Below you will find a high-level process map showing the various steps involved in drawing your pension at 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.
As you approach your Normal Retirement Date the Administration Team will automatically send you a retirement quotation and all the documentation you will need to complete. You can expect to receive your quotation around six months before your Normal Retirement Date.
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.
Once you have returned the documentation, the Administration Team will undertake all the final checks in readiness to start paying your pension.
Once all the checks have been completed the Administration Team will update your record in readiness to start paying your pension.
The day has arrived. You are now a Pensioner member of the DB Section.
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 will write to you confirming everything has been arranged. Please allow six weeks (on receipt of receiving your Retirement Option Form) for this to be completed.
Receiving your first pension payment
As you approach your Normal Retirement Date (NRD) the Administration Team will automatically provide you with a retirement quotation and all the documentation you will need to complete. If you’ve registered for MyPension your quotation will be uploaded to your record and you’ll be informed via email that this is available to view. You can expect to receive your quotation around six months before your NRD. If you’re not registered for MyPension then the Administration Team may ask you to complete a verification form before issuing you with a quotation.
On average it takes around six weeks from the date you return your Retirement Option Form 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: