Retirement planning

What to expect when you’re approaching retirement

If you’re approaching retirement and have a Defined Benefit (DB) pension, you might be wondering what to expect when it comes to actually taking it. This is where you’ll find answers to all the questions you’ve thought about, and some of the ones you haven’t.  

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  • When will I receive my pension?

    You can start receiving your pension when you reach the Normal Pension Age (NPA) outlined in your scheme guide. However, if your scheme allows it, you might be able to start taking your pension early.  
    Bear in mind though, that if you start to receive your pension early, it might be worth less than if you waited until the NPA. That’s because you won’t have been paying into it for as long and there’s an expectation that you’ll be receiving your pension for longer. Take a look at your scheme guide via the search tool to see how this applies to you.

  • How will I receive my pension and how much will it be?

    When you retire you can usually take up to 25% of the value of your pension benefits as a tax-free cash lump sum. You’ll receive the rest as a regular pension income and pay tax on it. The amount you receive is based on a few things, like how much you’ve earned and how long you’ve been a member of the pension scheme.  
    Find your scheme guide to see how your pension is calculated.   

  • Will I receive my pension automatically?

    We’ll automatically send you a retirement pack three months before your NPA. However, if you are still an active contributing member you’ll need to tell your employer as soon as possible if you’re planning to retire, so they can send us a pension notice.  
    Once we’ve got the pension notice, we’ll send the final retirement figures to you with some forms outlining your options. You’ll need to complete the forms and return them to us. Once we’ve received them, we can arrange for your payments to be made. 
    You’ll need to make sure we have your correct contact details, which you can update in our online portal, DB Online, if you have an account. 

  • How is my pension invested?
    Your pension contributions are paid to a pension scheme provider - that’s us at TPT - and go into a separate account that’s managed by our trustees. Keeping it in a separate account gives your money more protection if something happens to your employer.  
    Our trustees are responsible for multiple workplace pension savings, which is known as a ‘Master Trust’. Your money is pooled in the Master Trust and invested to give it the best chance to grow over time. 

Have you registered for DB Online?

DB Online is the secure way to manage your account online. Once it’s set up, you’ll have instant access to your account 24 hours a day, seven days a week.  

You’ll be able to:  

  • Update your personal details.

  • View your scheme record.

  • Submit an enquiry and request a quote.

  • See your benefit statement if you’re an active member.

  • Request an up-to-date statement

  • if you’re a deferred member. See your payslips, P60 and update your bank details if you receive a pension.

How to register

  • Email

    Email us telling us you’d like to set up your DB Online account and we’ll send you everything you need to get started. 

  • Call us

    If you’re struggling to sign in with the information we send, call us on 0113 234 5500 and select option 1when instructed.

  • Forgot your password?

    You can reset your password by going to the DB Online sign in page, clicking on 'Forgotten Password' and following the instructions. 

Find your scheme guide

Check your member guide for full details about your scheme, including what to expect from your pension when it’s time for you to retire.
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  • Jargon buster

    There’s no getting around the fact that pensions can be complicated. Take a look at our jargon buster to see what it all means.    

  • Pension scams

    Pension scammers are more likely to target you when you’re close to retirement age, so it’s important to know what to look out for so you can protect yourself and your money. Click below to find out more.   

  • The State Pension

    The State Pension provides a regular income from the government for those who have reached State Pension Age. To be eligible for the State Pension, you have to have paid sufficient qualifying National Insurance contributions or received equivalent National Insurance credits. 

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