Retirement Process

A high level overview of the retirement process

1

As you approach your Normal Retirement Date the Administrator will issue an estimated retirement quotation with details of your options and forms for you to complete.

2

You decide whether you wish to take your benefits at NRD.

3

You notify the Administrator if you wish to take your benefits at a later date.

4

If you wish to take benefits at your NRD you decide on the benefits you wish to take.

5

You return all the completed forms and, where requested, the documentation necessary to confirm your identity.

6

The Administrator will calculate the final retirement figures and check the paperwork received.

7

The Administrator will arrange for benefits to be paid and write to confirm the benefits you will receive.

8

The Administrator will change your membership status from deferred to pensioner.

IMPORTANT NOTE:

You should note that the retirement quotation initially provided to you will contain estimated figures and does not constitute a promise or entitlement to benefits. There are also certain aspects of the calculation basis which may be subject to change, including actuarial factors used by the Trustee and rates of revaluation applied to your deferred pension.

The benefits you ultimately receive will be as calculated at the time they are paid in line with the Fund rules, applicable legislation and any discretions the Trustee may hold in relation to your benefits, to the extent receipt of benefits is dependent on the exercise of such Trustee discretion.