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Are you leaving employment? If not, you can choose deferred benefits on opting out of the scheme without leaving.

If yes, and you are aged over 60, you can receive full payment of both your 1987 and 2015 pensions.

If you leave and you are not yet aged 55 and you have more than 30 calendar years service or are aged over 50 with 25 years service you can receive immediate payment of your 1987 scheme benefits. If you do not meet these criteria you can defer your 1987 scheme pension until you are 60.

If you are aged between 55 and 60, you can receive full payment of your 1987 pension.

You will need to choose whether you wish to receive reduced 2015 scheme benefits. If you do, you can receive your 2015 pension without reductions.

If you don’t, you can defer your 2015 benefits until you reach your State Pension age or earlier with reduction.