If you want to receive your pension by a particular date, we suggest you start the process at least 3 months before your required retirement date. This is because there are number of steps to take before we can pay your pension savings.
After you contact our member support team and tell them you want to take your pension savings, here’s what happens next.
- We’ll send you a retirement pack which sets out the value of your pension savings and the choices you have for taking them. You can expect this within 7 working days. Taking your pension savings is a big decision. You may want to take independent financial advice to help you choose your retirement options. See Where can I get help with understanding my retirement options?
- The retirement pack will include forms for you to fill in and send back to us.
- Once we’ve received your filled-in forms, we’ll start taking your pension savings out of the investments they’re in so we can pay the money into the account you’ve named. This can take up to 25 days. But remember, we can only do this if the forms are complete and all the information you’ve given us is correct. Any missing information or errors mean we’ll have to contact you again. This could delay your payment.