Leaving the scheme - Section 04

Not everybody stays in the pension scheme until they retire. When you leave, the benefits you have built up will depend on how much qualifying service you have in the alpha pension scheme, including service relating to a transfer in from another scheme.

Qualifying service is the length of time that you have been a member of alpha, and the amount that you build up qualifies you for certain benefits. In alpha you need to have at least two years’ qualifying service (or have brought a transfer in from another pension arrangement) to get a pension.

This guide uses as little jargon as possible but where it has to use specific pensions or other technical terms, they have been explained in plain English.

This section provides a guide to leaving alpha. It does not cover every aspect of alpha. Full details are set out in the regulations, which are the legal basis of the scheme.

Nothing in this guide can override the alpha regulations. Every effort has been made to make this guide as accurate as possible, but in the event of any difference, the regulations will apply. This guide is based on the alpha regulations current at the time of publication and there is no guarantee that any part of the regulations will not change in the future.

You should not take anything in this section as financial advice. You might want to consider contacting an Independent Financial Adviser (IFA) to discuss your retirement planning. You can find tips on finding an IFA by visiting the Financial Conduct Authority website: www.fca.org.uk.

This section explains:

04A.Leaving with less than two years’ service - A guide to what you can receive and the options you will get if you leave with less than two years’ service.

04B. Leaving with more than two years’ service - A guide to what you can receive and the options you will get if you leave with two or more years’ qualifying service (or have brought a transfer in from another pension arrangement).

04C. Re-joining alpha after leaving - How your pension could be affected if you re-join alpha after leaving. Your pensions may be joined up, or remain separate.

04D. Transferring your pension out of alpha - A guide to transferring your alpha pension to another pension scheme.