As we’ve stepped into 2024, some of you will be making the decision to retire this year or wondering what you’ll need to do when the time comes. This can be a very exciting time as you embark on a new chapter, and you’ll need to know the steps to take to begin this process. That all starts with your retirement application. In this blog we’ll discuss the important stages of the retirement process and some recent updates that will affect your application.

When do I qualify?

There are requirements that need to be met when you apply for your pension. Firstly, to qualify for your pension and receive benefits you must have two years’ service completed after 6 April 1988 or, five years pensionable service completed at any time.

The earliest age retirement benefits can be paid is 55, which is changing to 57 from 6 April 2028. However, in circumstances such as Ill-health retirement you can receive your pension earlier, further information can be found in our Ill-health guide (PDF, 13.7 MB) (This link opens in a new window).

Unless you’ve reached Normal Pension Age (NPA) or are taking Phased Retirement you must leave pensionable employment before you can take your benefits. NPA for service in the final salary scheme is 60 or 65 depending on when you entered pensionable service. Whereas the NPA in the career average scheme is either your state pension age or 65, or whichever is the later date. Understanding your qualification for retirement benefits is important, for further information check out our retirement factsheet (PDF, 87 KB) (This link opens in a new window).

How do I apply?

Retirement benefits aren’t paid automatically; so, you’ll need to fill out the right application for your circumstance. Whether that be Phased retirement, Early retirement or another type of retirement, you can find the online application forms in My Pension Online (MPO) or download them from our resources page.

When should I submit my application?

Previously, we’ve asked that members submit their application four months before their proposed retirement date. This has now been extended to six months before your proposed retirement date.

If you’re affected by Transitional Protection, you’re provided with your Remediable Service Statement (RSS) which is an extra step in your application, hence the increased timescale needed to process your case. You’ll be required to make a choice of whether you’d like the service built in the remedy period, (1 April 2015 – 31 March 2022), to be taken into the final salary or career average scheme. More information can be found on our Transitional Protection – Planning to retire webpage.

We ask that you don’t submit your application before six months as there may be salary changes that could affect your benefits if submitted too early.

Enjoy your retirement!

Once you’ve completed the retirement process, we want to make sure you enjoy your retirement as much as possible. You’ll be paid every month into your nominated bank account on the day before your birthdate, and this will be paid a month in arrears. This first payment will be paid pro-rata up to first pay date from the retirement date with your first full monthly payment the month after.

MPO is the best way to check and manage your pension information, you’ll also be able to view your P60s and Payslips, update your personal details and more. To understand what the Scheme will look like to you once you’ve retired check out our retirement guide (PDF, 15.6 MB) (This link opens in a new window).