When is pension information available?

When is pension information available?

Quotation requests

  • A member can request a retirement quotation at any time.
  • The quotation must be provided within 2 months of the request.

DB Schemes

  • For members reaching Normal Retirement Age, a quotation is usually issued 3 months beforehand so that they can see the options available and take regulated financial advice.
  • This also enables the member to provide the required documents at least 1 month before retirement so the benefits can be paid on time.

Information about flexible benefits

Members with DC benefits have more decisions to make on how they wish to take their benefits.

If they wish to use some or all of the funds to purchase an annuity, they also have decisions to make on how the annuity should be tailored to suit their circumstances.

Information about the options available must be sent to members at least four months before a member reaches their retirement date. It must also include information about flexible benefits if this has not already been given in the previous 12 months.In practice, quotations are often issued 6 months before retirement and then updated 3 months later.

Further quotations will be issued much closer to the retirement date because the fund value and any annuity rates used can fluctuate.

If a member requests information for a retirement date that is earlier than their NRD they must be given the information within 20 days of the date the retirement date is specified. 

Pension Wise

Members with flexible benefits must also be made aware of the Pension Wise service. This normally forms part of the information sent out at least 4 months before the retirement date.

Members must also be made aware of Pension Wise if they request information about taking flexible benefits and:

  • Are over, or within 4 months of the minimum pension age (currently 55); or
  • Meet ill-health conditions

Pension Wise is a free service to help guide members, aged 50 or over, on the options available to them and what they need to do next and can be accessed at: www.pensionwise.gov.uk

Tracing a lost pension

Not many people stay in the same employment and pension scheme all their working life, so a person may be nearing retirement age but has lost information from the various pension schemes over the years. Here are two contact details to help member.

The Pension Tracing Service

If the scheme contact details are not known the Pension Tracing Service can assist:

www.gov.uk/find-lost-pension   Freephone: 0345 6002 537

Companies House

If the company no longer exists, Companies House may know what happened to the organisation.

www.gov.uk/government/organisations/companies-house  Enquiries: 0303 1234 500