Retirement

Please note that this section is for members retiring from active membership only, and applies to members who joined the scheme after 1 October 2017.

Scheme Retirement Date (SRD)

We use your SRD to calculate your benefits, in particular whether you are claiming your benefits early or late. You do not have to retire at your SRD. Your employment retirement date is a matter between you and your employer. The University’s policy for support staff can be found here.

Your SRD is defined as follows:

  • if you were born before 1 January 1948 it is 31 December 2012;
  • if not, it is the later of age 65 and your state pension age in whole years;

You can work out your state pension age by using the Government's state pension calculator [INCLUDE LINK].

When you can retire

You can claim benefits at any time from age 55.

Retirement process

Please note that, unless you are taking flexible retirement, you cannot claim your benefits until you have left the service of your employer.

The retirement process is as follows:

  • you give your notice in to your employer;
  • your employer sends us the Advance Notification of Retirement (RET1)(U) (25kb) for the University, or RE1(A) for colleagues as soon as possible;
  • not more than three months in advance Legal & General will send you a statement giving your options and enclosing forms for you to complete.

Benefits options

On your retirement statement Legal & General will give you three options:

  • cash (subject to tax above the tax free amount)
  • tax free cash and/or an annuity (via an external provider)
  • income drawdown (via an external provide) if your pot is more than £30k.

If you have any CARE section benefits all your retirement options will be handled via the Pensions Office.

Payment of benefits

A cheque for your lump sum (if any) to be sent to your home address.

Flexible retirement

If your employer agrees, you can reduce your hours by 20% or more and then claim 20% to 80% of your payable benefits at the same time.

If you work for the University, the department should follow the procedure given on the Personnel website and send us the appropriate forms.

If you work for a college they should have their own procedure, but you may find the information for University staff useful. If the college agrees they should send us form RET1(A) giving the requested information.

Ill health retirement

If you are too ill to do your current job or a financially comparable job until your SRD then you can apply to the Trustees for enhanced benefits.

The process is as follows:

  1. contact the Pensions Office for an application form;
  2. return the form to the Pensions Office giving details of a GP and consultant willing to provide medical evidence;
  3. we will contact your employer for your job description and confirmation that they support your application;
  4. we will obtain medical reports from your doctors and put your case to the trustees;
  5. finally we will let you and your employer know the decision.

If the application is agreed, you then need to follow the normal retirement process.

If your life expectancy is less than one year you might be able to claim your benefits as a single lump sum. This is called serious ill health commutation.