How your benefit is invested

Deferred benefit

The value of the employee-contributed part of your benefit will remain the same, as it has already been adjusted for notional earnings; however, the employer-financed part is adjusted in October each year in accordance with movements in the Consumer Price Index (CPI) between the date the benefit was deferred and the date it is eventually paid.

Immediate lump sum

This is the benefit that would otherwise have been paid at the time you ceased employment, adjusted for investment earnings at the Fund earning Rate and management charges since the date the benefit was deferred.