You cease to build up benefits when you opt out or leave service.
Fewer than two years' pensionable service
If you have completed at least three months' pensionable service, you can choose to transfer the value of your benefits to a pension plan of your choice. The decision must be made within three months of your receiving information about the transfer value. The other pension plan must be willing and able to accept the transfer value within a reasonable time.
If you do not take a transfer value, you will receive a payment from the BBC (not the scheme) equal to the amount of salary you gave up through Smart Pensions. The payment will be subject to deductions for income tax and national insurance. If you didn't participate in Smart Pensions, you will receive a refund of your contributions less a deduction for income tax.
If you do not complete three months' pensionable service while in Smart Pensions there are no benefits payable. If you didn't participate in Smart Pensions, you will receive a refund of your contributions less a deduction for income tax.
Two or more years' pensionable service
You will be entitled to a deferred pension payable at normal pension age. Your pension will be calculated as outlined here.
Deferred CAB pensions receive the same discretionary increases in deferment as do the accrued pensions of active CAB members (see this page).
You can ask for your deferred pension to be paid before normal pension age, either because of incapacity or from age 55 onwards. Payment is subject to the agreement of the Trustees and your pension will be reduced for early payment. The reduction will be decided by the Trustees after consulting the scheme actuary. In cases of incapacity the Trustees have discretion to waive some or all of the reduction.
Instead of being entitled to a deferred pension from the scheme, you can choose to transfer the value of your benefits to a pension plan of your choice. Please contact the pension service line for further information.
The above information refers to the Career Average Benefits section.
Last updated: 22 March 2010
