What you get as a deferred member of the Scheme
If you have stopped building up future benefits in the Scheme (typically because you have resigned and left your employment) but have not started to take your benefits yet, you are considered to be a deferred member.
We have included a short summary below of what this means for you now, and in the future. You will find further details in your Member Guide.
Your benefits are preserved
As a deferred member, you generally cannot make any further contributions into your pension or Additional Voluntary Contributions (AVCs).
The main Scheme benefits you have built up to date will continue to be looked after by the Trustees and their advisers until you are ready to retire.
If you made AVCs while you were paying into your main Scheme pension, these will remain invested until you either claim your deferred benefits or transfer them to another provider. You can find further information and manage your Standard Life AVC account via the Uniper Group of the Electricity Supply Pension Scheme hub.
You can read more on the taking your benefits and transfers web pages.
If you die before taking your pension, your loved ones might get a tax-free lump sum. You can tell the Trustee who you would like to get this by completing an Expression of Wish form when you log in to your myESPS account. Your dependants - such as your family - may also get a pension.
For more information, please check your Member Guide or visit the Expression of Wish page.
When you take your benefits
As a deferred member of the Final Salary section, you are entitled to a number of benefits when you come to take them from the Scheme. This includes:
- a pension for life
- a tax-free lump sum
These are calculated based on your pensionable service and final pensionable salary at the date you left the Scheme. You can find out more in your Member Guide.
Pensionable service is the period of time (service) you have been a member of the Scheme. This will be from the date you joined the Scheme up to the date you leave or take your benefits. It also includes any benefits that may have been transferred in from previous arrangements and any added years contracts you have purchased.
Final pensionable salary is normally your pensionable salary (or what would have been your pensionable salary had you not been absent due to sickness and/or injury) in the 12 months before retirement, death or leaving the Company. When you take your benefits, an element of inflation protection may be built into the calculation of your final pensionable salary. You can find more information how your final pensionable salary is calculated in your Member Guide.
It is up to you how, and when, you choose to take your benefits
You can find more information about your options on the taking your benefits page.
Your pension may increase annually
Your Uniper ESPS pension is reviewed every year and increases in line with the Scheme rules. You can find out more on the pension increases page and in your Member Guide.
Your dependants could be entitled to death benefits
This may include:
- a lump sum – this will depend on how long you have been taking your pension and whether you took a lump sum previously
- a pension – this could be for a spouse, children or other dependant
You can find out more on the benefits after death page and in your Member Guide.
You can also let the Trustees know who you would like any lump sum to be paid to by completing an Expression of Wish form. You can learn more about this on the Expression of Wish page.
You could get an income if you are forced to retire early due to ill-health
If you need to stop work completely due to ill-health, you may be able to start taking your benefits early. Check the change in circumstances page for more information.
Keeping your details up to date
As a deferred member it is important your details remain up to date so we can keep in touch with you about your pension.
For example, if you change your address, please update the details in your myESPS account or contact your pensions administrator, Broadstone, as soon as possible.