How-to-guides

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Below you will find a high-level process map showing the various steps involved in drawing your pension after you have passed your Normal Retirement Date. For more information please refer to the Retirement guide.

Click on the numbers below to reveal more information about each step.

  • 1 You request to defer your retirement

    You may be able to defer the payment of your pension until a date later than your Normal Retirement Date. However, this is not an automatic right and you will need to obtain the Trustee’s agreement.

  • 2 You request a late retirement quotation

    Once you pass your Normal Retirement Date you will need to request a quotation from the Administration Team.

  • 3 The Administration Team will issue the quotation to you

    You will receive your retirement illustration by post. It may be a couple of weeks before this is provided.

  • 4 You return your completed retirement forms

    Once you have decided how you wish to take your benefits simply complete and return all the documents.

    You will need to provide originals of the certificates requested but these will be returned to you in a couple of days.

  • 5 The Administration Team checks and calculates final figures

    Once you have returned the documentation, the Administration Team will undertake all the final checks in readiness to start paying your pension.

  • 6 The Administration Team arranges for your pension to be paid

    Once all the checks have been completed, the Administration Team will update your record in readiness to start paying your pension.

  • 7 Your retirement date

    The day has arrived. You are now a Pensioner member of the DB Section.

  • 8 Your lump sum is paid (if any)

    If you chose to take some of your benefits in the form of a lump sum this will be paid directly to your chosen bank account on your retirement date, or as soon as practical after this date.

  • 9 The Administration Team confirms everything is set up

    The Administration Team will write to you confirming everything has been arranged. Please allow 14 weeks for this to be completed.

  • 10 Receiving your first pension payment

    <p>On average it takes around 14 weeks from the date you request a retirement quotation to the date you’ll receive your first pension payment. This timescale varies from member to member. Some factors that can increase the time it takes are shown below:</p>
    <ul><li><b>The complexity of your benefits</b> – the Scheme Actuary is required to review some benefit calculations which can add up to two weeks to the process;
    </li><li><b>How quickly you return all the information required</b> – the Administrator will require a lot of information before it can set up your pension. Some of this information will relate to other pension benefits you may have, which may take time for you to receive from the relevant provider;
    </li><li><b>Trustee approval </b>– you don’t have an automatic right to take your benefits after your Normal Retirement Age and you’ll need to obtain the agreement of the Trustee before your pension can be paid;
    </li><li><b>Additional Voluntary Contributions (AVCs)</b> – if you’ve paid AVCs you’ll need to decide how best to use these. This will include taking the appropriate advice (for example from Pension Wise). You’ll need to confirm how you want to use your AVCs before the administrator can arrange to pay your pension.
    </li><li><b>Factor changes</b> – the calculation of your benefits is based on a number of actuarial factors which are reviewed each month. If your actual retirement date is on or around the review date there may be a delay of a few days while the administrator is waiting for confirmation of the new factors; or
    <b>The date pensions are paid </b>– pensions are paid on the first working day of the month. However, each month there is an earlier ‘cut-off’ date, around the middle of the month, after which no further changes can be made to the payroll files. If the Administrator receives your completed forms after this date, you’ll not receive your first pension payment until the next available pension payment date (the first of the following month).</li></ul>