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What do I need to do before I retire?

What do I need to do before I retire?

This section provides some practical information for you to consider prior to your retirement.

Can I afford to retire?

Every year, we send a benefit statement to your home address, providing valuable information about the amount of pension and tax free cash that you may receive when you retire.

You should also consider how much tax free lump sum you wish to take upon retirement, so that the decision is easier to make when you receive your retirement pack. To ensure that you make the correct decision to suit your circumstances, it may be worthwhile seeking Independent Financial Advice.

How much notice do I need to give?

We would suggest that you discuss your retirement date and nature of the retirement with your employer at the earliest opportunity to ensure the timely payment of your pension benefits.

Your employer will then notify the Pension Fund and your retirement pack will be sent to you immediately.

Can I have an estimate of my benefits?

An accurate and final calculation will take place on receipt of your final pay details from your employer. This can only take place after they have made the final payment of your wage/salary, and subsequently calculated your actual final pay.

Please note that your annual benefit statement provides and estimate on the benefits you may receive.

Have I contacted all my other pension providers?

You should contact your other pension provider(s) to inform them of your impending retirement and to gather information on the value of your pension funds.

If you are contributing to an in-house Additional Voluntary Contribution (AVC) arrangement you may wish to ask your employer’s Payroll Department to stop your AVC payments the month prior to retirement, otherwise there may be a delay in the payment of your LGPS benefits.

Do I have all my relevant certificates ready?

Before the Fund is able to process the payment of your pension benefits, your certificates must be validated. Please arrange to have your original certificates or certified copies ready, as you will have to submit them with your retirement options.

The certificates to be provided include your:

  • Birth Certificate;
  • Spouse’s / Civil Partner’s / Co-habiting Partner’s Birth Certificate (if applicable);
  • Marriage Certificate / Civil Partnership Declaration (if applicable);
  • Decree Absolute / Dissolution of Civil Partnership Certificate (if applicable);
  • Spouse’s / Civil Partner’s Death Certificate (if applicable).

Please note that all original certificates will be returned immediately.

Notification from your employer

Your retirement will only be processed upon receipt of the appropriate notification from your employer, confirming your service, final pay and the reason for your leaving.

Employers can only provide these details after your final pay has been calculated and finalised by payroll. This may cause some delay in the payment of your retirement benefits.

The Retirement Pack

Upon receipt of this information from your employer, your pension benefits will be calculated and you will be supplied with a retirement pack. You will be given the value of your pension benefits and, if relevant, the choice to convert some of your pension to gain a bigger lump sum. You will also be asked to confirm your marital status, and whether you wish to update your death grant expression of wish.

The following information should be supplied as original certificates or certified copies:

  • Bank details (the account into which the pension will be paid, and the lump sum if any);
  • Spouse’s / Civil Partner’s / Co-habiting Partner’s Birth Certificate (if applicable);
  • Marriage Certificate / Civil Partnership Declaration (if applicable);
  • Decree Absolute / Dissolution of a Civil Partnership Certificate (if applicable);
  • Spouse’s / Civil Partner’s Death Certificate (if applicable).

You will also be requested to supply details of any other pension benefits that you are entitled to receive (or are already receiving), so that a test can be made against your Lifetime Allowance.

Please note that your benefits will not be released until this declaration has been completed and returned to the Pension Fund.