As a member of a Pension Scheme, you can receive a tax free lump sum and a monthly pension upon retirement. The size of these depends on which benefit option is selected, as permitted within the scheme rules, and whether your retirement is a normal retirement, early retirement or due to ill health.
Please contact your Departmental Administrator so that they are aware of your retirement plans, particularly if you are retiring early, so that they can arrange for the formal notification to be made to Pension Services promptly.
We will provide all the relevant information the pension scheme needs to calculate the benefit options available to you.
We will also give as much help, information and advice to you as possible, so that you can make your informed choice as to which option to select, and to ensure the benefits are paid on time. You may request a meeting with us to discuss your retirement options.
Please inform us if you wish to make a Money Purchase AVC payment in your final pay.