Leaving OSPS

How is my pension paid?

Your pension will be paid monthly direct into your UK bank, building society or Post Office giro account. Payments cannot be made to foreign bank accounts.

It will be treated as earned income and taxed under the PAYE scheme.

What happens if I live abroad?

OSPS can only pay pensions into UK bank accounts, so you will need to make your own arrangements to access your pension.

Your pension will be subject to income tax in the UK unless the country you are living in has a double taxation agreement with the UK. If this is the case, you will pay tax either in the UK or in the country in which you live. Further information on how to claim double taxation relief is available on the HMRC website.

Will my OSPS pension be increased after my retirement?

Yes. Pensions are increased each year in line with the increase in the Retail Prices Index.

However, annuities purchased outside of OSPS from the proceeds of money purchase arrangements may not increase in the same way.

Is my pension payable for life?

Yes, your pension will be paid to you until you die. If you die within five years of retirement, the balance of five years' pensions payments will be paid by the Trustees on trust, and they will decide who receives the lump sum. The amount of this payment is called the Five Year Guarantee.

If you are survived by a Dependant or Dependants, a pension will be paid to them from the date of your death.