Deferred Members

Instead of receiving a withdrawal benefit that is immediately available on resignation, dismissal or discharge, you may choose to leave your entitlement in SSS and receive the benefit later.

If you choose to defer (leave your benefit in the scheme), it can be paid later as either a pension or a lump sum withdrawal.

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.

For more information refer to STC Fact Sheet 11: CPI Adjustment of your pension

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.