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.
You request a late retirement quotation
Once you pass your Normal Retirement Date you will need to request a quotation from the Administration Team.
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.
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.
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.
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.
Your retirement date
The day has arrived. You are now a Pensioner member of the DB Section.
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.
The Administration Team confirms everything is set up
The Administration Team will write to you confirming everything has been arranged.