Retirement Process
We aim to provide your pension options within 10 working days following receipt of ALL information from your employer.
For the Pensions Section to calculate your retirement benefits your employer must provide us with certain retirement information, including the date of leaving, your reason for leaving, pay details, any additional payments you may be making to your pension, and your contact details. Depending on your reason for retirement, there may also be the need for certain forms from your employer.
If you are paying Prudential Additional Voluntary Contributions (AVCs), the Pension Fund will need details of your AVC Fund value from the Prudential.
Usually, employers provide all the necessary information to the Pensions Section within 4 weeks of your retirement date.
On receipt of all the necessary information the Pensions Section calculates your pension benefits, and these are checked. These are called your pension options. The Pensions Section aims to provide your pension options within 10 working days from receipt of all the final information from your employer.
Once you receive your options, you must make a choice and complete and return the necessary forms, provide documentary evidence of your identity, your bank details and other supporting documentation (if necessary).
On receipt of your options form, the Pensions Section will then process your retirement choice.
The timing of the payments
If you have requested a lump sum, the Pensions Section aim to make payment to you within 10 working days of your retirement date or receipt of your options form, whichever is later.
If you have requested an ongoing pension, it will be paid monthly on the last banking day of each month. Any arrears of pension that may be owing will be paid along with your first monthly payment, therefore backdating any pension to your retirement date.
If you have requested a single one-off payment (this is only applicable in certain cases) this will be paid as a single payment on the next available monthly pay date.
What to do if you have not been contacted by the Pensions Section
If you have not heard from the Pensions Section after four weeks of your retirement date, please email pensions@leics.gov.uk and a Pensions Officer will investigate this for you.
You may also wish to contact your previous employer, to ensure they have provided the Pensions Section with the necessary information.
Other questions you may have
Is my lump sum taxed?
Will my monthly pension be taxed?
Your pension is taxed at source at County Hall. You might find that a basic rate tax coding is applied whilst your tax code is being investigated. Any enquiries concerning your tax should be directed to Income Tax Enquiries | HM Revenue & Customs
The telephone number is 0300 200 3300
