Active
Deferred
RetiredWhen you retire
Payment within three working days
If we have all the information we need from you and your employer, we'll do our best to start paying your pension on the day you retire. If we don't have all the information we need, we can't pay your pension until we have the relevant information.
The first payment will be your tax-free lump sum (known as the retirement grant) and your pension up to the end of the month you retire in. We will pay it direct to your bank or building society account.
We will work your benefits out in line with the rules of the scheme, so you will always get the full amount you are entitled to.
Please note: your lump sum and first pension payment will probably be based on an estimate of your last year's pay. If it turns out that your final pay is different from the estimate, we will adjust any overpayment or underpayment in future payments. Any adjustment we make should be relatively small.
Once you have retired
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