Applying for your pension

You should apply for your pension around three months before you want it to start.

If you’re still paying in

If you’re still paying in, all you have to do to apply for your pension is tell your employer.

Your employer will then notify the scheme administrator, RPMI.

Once RPMI has processed the request, you will receive a retirement quotation.  This should reach you around one month before you want your pension to start. It will show you your retirement options, including: 

  • the benefits you’ll get
  • your lump sum (if applicable)

You simply respond to RPMI telling us the options you want to take and confirming your bank details. You can read more about your options here.

If you’re no longer paying in

If you’re no longer paying in to your DB pension you need to get an estimate of benefits. You can do this by logging into your myRPS account

You then need to contact the scheme administrator, RPMI, via phone or email, using the contact details here. 

You will need to confirm your:

  • Name
  • Pension reference number
  • Retirement date
  • Email
  • Contact telephone number

You will also need to confirm your bank details.

And which option you have chosen for taking your pension. You can read more about your options here. 

You will then be sent an acceptance form to complete.

Once the acceptance form is returned to RPMI, your request will be processed. This means you should receive any lump sum you’ve asked for on, or around, the date you retire. And pension payments will then follow as detailed below.

How you’ll be paid from your pension

As a member of a defined benefit (DB) pension, you’ll receive a pension every four-weeks for the rest of your life, starting on your retirement date.

If you’ve chosen a lump sum, this will be released on your retirement date, and should be in your bank four days later.

You’ll also receive a retirement statement.  This will outline:

  • the amount of your lump sum and date of payment (if applicable);
  • the amount of your pension payment and when it will be paid;
  • the amount of Lifetime Allowance (LTA) used by your benefits. This is important because the LTA is the maximum you can save into your pensions throughout your working life.  If the value of your benefits from RPS, plus the value of benefits you have in any other pension arrangements, is more than the LTA when you retire, you must pay tax charge on the excess. This doesn’t include your State Pension.  For more on tax limits visit:  https://www.gov.uk/tax-on-your-private-pension/lifetime-allowance

Keeping in touch when you retire

To prevent any disruption to your pension payments, it’s important that you keep us informed of any changes to your details such as:

  • bank account
  • address
  • personal circumstances

Details of how to contact us can be found here. 

You should also remember to update your nominations, as this could speed up the process of us paying any lump sum death benefit to your loved ones and avoids being included in the assessment of Inheritance Tax. You can find out more about death benefits, here