Leaving

If you leave Plan 18 for some reason other than retirement or incapacity, you have the following options:

  • you can leave your account with Legal & General, where it will continue to be invested for you until the time you qualify for your Plan 18 pension. The value of your account may be used to buy a pension in the same way as if you had retired from the Company at age 65 or earlier. If you die before taking your pension, the value of your account at that time can be used to buy a pension for your widow/widower;

or

  • you can open a separate personal or stakeholder pension and transfer the value of your Plan 18 account into that;

or

  • you can transfer the value of your Plan 18 account to a new employer’s scheme if that scheme is approved and your employer is willing to accept it.

Incapacity after leaving Plan 18

If, having left Plan 18 but opting to retain your account with Legal & General, you subsequently become permanently incapacitated, on which the decision of the Trustees is final, you will be able to use the value of your Plan 18 account to buy a pension at that time.

© Clarks Pensions 2014