I've left my job. What happens to my pension now?
What you need to know about your LGPS pension if you leave your job.
On this page
What is a deferred benefit?
If you have left your employment or opted out while still employed and not yet at retirement age, the pension you have built up stays in the Oxfordshire Pension Fund until:
- you decide to transfer it to another pension scheme
- you are eligible, and request to draw your pension.
This pension is known as a deferred benefit.
Your options for a deferred benefit
Your employer should tell Pension Services that you have left your job. We'll then tell you about your options.
Every year, we will send a statement to show the current value of your deferred benefit. The statements show the value of your pension if you could take it, unreduced, on the statement date.
The amount we can pay could be less if you request early payment of your pension. The process for early payment will depend on the regulations in operation when you left the scheme.
Manage your pension online with My Oxfordshire Pension
Take control of your pension details on the secure My Oxfordshire Pension website. You can:
- check and update your details, for example, your home address or email address
- change your expression of wish (death grant nomination)
- view your annual statements
- view newsletters
- view your correspondence.
Pension Services will email you when new information is waiting for you.
Annual review and statement
We review deferred pensions every year. We will adjust the value of deferred pensions in line with the consumer price index. The rate is the same as is applied to pensions that we are paying.
Your statement will be available for 31 August every year. You can view it on My Oxfordshire Pension.