Leavers - voluntary retirement
Contents
Voluntary Retirement
When a member of staff ceases an employment and:
- Has two or more year's membership (including transferred in benefits)
- Is over age 55
they are entitled to take payment of their retirement benefits.
If the member is under their Normal Pension Age (NPA), the benefits will be reduced by an actuarial reduction and if they are over NPA, the benefits will be increased.
NPA for member's in the 2014 scheme is defined as their state pension age, or age 65 if later.
Estimate Request
If the member wants an estimate of their retirement benefits prior to their retirement, they can obtain a quotation from the 'My Pension' portal.
If they are unable to use the portal, then please complete the LG29 form and return it to lgps.forms@surreycc.gov.uk via Egress Switch.
Once they have decided that they are definitely retiring, please complete the retirement datafile (LG4) and return it to lgps.forms@surreycc.gov.uk via Egress Switch.
We will send the member a retirement quotation, together with the forms they need to complete. Please note that the member may only request one retirement quotation in any 12-month period.
The retirement quotation will normally be sent to the member within 15 working days of receipt of your completed retirement datafile (LG4).
If the file contains estimated pay details, then please indicate this by selecting 'Advance' in the datafile.
Final Pay/Pensionable Pay Details
Once the member's leaving date is confirmed and you can provide the final pay and pensionable pay figures, please complete the retirement datafile (LG4) and return it to lgps.forms@surreycc.gov.uk via Egress Switch, as soon as possible.
Please indicate that this file contains the final pay details by selecting 'Final' in the datafile.
We are not able to pay the member their retirement benefits until we have received the completed 'Final' version of the retirement datafile (LG4) from you.