Thinking about retiring?
Read our 10 tips to help you plan ahead and make sure your retirement runs smoothly.
5 things to consider before retiring
Set a budget
If you’re thinking about retiring, it’s important to plan ahead, consider your savings and factor in any other investments you might have. Setting a budget will give you confidence that you have enough income to support your retirement.
Track down old pensions
Make sure you don’t miss out on any benefits. It’s always wise to track down any old pensions, especially if you’ve worked in different roles over the years. Our dedicated web page is a good place to start.
Give you employer plenty of notice
If you aim for at least three months, it will give you and your employer time to get your paperwork in order. Plus, it will allow you to say your goodbyes and make the most of your final days at work.
Consider your Additional Voluntary Contributions
(For LGPS members only) If you have an AVC, it will delay your first pension payment. Your LGPS pension can’t be paid until your AVC has been withdrawn by your AVC provider, which can only happen on or after your retirement date. So, you should plan your finances carefully. It may also help to speak with an independent financial adviser sooner rather than later.
Consider seeking independent financial advise
Retiring from work is a big financial step. So, it’s worth speaking to an independent financial adviser to help you weigh up your options and decide what’s best for you. To get started, visit MoneyHelper – a free Government service.
Set a budget
If you’re thinking about retiring, it’s important to plan ahead, consider your savings and factor in any other investments you might have. Setting a budget will give you confidence that you have enough income to support your retirement.
5 tips to avoid unnecessary delays with your retirement application
Fill in your retirement forms sooner rather than later
If you’re an active member (still paying into the scheme), we’ll send you your retirement forms, once your employer notifies LPPA that you want to retire. Or you may be able to complete them online.
If you’re a deferred member (no longer paying into the scheme), we’ll send you your retirement forms to complete, once you have contacted LPPA to confirm you’re ready to retire. Or you may be able to complete them online.
Double check your bank details
Your bank account must be a personal or joint account in your name. It’s worth double checking the details are correct, as this is ultimately where your pension and lump sum will be paid.
Double check you have completed your forms correctly
To avoid requesting information from you again, check that you’ve filled in every section. Mistakes can cause delays, so it’s worth going through the form a couple of times to make sure everything is in order.
Dig out your identification documents (birth certification, passport or driving license)
We need to make sure the money goes to you, so we need to identify you with one or more of these documents. Your retirement forms will explain which identification we need.
Scan (or take photos) of your forms and documents
The easiest way to return your forms, documents and certificates to us is by taking photos of them and uploading them via our online contact form. You don’t need a printer to scan documents – you can easily scan them using your mobile phone or tablet.
Set a budget
If you’re thinking about retiring, it’s important to plan ahead, consider your savings and factor in any other investments you might have. Setting a budget will give you confidence that you have enough income to support your retirement.
