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Each year, the Pensions Shared Service provides an Annual Statement detailing the current value of your pension benefits and a projection of the benefits that might be payable should you retire at Normal Pension Age. This is based on the information we hold about your pension scheme membership, and pay details that we have received from your employer.
The national members' website provides more information about different types of retirement and when you can retire. There is also information about how your pension benefits are calculated, your options on retirement and details of any reductions or increases that might be applied.
If you are thinking of retiring within the next 12 months, the Pensions Shared Service can provide you with a more accurate estimate of what you might expect to receive. To request an estimate, please complete the Retirement Estimate Request Form. If you have already given notice to your employer, or you have strong intentions to retire, please tick the box to indicate this so that the relevant claim forms are sent to you along with the estimate.
Ideally, the Pensions Shared Service needs to know about your intention to retire around four months in advance, as this will allow time for information to be obtained from third parties. This will also provide you with enough time to make a considered decision about the options available to you, to complete forms and provide your personal documents in good time.
Provided the Pensions Shared Service has received all necessary documentation from you and your employer, payment of your lump sum should be made within 10 working days of your retirement date.
Find out about pension payment dates.