UK Pensions
Wood UK pensions home page
Leaving the Plan
If you leave the Plan you have a number of options depending on how long you have been a member. These options apply in the same way whether or not you leave Wood’s employment.
Deferred pensions – more details
If you leave your pension deferred there are some further details you need to know:
- No further contributions can be made into your Retirement Account.
- Your Retirement Account will remain invested according to your existing investment choices. You can still change these investment choices at any time whilst you are a deferred member.
- You will receive a benefit statement each year via the pension portal letting you know the value of your Retirement Account.
- It’s very important that you let the Pensions Team know if your personal details change, for example if you move house. You can do this via the pension portal.
- If you die before your Normal Pension Age your spouse or dependant will receive a lump sum equal to the value of your Retirement Account.
- You should also remember to keep your Expression of Wish form up to date.
- You can currently choose to take your deferred benefits at any time between ages 55 and 75, but you need to get in touch with the Pensions Team at least three months before you wish to take payment to let them know your plans.
- You can choose to transfer the value of your Retirement Account into another registered pension arrangement at ay time before drawing your deferred benefits, even if you choose not to transfer at the time you left the plan