Leaving Service/The Plan

Your Entitlement 

More than 2 years of qualifying service

What options do I have to leave the Plan?

You will leave the CNPP if:

  • Your employment with your employer ceases.
  • You choose to opt-out while remaining in employment with your employer.

If you have more than 2 years of qualifying service, your Investment Account will remain invested in the Plan and will move in line with investment returns between your date of leaving and your Pension age.

You have the option of transferring the value of your Investment Account to another approved pension arrangement. You may retire early after age 55 if you give written notice to the Trustee that you wish to retire from the Plan and be paid your pension via an annuity or alternative option that you select.  If you retire early it is likely that your Investment account will be lower than if you had remained in service until Pension age as fewer contributions would have been made and they would have been invested for a shorter period.  Your Pension will also be lower as the insurance company will expect to pay it for a longer period.

Between 3 months and 2 years of qualifying service

If you have less than 2 years but at least 3 months of qualifying service, you have the option of transferring the value of your Investment Account to another approved pension arrangement. You will have 3 months from your date of leaving service to complete a transfer.

If a transfer is not completed within 3 months from your date of leaving service or if you do not request a transfer, you will automatically receive a refund of the invested value of your contributions paid into the Plan less the appropriate tax.

Less than 3 months of qualifying service

If you have less than 3 months qualifying service, you will be entitled to a refund of the invested value of your contributions paid into the Plan less the appropriate tax.