The first stage is to talk to your employer and agree the date you would like to finish. Also you both need to be clear about what type of retirement it is. For example are you going early at your own choice, or is it redundancy? They may do some kind of informal estimate at this point. Then what happens is:
- Step 1: your employer officially tells us you are retiring by sending us some papers
Step 2: we work out an actual estimate, and write to you with details of:
- Your pension, and if applicable, your lump sum
- The bigger lump sum options open to you
- AVC options if you have paid these
Please watch out for this letter arriving - it is really important!
Step 3: with the letter is a form P71M we need you to fill in, to tell us things like:
- Your bank details, and
- How much tax free lump sum you want
We also need to see a birth certficate or passport, as proof of age.
Until you do this, everything is on hold, so please return your form as soon as possible!
- Step 4: assuming everything is OK, if you have a lump sum, we will pay this within a few days of you retiring, and we will pay your pension on the last banking day of the month.