A deferred vested pension is in place when a person worked for an employer long enough to earn benefits in a pension plan. The employee then left the company before receiving the benefits, according to the Pension Benefit Guaranty Corporation.
The employee can then receive benefits once they reach the criteria set forth by the plan. As of 2015, the criteria states that the person must wait until he or she has met the age requirement, which is 62 or 65, before they can request their pension, as stated by the Employee Benefit Funds. They must have money vested in order to receive payment.