How will my pension be paid?

First payment

You'll receive your pension as soon as possible after we've received all the information we need from you and your employer - usually within seven days of your retirement date. If you are an active member, we'll need a withdrawal form from your employer, which we would request, before we can make payment. 

We are unable to make any payments before your actual retirement date.

If you are taking your Defined Contribution fund (either on its own or in conjunction with any Defined Benefits) there will be a much longer wait before benefits can be paid as we need to wait for final month's contributions to be invested before the whole fund can be disinvested. The whole process can take six to eight weeks.

The first payment covers the period from your retirement date to the next quarterly payment date and will also include your lump sum if you have chosen this option.

Quarterly payments

Pensions are paid quarterly (6 April, July, October and January) in advance. You will receive a payslip each quarter via DB Online or by post if you have chosen to receive hard copies of your payslips.

Monthly payments

Pensions are paid monthly where the scheme rules have been set out. Each month you will see a payslip in your DB Online account or by post if you have notified us that you wish to receive hard copies. Please refer to your scheme document for information on payments if your scheme uses this method.

Tax

Your first pension payment will be taxed at Basic Rate. If tax is due on quarterly pension payments then it will be deducted under the Pay As You Earn (PAYE) system and we will be advised of your tax code by HMRC.