For a while now we’ve noticed that fewer members are requesting
formal retirement quotes more than two months ahead of their retirement date. This
ties in with a reduction in the number of members transferring out of the Fund.
We also get lots of requests from members asking us
to ‘cancel’ their formal quote because they can no longer use the
online estimator to generate more quotes. This suggests there’s a
misunderstanding of what a formal quote is for and causes a lot of extra work
for our team.
After careful consideration and discussion, we’ve amended
the period in which you can request a formal quote from seven months to two
months prior to retirement.
Requesting guaranteed
figures seven months in advance of retirement is unprecedented in the pensions
industry. It also conflicts with how we treat ex-colleagues in the Fund, who are allowed to request formal quotes up to two months in advance of their retirement date.
Following the change, you’ll still have up to five
months (two months before and three months after your retirement date) to
consider your retirement options and take retirement advice.
Please remember that you don’t need to request a formal quote
unless you want to take your benefits..
If you're considering retirement, please take a few minutes to read our Retiring or Leaving Guide, which takes you step-by-step through the retirement journey. And further information on taking financial advice is provided on our Retirement Planning & Financial Advice page.