Getting your pension and lump sum
At a glance
Your pension will be paid each month, giving you an income just like your salary. It’s also increased each year to keep up with the cost of living. It’s important to let your administrator know about any changes.
Bank details
Where will your pension be paid?
Your pension is paid into your bank account each month.
Your administrator will be able to let you know when the first payment will be made.
If you take a lump sum, this will be paid as soon as possible after your retirement date.
Updating your bank details
If you update your bank details you will need to let your administrator know so that they can ensure your pension is paid to the right place.
Annual reviews
Pension increases
To ensure that your pension keeps up with the cost of living, it is increased each year in April.
The increase is in line with the consumer prices index and is likely to change each year.
Under age 55?
Pension increases are only applied to pensions being paid to members over the age of 55, unless they have retired because of ill health.