If you have a deferred pension in NAPS, this is due to be paid from your Normal Retirement Age (NRA) (Plan 60 or Plan 65). If your NAPS membership ended after 31 March 2007 you will be entitled to a pension for pre 2007 service and a pension for post 2007 service. These may have different NRA's; however, they must be treated as a single pension entitlement and drawn at the same time.
When you are approaching your NRA (in NAPS, this will be the NRA that applied on the date your active membership of the Scheme ended) we will write to you with full details of your pension benefits and your options relating to your pension about four months beforehand.
It is important that you keep the Scheme up to date with your latest contact details so payment of your pension is not delayed. Contact us for further details.
Transferring your pension
At any time before you start to draw your pension, you can ask us to transfer the value of your deferred pension to another UK-registered pension arrangement or a Qualifying Recognised Overseas Pension Scheme registered with HM Revenue and Customs. This value of your benefits is called a 'cash equivalent transfer value'. A cash equivalent transfer value will be provided in your retirement pack shortly before your NRA. Alternatively, you can ask for a statement of your cash equivalent transfer value at any time (but usually not more than once in any 12-month period).
Pensions Liberation Fraud
You should be aware that the Pensions Regulator (tPR) has recently run a ‘pensions predators’ awareness campaign to warn individuals against transferring pension benefits to arrangements that promise to ‘liberate’ your pension benefits, for example before age 55 and which could give rise to significant tax penalties – up to 55% - for the individual. To better understand what a ‘pension predator’ is, you can visit www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx.