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  • Thinking about Retirement?

Thinking about Retirement?

The Retirement Process

Once you have told your employer that you want to retire, they will provide you with two forms that you need to complete:

 

  • A claim form called an RB1
    This tells us that you are retiring and you want to claim your pension benefits. You will also be asked to attach photocopies of any certificates applicable to you and your marital status eg Birth Certificate/Marriage Certificate/Spouse's Birth Certificate. If you have membership before 01/04/2014 and have taken a reduction in your full time equivalent salary within the last 10 years, you can tick the box to request that we use the best three consecutive year average salary out of the last 13 years to calculate your final salary pension.

 

  • A bank details form called an RB1 (D)
    This is to confirm your bank details for your pension and lump sum payment.

 

Your employer will then forward these forms to us along with your pay and service details, which we will use to calculate your pension.

Once we have calculated your pension benefits, you will receive a retirement pack confirming the amounts payable to you, including details of your in-house AVC fund if you have one.

 

Your retirement pack includes two final forms for you to complete:

1. A Member Options Form
This is where you indicate your choice of taking your standard benefits, or giving up some of your pension to achieve either:

a) your maximum lump sum, or
b) a lump sum which is higher than your standard lump sum, but lower than the maximum amount possible.

If you have AVC's, you can use this as part of your 25% lump sum allowance, so you will also be able to declare the amount you want to use on the form.

 

2. A Member Declaration Form
This is an important form to identify whether you have exceeded the lifetime allowance of £1 Million. Most of our members won't exceed this allowance.

 

 

Freedom and Choice - Flexible Benefits

Flexible benefits were introduced by the Government from 6 April 2015 to allow members of defined contribution schemes, who are over age 55, more freedom on how they take money from their pension pot.

The LGPS is not a defined contribution pension scheme (it is a defined benefit scheme) and as such, it is not directly affected by these changes.

For more information on 'Taking cash from your pension', please visit the link on our members page. 

 

 

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