There’s lots to think about in the run up to retirement, and understanding how the process works, the decisions you need to make and how long it takes will mean you have one less thing to worry about.
Below we’ve outlined a step by step guide on how retirement happens, depending on how you take your money.
Don’t forget: You do have to wait for your last contribution to be paid into your Account before you can start taking your retirement savings (this could take up 6 weeks after you retire depending on when your last payroll payment goes through).
The process outlined here can take up to 6-8 weeks.
You’ve agreed your retirement date with your employer. So first step is to ask the Plan Administrator for a retirement quote.
The Plan Administrator will get annuity quotes from Hargreaves Lansdown on your behalf at this point. Hargreaves Lansdown are specialists who research the market on behalf of the Plan Trustee to get you the best deal.
Don’t forget: an annuity is another word for a regular pension paid to you for the rest of your life.
You’ll receive a retirement pack from the Plan Administrator. It includes how much your retirement savings are worth and a reminder of the choices you have for how you take your savings.
Once you’ve returned your retirement claim form depending which option you choose, you’ll take one of the routes below.