For all types of retirement, it is required that you submit the below:
- RB1 & RB1(D)
- Copy of Birth certificate
- Copy of passport/Driving Licence
- Copy of Marriage/Civil Partnership/Divorce Decree Absolute certificate
- Copy of Spouses/Partners birth/death certificate
These forms contain the ability to add an electronic image of a member’s signature, we realise that for some, this may prove difficult. Both electronic and wet signatures will be accepted. Additionally, we are able to accept either an electronic or hard copy of the above documents in order to process a retirement.
In line with Data protection protocols, the Fund may also, prior to processing the member's benefits, contact the member by telephone to check that they have completed the forms.
Before you process any redundancy/business efficiency retirements, grant flexible retirements, or waive any actuarial reductions for members, we advise that an estimate is run through the Employer Self-Service to establish any potential costs to the employer.
Note - There may be circumstances in which you don’t have all the required forms, once received please send these to DMT@wolverhampton.gov.uk
What is flexible retirement?
A way for the member to access their pension benefits (drawing some or all of them) and continuing to work.
The member is not eligible for flexible retirement if they haven’t attained age 55 and haven’t met the two years vesting period.
Your employee may ask you if they can flexibly retire by reducing the hours worked, moving to a less senior position or both.
Important: This requires an employer discretionary policy to be in place, please refer to Discretionary policies for more information.
Please note, before you grant flexible retirement, we recommend you:
- Should always run an estimate through the Employer Self-Service to assess any potential ERCs to yourselves; and
- Have a flexible retirement policy that you review when appropriate.
For more information, please visit Taking your pension.
Guidance and required information to support the notification is confirmed above.
Where an employee leaves on the grounds of redundancy/business efficiency and is aged 55 and over, the member is entitled to immediate payment of their unreduced benefits based on their normal pension age.
As a result of these unreduced benefits being paid earlier than the normal pension age, an early retirement cost (ERC) is payable by the employer to cover the pension fund strain cost, see the LGPS Regulations 2013.
Also, in the event of your organisation agreeing to waive any actuarial reduction in respect of a member's benefits following their voluntary resignation or your granting of flexible retirement, an ERC would be payable by the employer.
If a member retires on the grounds of ill health there will also be an ERC payable by your organisation, but this would not be payable immediately and is included within the next triennial valuation or, if you are an employer with fewer than 1000 members these costs may be covered by the Fund's captive insurance policy.
ERCs are also payable if a member retires on Ill Health, further information can be found here.
The calculation of an ERC is based on:
- The member's age
- Length of scheme membership
- Length of time to their Normal Pensionable Age, and
- Factors produced by the Fund's actuary.
Where one of the above changes, the actual costs at the point of retirement may differ from the estimate produced.
Following the processing of the retirement, you will be invoiced for the cost.
Note – Please contact the Fund to check if there are any active processes open that could result in an amalgamation of benefits that could increase the associated costs.