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  • The retirement process (contributing members)

The retirement process (contributing members)

If you are currently contributing into the scheme and considering retirement, here is an example of a typical retirement process:

 
Step 1 - Obtain an estimate

You can calculate an estimate of your benefits using your portal account. To access the Pensions portal or to register you can do this via https://portal2.wmpfonline.com/

Alternatively, if you are looking to take redundancy or retire on ill-health grounds, your employer can provide you with an estimate of benefits.

 
Step 2 - Hand in your notice

Check how much notice you need to give and hand in your notice to your line manager.

Your manager will notify the HR department that you are leaving and that you wish to take your retirement benefits.

Shortly after this, you should be issued with your retirement claim forms and a statutory notification letter (which officially confirms your retirement date).

 

Step 3 - Reply

Return your completed forms and any requested certificates to your employer as soon as possible after receipt.

Photocopies of certificates are acceptable.

 

Step 4 - Your employer will inform us of your retirement

Your employer will complete our on-line retirement notification and attach your completed forms and certificates to formally let us know that you are leaving.

This is expected approximately 3 weeks in advance of your leaving date.

 

Step 5 - Retirement Options

We will send you a retirement quote letter detailing your retirement options. This will normally be ahead of your leaving date if the paperwork is received in advance.

If there is a query regarding any information provided you will be notified accordingly.

 

Step 6 - Reply

Return your completed option and member declaration forms together with any other documents requested as soon as possible to the Fund after receipt.

Again, Photocopies of certificates are acceptable.

 

Step 7 - Payment

You will receive a letter confirming the date of payment of your lump sum and when the payment of your pension will commence.

Your LGPS pension is a taxable income, but any lump sum is paid tax free. The amount of tax that you pay on your pension depends on your income and your personal circumstances.

Your first pension payment will be subject to a 0T tax code unless we have received a P45 with your forms, this means that you will be taxed at 20% or 40% dependent on the gross amount paid.  The HM Revenue and Customs Tax Office will then determine your tax code and send details to us electronically,  which will then generate a tax refund if applicable on the next payment made to you.

You will also receive a pension advice slip prior to your first pension payment.

For more information about pensions in payment, please click here.

 

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