Retirement at age 55

postiewafu · Post by **postiewafu** » 19 Jul 2016, 16:26

I am taking early retirement at the age of 55, can anyone tell me how long it takes for my pension to be paid after I have left the business, thanks in advance.

Post by **RobertT** » 19 Jul 2016, 17:04

Pensions are normally paid by direct debit on the last working day of the month. If you're taking a lump sum that should be paid either the day you retire or as soon as possible afterwards, although that might also depend on how long it takes the pension centre to process your application

postiewafu · Post by **postiewafu** » 19 Jul 2016, 18:28

Pension people have told me 8 weeks after I leave, this cannot be right can it?

Post by **RobertT** » 19 Jul 2016, 18:53

It should be sooner than that, but the optimum time to apply for your pension is probably about 3 months before you want to take it. So if you applied closer than that, you may have to wait a while.

postiewafu · Post by **postiewafu** » 19 Jul 2016, 19:09

I asked about a year ago for a quote , they told me they would not give one until 30 days before my 55th birthday , really do not trust them !

stroller · Post by **stroller** » 21 Jul 2016, 20:59

You can apply for your pension figures estimate exactly 4 months from your 55th birthday.

postiewafu · Post by **postiewafu** » 24 Jul 2016, 19:25

Thanks for all the help. I have my initial quote . I think the person I emailed did not know what they were talking about, so all sorted, I hope anyway!

Post by **cantonkid1955** » 08 Aug 2016, 10:22

I had to get my independent financial advisor to actually speak to someone who actually knew what they were talking about,,the information the Pension Service sent out may as well be in Chinese because neither myself nor my IFA could understand a word of it and it was like being stuck on a hamsters wheel unable to get off.I retired in December last year,,and my pension was eventually paid out in April of this year,I was completing the forms they were sending out and then they would send another form with different options and when I rang them up and asked them to explain,it was like talking to children,,i simply could not get a sensible answer as to why I was left to go 4 months without any income.

Tman · Post by **Tman** » 08 Aug 2016, 16:09

I'd look for a new "financial adviser"....