When you left the Staff Section of the Scheme, you would have had the option to either a:

• Deferred pension;
• Early retirement if you are aged 55 or over; or
• A transfer payment

Each of these options are explained in more detail below.

A deferred pension

This pension is calculated in the same way as a pension at normal retirement date, but is based on your final pensionable earnings and pensionable service at the date of leaving. Your deferred pension is payable from your normal retirement date.

You will continue to receive increases to your deferred pension to help protect it against inflation. The guaranteed minimum pension included in your deferred pension will be increased at a rate set by the Government.

Your pension (above your guaranteed minimum pension) will increase over the period until your normal retirement date broadly in line with inflation (as measured by the Retail Prices Index) up to a maximum of 5%.

Precise details will be given to you if you leave.

Early retirement from deferred status

Having left the AA with an entitlement to a deferred pension, it is possible to commence payment of your pension before your normal retirement date.

The earliest date at which your pension can commence is age 55, and your deferred pension will be reduced due to the fact that it will be paid for a longer period.

The rate of reduction is decided by the Trustee after consulting the Actuary.

A transfer payment

You may request to transfer the value of your deferred pension to another registered pension scheme.

The value of your deferred pension - the cash equivalent transfer value (CETV) - is calculated as the amount which needs to be invested in order to provide your future pension. It takes account of the number of years before retirement and financial conditions at the date of payment of the CETV.

You have the right, each year, to ask for the value of your current pension entitlement under the Scheme, i.e. the CETV.

When you left the Care Section of the Scheme, you would have had the option to either a:

• Refund of Contributions (less than three months service only)
• Deferred pension;
• Early retirement if you are aged 55 or over; or
• A transfer payment.

Each of these options are explained in more detail below.

If you leave with less than three months’ pensionable service

You will automatically receive a refund of any contributions you made either personally to CARE or through membership of AA Plus, less any statutory deductions.

You will no longer have any benefits left in CARE including no lump sum payable on death or spouse’s or dependant’s or child’s pension.

If you leave with more than three months’ pensionable service

And are aged 55 or below

You will become a deferred member of CARE and your benefits will continue to be revalued annually at the same rate as members who are still contributing. If you have made AVCs, these will continue to be invested in your personal AVC account.

And are older than age 55

You will have the option to choose either to:

• Take early retirement and your pension will be reduced; or
• Become a deferred member and be treated in the same way as a leaver who is under age 55.

A transfer payment

You can choose to transfer the value of your benefits to another registered pension scheme any time prior to retirement. The transfer value is comprised of:

• The capital value of the accumulated retirement income accrued to date that you would have received at age 65, plus;
• The amount of any personal AVC account balance(s).

You are entitled to request a transfer quotation once a year which outlines the transfer value, at a specified date. If you do wish to consider transferring please seek independent financial advice to make sure it is in your best interest to do so.

When you left the Management 1 Section of the Scheme, you would have had the option to either a:

• Deferred pension;
• Early retirement if you are aged 55 or over; or
• A transfer payment.

Each of these options are explained in more detail below.

A deferred pension

This pension is calculated in the same way as a pension at normal retirement date, but is based on your final pensionable earnings and pensionable service at the date of leaving. Your deferred pension is payable from your normal retirement date.

You will continue to receive increases to your deferred pension to help protect it against inflation. The guaranteed minimum pension included in your deferred pension will be increased at a rate set by the Government.

Your pension (above your guaranteed minimum pension) will increase over the period until your normal retirement date broadly in line with inflation (as measured by the Retail Prices Index) up to a maximum of 5%.

Precise details will be given to you if you leave.

Early retirement from deferred status

Having left the AA with an entitlement to a deferred pension, it is possible to commence payment of your pension before your normal retirement date.

The earliest date at which your pension can commence is age 55, and your deferred pension will be reduced due to the fact that it will be paid for a longer period.

The rate of reduction is decided by the Trustee after consulting the Actuary.

A transfer payment

You may request to transfer the value of your deferred pension to another registered pension scheme.

The value of your deferred pension - the cash equivalent transfer value (CETV) - is calculated as the amount which needs to be invested in order to provide your future pension. It takes account of the number of years before retirement and financial conditions at the date of payment of the CETV.

You have the right, each year, to ask for the value of your current pension entitlement under the Scheme, i.e. the CETV.

When you left the Management 2 Section of the Scheme, you would have had the option to either a:

• Deferred pension;
• Early retirement if you are aged 55 or over; or
• A transfer payment.

Each of these options are explained in more detail below.

A deferred pension

This pension is calculated in the same way as a pension at normal retirement date, but is based on your final pensionable earnings and pensionable service at the date of leaving. Your deferred pension is payable from your normal retirement date.

You will continue to receive increases to your deferred pension to help protect it against inflation. The guaranteed minimum pension included in your deferred pension will be increased at a rate set by the Government.

Your pension (above your guaranteed minimum pension) will increase over the period until your normal retirement date broadly in line with inflation (as measured by the Retail Prices Index) up to a maximum of 5%.

Precise details will be given to you if you leave.

Early retirement from deferred status

Having left the AA with an entitlement to a deferred pension, it is possible to commence payment of your pension before your normal retirement date.

The earliest date at which your pension can commence is age 55, and your deferred pension will be reduced due to the fact that it will be paid for a longer period.

The rate of reduction is decided by the Trustee after consulting the Actuary.

A transfer payment

You may request to transfer the value of your deferred pension to another registered pension scheme.

The value of your deferred pension - the cash equivalent transfer value (CETV) - is calculated as the amount which needs to be invested in order to provide your future pension. It takes account of the number of years before retirement and financial conditions at the date of payment of the CETV.

You have the right, each year, to ask for the value of your current pension entitlement under the Scheme, i.e. the CETV.