Subject to certain conditions, members who are leaving service:

• Aged 55 or more due to retirement or illness (not being Total and Permanent Disablement or Serious Illness as defined); or
• Due to redundancy;

may elect to defer withdrawing for up to 5 years their standard Scheme balance (and any BGSP balance) and, unless they choose to transfer it to KiwiSaver, their locked-in balance in the Scheme.

Leaving service in this context means ceasing employment with Beca or reducing working to less than 24 hours per week.

Eligible members who elect this option continue to receive the same investment returns as active members.  These returns may be positive or negative.

Under the Deferred Withdrawal option, you must leave a minimum of $100,000 in the Scheme (and or Plan if you are also a legacy BGSP member). 

There is a facility for partial withdrawals however members less than 65 years of age may not make withdrawals from their Locked-in accounts. Deferred Withdrawal Members may make partial withdrawals (up to four per year with minimum withdrawal amount of $5,000).  Once your combined balance reaches less than $5,000 your remaining balance will be paid to you.

Once your five-year deferral period has elapsed the benefit must be paid out.  If you are still under 65 years of age at this date your Locked in account must be transferred to a KiwiSaver.