Retiring isn’t something you do very often and can be a daunting prospect when it comes to making sure you’ve got your ducks in a row!
Here are some useful steps to help you get started.
Step 1
Use our retirement illustrator and budget planner tools to help you to understand what your retirement may look like.
Log into your EAPF Online account and use our Retirement illustrator tool.
Use our helpful Budget planner tool.
Step 2
When you’re happy with the figures, speak to your line manager to agree a potential retirement date. Ideally, you’ll need around 12 weeks to ensure your pension is set up with a smooth transition of your pay from salary to pension. Remember if you have AVCs with Prudential, payment of your retirement benefits may be delayed.
Step 3
When you have a clearer idea of what you can expect, you should formally request a retirement date. Your line manager can start the ball rolling via payroll who’ll inform Capita of your intention to retire so they can produce your options forms.
If you have an AVC, you may wish to consider ceasing your contributions in the month prior to your retirement, as in some cases, AVCs can occasionally cause delays. But this is entirely your decision, and we cannot make a recommendation on whether or not to do this. Of course, where there is a delay, you’ll always be paid what you’re due.
For more information, visit our ‘I’m thinking of retiring’ page.