How much notice do I have to give?

chesky369

I'm planning to retire earlier than I had intended - probably this coming October, instead of waiting until my 65th birthday in 2009. I don't want my employer to know yet, since I'm concerned they may not increase my salary in the normal round-up, nor pay a discretionary bonus if they know I'm leaving very soon after.

How much notice does one normally give the pension administrators in order to get payments immediately one leaves employment - will two months be sufficient?

Andy_L

Private pension or Company pension?

2 mths should be enough for private but check the paperwork

Company it depends on the scheme rules. If retiring before 65 is a privilege not a right it could take 6 mths + to sort out

jamesd

chesky369, also check the effect of your retirement date choice with the state pension forecast. You can check for various retirement dates and a few months can make a significant difference in final pension value.

chesky369

I'm a 63 year old female, so it's actually not an early retirement, as I was allowed to retire at 60 if I chose to - this applies to both state (cuurrently deferred) and company pensions. My query was about my company pension - strictly speaking, the AVCs - since my company wouldn't know about my arrangements vis a vis the state pension until I was drawing it.