic Scheme)
If you have preserved benefits in the Classic scheme and suffer from poor health you may be eligible for ill health retirement. In this case, pension benefits would be paid without any reduction. Please contact JSS at email@example.com for more information.
Ill health retirement (Classic Plus, Premuim, Nuvos)
If you have preserved benefits in the Classic Plus, Premium or Nuvos schemes, you can only apply for ill health retirement in cases of serious ill health where life expectancy is under 12 months.
Individuals over 55 years may be eligible to take the whole of their pension benefits as a one-off cash payment. This is called Trivial Commutation; more information can be found in the Trivial Commutation Guide on the scheme guides and forms page.
Members should be certain that in the event of their death someone knows that JSS must be told at once.
To request any information regarding your preserved pension you can email the team at firstname.lastname@example.org.
Please remember to tell us if you want to change your death benefit nomination.
Transferring out a preserved pension
You may be interested in transferring your preserved pension benefits out of the RCPS to another scheme or pension provider.
Please note that the Government introduced legislation concerning the transfer of pension benefits from unfunded public Defined Benefit (DB) schemes. The Research Councils Pension Scheme (RCPS) is one such scheme. From 6 April 2015, transfers from unfunded public sector DB schemes to Defined Contribution (DC) schemes are no longer permitted. This means that RCPS pension benefits cannot be transferred to DC schemes / arrangements. This legislation does not affect transfers from the RCPS to DB schemes.
If you would like to transfer your preserved RCPS pension benefits to a DB scheme, or to a Defined Benefit Qualifying Recognised Overseas Pension Scheme (QROPS), please speak to your current pension provider to arrange for them to contact JSS for a transfer value.
Protect yourself from pension scams
Useful information which should help you to protect your pension can be found on the Pensions Regulator website - external link.
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