How do deferred benefits keep their value?

Your deferred benefits are revalued every year in line with the cost of living whilst they are deferred. Your pension will continue to receive cost of living increases every year once it is paid to you.

If your benefits are paid on or after age 55, or are paid before age 55 because of ill health and you are permanently incapacitated from engaging in any regular full-time employment, your benefits will be revalued each year in line with cost of living increases. If your benefits are paid before age 55 for any other reason, your pension is normally paid at a flat rate until age 55. Your pension will then be increased from age 55 to the level it would have been, if it had been increased since your date of leaving.