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Leaving a pension scheme

How to leave your pension scheme when leaving the University.

Leaving the University

Checklist

  • Hand your resignation to your manager or HR in the time frame agreed in your contract
  • If retiring, arrange an appointment with the pensions office eight weeks before retirement
  • Check your address is up to date on Trent if employed by HR using Employee Self Service (ESS) or the front of your e-slip

For further information about leaving the University see information from Human Resources.

Retirement

If you are approaching retirement age, we advise that you visit the Pensions Office to discuss what retirement benefit options are available.

You may want to request a forecast of your benefits so you know how much pension you will be receiving.

This appointment needs to be made eight to ten weeks prior to your retirement date.

Universities Superannuation Scheme (USS)

Leaving the University's employment

First, check the address that appears on your payslip – this will be the address used to contact you after you leave the University. If the address needs altering, please inform Human Resources or use Employee Self Service to amend it prior to leaving.

After you leave the Pension Scheme, you will become known as a ‘Deferred Member’.

If you transfer to another USS institution, your membership will be continuous. If you plan to do this, let us know and we will advise USS and your new employer to ensure your continuous service details are processed correctly. USS will forward details of your ‘service at the time of transfer’ to your new employer who should forward the information to you for checking.

If you are leaving USS altogether you will have ‘deferred benefits’ and USS will provide you with details of your deferred benefits and options for the future.

Your benefits will be preserved (and revalued) until you either:

  • rejoin the scheme
  • transfer out into a future employer’s scheme
  • bring the benefits into payment

Retirement

If you are approaching retirement age we advise you visit us to discuss what retirement benefit options are available.

You may want to request a forecast of your benefits so you know how much pension you will be receiving.

Use the online USS Benefits Modeller in conjunction with your latest Annual Benefit Statement to get an illustration of your benefits.

What you need to do

You should contact us eight to ten weeks before the date of your retirement to complete a 'notification of member's retirement' form to provide USS with details of:

  • the accounts into which you want your pension and lump sum paid
  • your lifetime allowance declaration
  • a request for a quotation of benefits which will also include your options

USS will then provide you with a retirement quotation outlining your options.

You will need to confirm your choice with USS in good time for your benefits to be processed before the date of retirement.

Your Lump Sum cheque will be paid within a few days of your retirement and your monthly pension will be paid on the 22nd of each month.

The pension is paid to you directly from USS in Liverpool. Once you become a pensioner, if you have any pension queries, you will need to contact their offices.

LGPS - Avon Pension Fund

Leaving the University's employment

Check the address which appears on your payslip – this will be the address used to contact you after you leave the University. If the address is incorrect, inform Human Resources.

The Pension Office will provide the Avon Pension Fund with details of your final pensionable salary.

If you are going to work for another Local Government Authority, please let us know.

The Avon Pension Fund will write to you providing details of your ‘deferred benefits’ and options for the future.

Your benefits will be preserved (and re-valued each year) until you either:

  • rejoin the scheme
  • transfer out into a future employer’s scheme
  • bring the benefits into payment

Retirement

What you should do

  1. Visit us in the Pensions Office eight to ten weeks before retirement to discuss what retirement benefit options are available.
  2. You may want to request a forecast of your benefits so you know how much pension you will be receiving.
  3. Complete a bank details form instructing the Avon Pension Fund where you want your pension and tax free lump sum paid.
  4. Provide your original birth, marriage or civil partnership certificate and a change of name certificate (if appropriate).

What we do

We provide Avon Pension Fund with your final pensionable salary and leaver details and convey any backdated pay award which affects your final salary to Avon.

Your lump sum cheque will be paid within a few days of your retirement and your monthly pension will be paid on the 22nd of each month.

The pension is paid to you directly from the Avon Pension Fund in Keynsham. Once you become a pensioner, if you have any pension queries, you will need to contact their offices.

Who to Contact at Avon Pension Fund

You can contact Avon Pension Fund with queries you have regarding payments and administration or log into member self service to view your pension records online, submit queries and change address details.

Enquiries

If you have any questions, please contact us.


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