Leaving Service

Deferred Pension

If you leave the Company or the Scheme, your benefits are held in the Scheme ready for payment in the future. This is known as deferred pension and will be payable once you reach your Normal Retirement Date (NRD).

You can find out further information about how your deferred pension will increase in the Deferred section of this site.


As an alternative to a deferred pension, you can transfer the cash equivalent of your deferred pension to a Personal Pension, or (if you are leaving the Company and moving to a new employer) to your new employer's scheme.

The transfer value is calculated on a basis agreed by the Trustee on the advice of the Scheme Actuary.

If you are considering transferring the value of your ABF pension to another pension arrangement, please contact the ABF Pensions Department. You will be sent a quotation together with forms that will need to be completed and returned before the transfer value can be paid out.

Warning: The reality of 'pension liberation schemes', which promise to pay lump sums to members before they reach age 55, is that much of the transfer value may be taken in fees and HMRC will regard payment of lump sums (other than on ill health or death) prior to age 55 as 'unauthorised' payments and will levy a tax charge on the scheme member. Pension 'liberation' is fraud; we are working hard to ensure that we are not complicit in the transfer of members' funds to such schemes.

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