Making it happen

Retirement procedures – what you need to do.

There are some administrative steps to go through to set up your pension.

Retirement means leaving the service of your employer so you need to tell your employer and provide at least as much notice as is required in your contract of employment.

You need to contact the administrator, XPS Administration, to get the retirement process started. They will provide information on the value of your Retirement Account and put you in touch with Fidelity who are the ‘at retirement’ service provider for FuturePlanner.

If you don't want to use Fidelity's retirement service, you can use an independent financial adviser of your own choice and take advantage of the ‘open market’ option. The Trustees’ only requirement is that your retirement income is from an authorised provider and is in a structure that conforms to regulatory requirements. Please make sure you understand any costs of advice that may apply.

Once you have made your decision, and completed the relevant forms, the administrators will pay any cash sum to you and transfer the money to Fidelity or your chosen alternative pension provider. The Trustees will then cease to have a liability and you would look to the pension provider to pay the pension in accordance with the terms you have selected.