Frequently Asked Questions
for retired members
| Pensions are paid on the last working day of the month in arrears directly into your bank or building society account. |
| You will receive a payslip every April at the beginning of the tax year. No further payslips will be issued during the remainder of the tax year except if there is a change of more than £1.00 to your net pay, or a change of address, or a change to your banking arrangements. In which case, the Pension Fund Office will issue a payslip to confirm the change has been made. |
Please fill out a bank mandate form and send it to the Pension Fund Office by post or email.
Please click the link below to download the form.
Pension increases are awarded on 1st April each year. For most members the Fund will increase your pension (excluding any Guaranteed Minimum Pension (GMP)) each year in line with the increase in the Retail Price Index over the 12 months to the preceding December, subject generally to a maximum increase of either 5% or 10% a year. Please note that slightly different increases apply for members of the former Rizla Pension Scheme, Robert Fletcher Pension Fund and the Imperial Retirement Benefit Scheme.
In general, if you are married, or have a civil partner, a spouse’s pension would be paid to your surviving spouse for the remainder of their lifetime. Child allowances may also be paid to eligible children in full time education. However there are exceptions to this.
Under legislation you can potentially exchange your pension for a one-off lump sum if it has a cash value of £30,000 or less and you are aged 55 or over.
