Leaving the scheme
When you cease employment you are no longer able to contribute to the Royal Borough of Greenwich's pension scheme as it is an occupational pension scheme.
Ceasing employment before retirement
If you are not entitled to immediate payment of your pension benefits, your benefits will be refunded or preserved in the pension fund as shown below:
Less than two years pensionable service (and have not transferred any previous pension rights or have previous LGPS benefits)
Your pension contributions can be refunded to you, less a deduction for tax and the cost, if any, of buying you back into the State Second Pension (S2P). Alternatively, you may be able to transfer your benefits to a new pension arrangement.
More than two years pensionable service
Your pension benefits will be calculated and can be kept in our pension fund, known as 'deferred benefits'. Alternatively, you may be able to transfer your benefits to a new pension arrangement.
Upon ceasing employment, the Pensions team will contact you to confirm the options available to you.
If you are ceasing employment and your benefits are due to be put into immediate payment, the Pensions team will contact you shortly before your retirement to confirm the options available to you, an estimate of your pension benefits and to provide the relevant forms for completion.
Your pension is paid directly into your bank account on the last working day of each month.
If you become re-employed in local government your pension may be reduced or suspended (abated) if it, when added to the new earnings, is greater than your pay on retirement.
Please contact the Pensions team if you will be taking up new employment so that you can discuss your options.