Benefits if you leave

In simple terms the Cash Equivalent Transfer Value (CETV) is the amount of money we think we need to hold now to provide your benefits at NRD. We calculate the CETV in accordance with the instructions given by the scheme actuary and these may change periodically.

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

The transfer value we pay is not always the CETV. A summary of what we will pay is shown below.

Leavers before 6 April 2006

• employee contributions not taken under salary exchange if you have suspended benefits; or
• CETV if you have preserved benefits.

Leavers after 6 April 2006

• employee contributions not taken under salary exchange if you have less than three months qualifying service; or
• CETV if you have more than three months qualifying service.

Transfer process

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.

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. The trustees decide the level of inflation to be applied to each type of benefit. 

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 as long as we know your address.

Please see the past members page for more information.

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

For more information about what you can do with your benefits once you have left please see the past members page.