DB Pension PAYE Date

Pat38493

For those who are in receipt of a DB pension, or know about these things - do DB pensions normally have a single day in the month when they actually pay money out to members?

So if I ask to put my pension into payment on my birthday which falls in January, would the actual payment date (assuming they get their act together), be the next payroll date after my birthday which could be any day in the month?

Does the same apply to PCLS i.e. would only be paid on the payroll date?

bjorn_toby_wilde

My main pension started with an initial part month payment on the first payroll day after my retirement date, then 24th of every month. The other was similar but on 28th.

My wife’s both go in on the last day of the month.

You’d have to check with your provider but that’s how it works for us.

The initial PCLS was paid on or close to my requested retirement date (can’t check back that far on my banking app) but separately.

Ayr_Rage

I get mine on the 1st of the month or the nearest previous working day if it falls on a weekend or Bank Holiday.

JGB1955

My local authority DB pension is paid, by payroll, one day before that of current employees - usually the 29th of the month.  My Civil Service pension is paid monthly on the day before my birthday - so the 4th.

The Civil Service took well over 3 months to get my payments in place (and that was before Covid caused even longer delays).......

Flugelhorn

NHS pension basically pay you on the day you start taking the pension and then the same day of  each month thereafter   - for most people this is their birthdate, mine is the 1st of the month for some reason as I retired a few weeks after my birthday 

Mr.Generous

My payment is only made on a weekday, when the date falls on a weekend it's either 1 day early or 1 day late. I set it for the 7th so it would fall well with the tax year and most payments are the 7th.

Pat38493

So in the end I shouldn't be surprised if nothing happens on the actual date that I specified in the forms (so far they have written to me a couple of times saying it's in progress - the last update was that they had to request funds from the buy in insurer).

I also haven't had any notification about the final recalculation of benefits - which is annoying because it's probalby too late to stop the process if, for example, the recalculated benefits are significantly lower than what I was quoted back in August.

molerat

One of mine is a personal date and the other pays everyone on the same date.

flaneurs_lobster

Just to be different, one of my DB pensions pays out quarterly on the 15th. 

dunstonh

For those who are in receipt of a DB pension, or know about these things - do DB pensions normally have a single day in the month when they actually pay money out to members?

In most cases, yes.   Most schemes are not going to want to run a daily payroll.  Typically, they stick to a monthly payroll.   Often it is a different date to the employee payroll as the pension scheme is different to the employer.

Does the same apply to PCLS i.e. would only be paid on the payroll date?

PCLS doesnt have to go through payroll and can be paid at any point.  

Albermarle

My DB pension monthly payment is the last Thursday of the month, paid in arrears ( although the initial paperwork stated it would be paid in advance) 

After some admin delays ( 5 months from initial contact) it started in Mid August, with first payment due towards the end of August. No payment arrived. I was told payments for this period and the next month would arrive end of September. No payment arrived. At end of October received 2.5 months payment and has been OK ever since.

The administrator has recently changed ownership.name from Mercer to Aptia. Hopefully it results in some improvements !