Whether you’re still contributing to UMSS or not, planning your retirement takes time and organisation. Here are some suggestions and options for you to consider.
Planning your retirement
I am an active member of UMSS
| When | What | Do |
|---|---|---|
| Five to ten years before retiring | Do I need to improve my pension income? | Check your most recent benefit statement to find out if you're on track. |
| Five years before retiring | Do I have enough saved up in my pension(s) to retire when I want to? | Check your pension(s) statement(s) or contact the Pensions Office to get a retirement quote. Remember to consider any pensions you may have built up with other employers, and your State Pension. |
| Two years before retiring | Start letting key colleagues know that you’ll be retiring soon. | Book some time with your line manager so you can let them know when you’re planning to retire. |
| Start thinking about how you’d like to take your retirement (early, flexible, at State Pension age, etc). | ||
| Book on to the pre-retirement course to find out more about how to manage your retirement. | Contact the Pensions Office to find out more, or book your place with Staff L&D via the training catalogue. | |
| Six months before retiring | Give notice to activate your pension. | Contact the Pensions Office with your agreed retirement date and plans so we know when to start making payments to you. |
| Discuss your retirement options, including flexible or early retirement, with the Pensions Office. | Contact the Pensions Office. |
I am no longer contributing to UMSS
| What | When | Do |
|---|---|---|
| I’d like to transfer my benefits out of UMSS | You must let us know more than one year before you reach Normal Retirement Age (NRA). | Contact the Pensions Office if you’d like to transfer your benefits in UMSS to another suitable scheme. You will not be able to transfer your benefits out if you are one year or less from NRA. Always seek financial advice before transferring your pension. You are legally required to get financial advice before transferring out of any scheme if the best estimate of your transfer value is £30,000 or more. Visit Unbiased to find an independent financial adviser in your area. |
| I’d like to start taking my UMSS benefits at NRA | 3-6 months before retiring. | Contact the Pensions Office and let us know when you’d like us to activate your UMSS pension. |
| I’d like to take my UMSS benefits after I reach NRA | - | If you are no longer contributing to UMSS, you must start taking your pension between age 55 and NRA. You cannot use your UMSS benefits to take late retirement. |
Check you're on track
If you’re less than five years away from your Normal Retirement Age you can ask the Pensions Office for a retirement quote to find out what benefits you’re likely to be entitled to when you retire. Use our modeller to see the impact of taking different amounts of cash at retirement, or how your pension might be affected if you decide to retire early. You’ll need to use the figures from your latest benefit statement, which we send to you every summer.
Find out more about how your pension works and when you’ll receive it in the How your pension works pages in the Retired section.
Book your Pensions chat
If you’re still contributing to UMSS, you’ll need to discuss your retirement with your line manager or People & OD partner once you know that you’re planning to retire. Your line manager will be able to advise you if your role is suitable for flexible retirement.
Find out more about your retirement options in the Planning your retirement pages of this section.