Approaching retirement FAQs
If you’re approaching retirement and have a Defined Benefit (DB) pension, you might be wondering what to expect when it comes to actually taking it.
This is where you’ll find answers to all the questions you’ve thought about, and some of the ones you haven’t.
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When will I receive my pension?
You can start receiving your pension when you reach the Normal Pension Age (NPA) outlined in your scheme guide. However, if your scheme allows it, you might be able to start taking your pension early.
Bear in mind though, that if you start to receive your pension early, it might be worth less than if you waited until the NPA. That’s because you won’t have been paying into it for as long and there’s an expectation that you’ll be receiving your pension for longer. Take a look at your scheme guide via the search tool to see how this applies to you. -
How will I receive my pension and how much will it be?
When you retire you can usually take up to 25% of the value of your pension benefits as a tax-free cash lump sum. You’ll receive the rest as a regular pension income and pay tax on it. The amount you receive is based on a few things, like how much you’ve earned and how long you’ve been a member of the pension scheme.
Find your scheme guide to see how your pension is calculated. -
Will I receive my pension automatically?
We’ll automatically send you a retirement pack three months before your NPA. However, if you are still an active contributing member you’ll need to tell your employer as soon as possible if you’re planning to retire, so they can send us a pension notice.
Once we’ve got the pension notice, we’ll send the final retirement figures to you with some forms outlining your options. You’ll need to complete the forms and return them to us. Once we’ve received them, we can arrange for your payments to be made.
You’ll need to make sure we have your correct contact details, which you can update in our online portal, DB Online, if you have an account. -
How is my pension invested?
Your pension contributions are paid to a pension scheme provider - that’s us at TPT - and go into a separate account that’s managed by our trustees. Keeping it in a separate account gives your money more protection if something happens to your employer.
Our trustees are responsible for multiple workplace pension savings, which is known as a ‘Master Trust’. Your money is pooled in the Master Trust and invested to give it the best chance to grow over time.
Have you registered for DB Online?
DB Online is the secure way to manage your account online. Once it’s set up, you’ll have instant access to your account 24 hours a day, seven days a week.
You’ll be able to:
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Update your personal details.
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View your scheme record.
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Submit an enquiry and request a quote.
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See your benefit statement if you’re an active member.
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Request an up-to-date statement
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if you’re a deferred member. See your payslips, P60 and update your bank details if you receive a pension.
Find out more by watching the video below...
Transcript
Your DB Online account.
DB Online gives you a quick and easy view of your defined benefit or DB pension benefits with TPT. Because your benefits are based on factors including your salary and how long you've worked for your employer, it's a good idea to keep an eye on their value so you know how much you'll have in later life.
Let's start by getting signed in. Just click 'Sign in' at the top of the TPT website. If you're signing in for the first time, that's fine. You'll need your username and password letters which were posted to you separately when you joined TPT. You'll be asked to choose a new password when you sign in for the first time and you can also update this later in the 'Settings' menu.
You'll also need your National Insurance Number, date of birth, and a phone number so we can set up your two-factor security authentication. You'll be asked to choose three security questions so that you can access your account. If you forget your sign in details, if you already have a DB pension with TPT and want to set up a DB online account, you can email dbonline@tpt.org.uk or call us on 0113 234 5500 and we'll send you everything you need.
When you sign into DB Online, you can see all your DB memberships in the same place. You'll see a menu of the key features. The features a personal to you and will change throughout your pension journey. So you might see them change over time. One of the most important features is the link to your personal details. Please keep these up to date so we can always contact you about your pension.
You can also ask us a question about your pension. Request a quote if you're planning to retire, see your benefits statements if you're still paying into your pension or your payslips and P60 instantly. If you're retired, you'll see your requested documents like retirement quotes in 'My Documents'. You can also tell us who should receive any applicable benefits if you die.
If you'd like to know more, take a look at our online FAQs at tpt.org.uk/faqs or email us at dbonline@tpt.org.uk. Ready to get started? Simply sign in at tpt.org.uk/dbonline or scan the QR code here.
How to register
Find your scheme guide
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Jargon buster
There’s no getting around the fact that pensions can be complicated. Take a look at our jargon buster to see what it all means.
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Pension scams
Pension scammers are more likely to target you when you’re close to retirement age, so it’s important to know what to look out for so you can protect yourself and your money. Click below to find out more.
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The State Pension
The State Pension provides a regular income from the government for those who have reached State Pension Age. To be eligible for the State Pension, you have to have paid sufficient qualifying National Insurance contributions or received equivalent National Insurance credits.
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