Disability retirement usually requires a permanent impairment that ends your ability to do the job

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A small benefit can be cashed out without the member's consent below a de minimis threshold Cost-of-living adjustments on a pension are granted by the plan sponsor and are never automatic The three-pillar model splits a public scheme occupational plans and private savings into separate jobs Pension income is taxed when it is paid so deferral only helps if your rate is lower by then Converting the pension to a lump sum uses the plan's own rate which is rarely the annuity you could buy outside A defined benefit formula multiplies final average salary by years of service and an accrual rate A plan freeze stops accruals for new hires and sometimes for everyone already enrolled Cliff vesting at five years means leaving at four years and eleven months pays nothing from the employer side A transfer value is priced on assumptions that favour the scheme rather than the member leaving it Benefit formulas that use career average earnings pay less than final salary ones for the same years of service