What will happen to my benefits if I choose to defer them?

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If you defer your benefits, the amount held in your active pension account up to your date of leaving is transferred to a deferred pension account and you then have what are known as 'deferred benefits'.
The value of the pension in your deferred pension account is held in the LGPS for you until either you decide to transfer the value to another pension scheme, or the deferred benefits are due to be paid.
Your personal deferred benefits package consists of an annual pension, payable throughout your retirement, with an option on retirement to exchange some pension for a one off tax-free lump sum.  It also includes life cover and financial protection for your family.