Allen & Overy Pension Scheme
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What happens to my benefits if I leave the scheme?
 

It's important to be aware of the effect leaving the Scheme may have on your Retirement Account.

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What happens if I opt out of the Scheme?
You will be giving up the valuable benefit of Company Core Contributions of between 4% and 10% of your Pensionable Salary. For options regarding leaving the Scheme please see the question below 'What happens if I leave Allen & Overy prior to retirement?' You may still have to be re-enrolled into the scheme at a later date (see' How do I Join the Scheme' under ‘Can I choose not to join?).

You should think carefully before opting out of the Scheme as it offers you and your dependents valuable benefits and Allen & Overy also contributes into your Retirement Account - this is money towards your pension from your Employer that you would otherwise not receive.
What happens if I leave Allen & Overy before my Normal Retirement Date?
When you terminate your employment with Allen & Overy you must cease contributing to the Scheme.

If you leave the Scheme with less than 30 days' Pensionable Service, you will be refunded via payroll any contributions that may have been deducted from your salary, and will have no holding in the Scheme.

If you leave the Scheme with at least 30 days' Pensionable Service, your Retirement Account will be retained in the Scheme (this is known as deferring your benefits). Your Retirement Account will continue to be invested according to your instructions until you retire at Normal Retirement Date (or earlier if the Trustee agrees).

You will continue to receive annual statements showing the value of your invested funds and you should monitor your investments by logging in to the 'My Pension' section of this website in the same way that you can as an active member. Alternatively, you have the right to transfer your entire deferred benefit to another registered pension scheme or qualifying recognised overseas pension scheme. Please see the question below titled Can I transfer my Retirement Account to another pension arrangement?, for more details.

At retirement you will have the same options as previously described in the 'What will I get when I claim my retirement savings?' section.

Can I transfer my Retirement Account to another pension arrangement?
Yes. If you have a deferred benefit entitlement you can transfer your Retirement Account to either a personal pension arrangement or to another occupational pension scheme provided that it is a registered pension scheme or qualifying recognised overseas pension scheme. You have the right to transfer your benefit to another provider at any time after leaving, until 12 months before reaching your Normal Retirement Age when your right to a transfer ceases. Please note, however, that the Rules of some employers' schemes may not permit them to accept a transfer of benefits. By transferring your Scheme benefits you would give up all entitlement to benefits under the Scheme. If you wish to do this you should seek further information from either Capita or from the administrators of your new scheme.

Once all the necessary paperwork has been received to action such a transfer, a request to sell your unit holdings will be sent to the Investment Manager, and once the realised fund value has been received in the Trustee bank account, payment will be made to your new provider. This process will normally be actioned in line with the same timescales outlined for investment switches referred to in the section 'How can I switch my Investment funds'.
Can I leave the Scheme whilst still working at Allen & Overy?

You can opt out of the Scheme at any time provided that you give one month's notice. You may still have to be re-enrolled into the Scheme at a later date (see' How do I Join the Scheme' under ‘Can I choose not to join?). If you apply to rejoin the Scheme after leaving it, Allen & Overy's consent will be required and special terms may be imposed if your re-entry is permitted.

It is also possible to draw your benefits (in full) whilst still working at Allen & Overy, subject to a Minimum Pension Age of 55 and the approval of the firm. Please see the section 'What will I get when I claim my retirement savings?' for further information.

 

Deferred benefits

What happens if I defer my benefits, but die before retirement?
A refund of your Retirement Account at the date of your death may be paid as a lump sum. See the section 'What benefits are payable in the event of my death?'. The exact amount of the lump sum may also be subject to Scheme limits.
What happens if I get divorced?
Provisions for pension sharing on divorce were included in the Finance Act 1999 and the Welfare Reform and Pensions Act 1999. The Trustee of the Scheme has issued guidelines which are available from the Library section of this site. You should advise HR Advice at the earliest opportunity if you are in the process of a divorce and whether any financial settlement is likely to affect your accrued benefit in the Scheme.