How much do I need to retire?
Everyone is different in terms of when they want to retire and how much they will want to spend. You may spend less on transport to work, upkeep of your children and you may have paid off your mortgage. However, you may want to spend more on holidays and your health. You can access an online budget planner from the MoneyHelper here. The Pensions and Lifetime Savings Association has an excellent resource setting out retirement living standards here.
Can I get ill-health retirement?
It may be possible to retire early on the grounds of ill-health. You can contact us here, if you believe that you are eligible.
Can I postpone my pension?
You may be able to delay taking your pension. This could result in an increase in your monthly pension payments when these are taken.
What is a Retirement Quotation?
If you elect to take your pension from the Fund, your pension will be paid to you for the rest of your life in monthly instalments. Your pension is based on your contributory service, salary whilst in employment and relevant accrual rate. For benefits payable upon death, please see “Upon my death, what happens to my pension?” under General Information.
If you request a retirement quotation, you will receive an illustration of your pension at your chosen retirement date. You will also be provided with an illustration of the benefits payable to your spouse or civil partner on your death. You have a range of options, including whether to receive a Pension Commencement Lump Sum. If you have any queries or would like any information on the options available to you, please contact us.
Actuarial Factors
To calculate the cost and benefits of some of the options available to you, it is necessary to use factors provided by the Fund Actuary. These options include retiring early or late (i.e. before or after your Normal Retirement Date) and giving up (commuting) some of your annual pension for a higher lump sum.
We regularly review and, if necessary, update these factors to ensure they remain appropriate, taking into account external influences, such as movements in financial markets, changes to life expectancy and changes to inflation.
Please note that factors may go up or down. Any changes made to the factors may therefore mean that benefit quotations issued using newly adopted factors differ from quotes issued using historic factors. Benefits will be paid based on the factors which have been agreed to be used for each retirement option at the date of retirement (subject to some transitional arrangements for a defined period whilst the change in factors is being implemented).
