Withdraw benefit

You can withdraw your deferred benefit once you reach your minimum retiring age (generally 55).

You can claim a CPI-indexed pension (based on 2.5 times your basic contributions and earnings multiplied by a factor dependent on your age at claim date) and either:

If you have a productivity component, you can take this as a lump sum amount or an additional non-indexed pension.

If you are an ex-Provident Account member and you claim your benefit at age 60 or later, you can take your total benefit as a lump sum amount. Your lump sum amount will be based on three times your basic contributions and earnings, plus any supplementary contributions and earnings and any productivity component.

Your scheme earnings may be positive or negative.

Deferred CPI indexed pension factors

Age at which benefit claimed

Factor

65

0.1100

64

0.1080

63

0.1060

62

0.1040

61

0.1020

60

0.1000

59

0.0985

58

0.0970

57

0.0955

56

0.0940

55

0.0925