What you get as a deferred member of the RBP
If you have stopped building up your retirement balance, but have not taken 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 retirement balance is kept safe until you are ready to take it
When you joined the RBP, a retirement balance account was set up in your name.
As a deferred member, you generally cannot make any further contributions into this account. However, the retirement balance you have built up to date will continue to be looked after by the Trustees until you are ready to take it.
Your retirement balance will also receive an automatic increase at the start of each Plan year (1 April to 31 March), to help protect the value of your balance against rising prices.
The level of increase applied is determined by the Company and is subject to a statutory minimum. It is applied in the same way as it would have been when you were a contributing (active) member.
If you are unsure how your retirement balance was built up, and the contributions you made, you can find further details about how the RBP works in your Member Guide or on the your benefits page for active RBP members.
If you die before taking your retirement balance
If you die while you are a deferred member, i.e. before you take your retirement balance, then the full value of your retirement balance that has built up at the date of your death will be used to provide pension benefits for your dependants.
You can find out more about this in your Member Guide.
Let the Trustees know who you would like to benefit from your retirement balance if you die by completing an Expression of Wish form. Discover more on the Expression of Wish page.
When you retire
When you retire, you can use your retirement balance to provide a package of benefits.
You can read all about these options on the taking your retirement balance page.
Transferring out your retirement balance
If you would prefer not to remain a member of the RBP, then you may be able to transfer to an alternative pension arrangement.
You can find more information about this on the transfers and scams page.
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 move house, or change your email address or phone number, please update your contact details in your myESPS account. Alternatively, please contact the RBP administrator, Broadstone as soon as possible.