how long does it take for a pension payout

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hotwheels
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Jul 2021 15 14:56

how long does it take for a pension payout

I am asking for a friend no honest ,my cleaner wants to retire asking me whet to do I've no idea the business manager is a growler so any help. south Yorkshire pensions should she approach them how long dose it take to sort out her money and payments thanks -Thumb_up-
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Vera
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Jul 2021 15 15:08

Re: how long does it take for a pension payout

hotwheels wrote: Thu, 15th Jul 2021, 2:56pm I am asking for a friend no honest ,my cleaner wants to retire asking me whet to do I've no idea the business manager is a growler so any help. south Yorkshire pensions should she approach them how long dose it take to sort out her money and payments thanks -Thumb_up-
The pensions people will be able to give your friend the figures but it may be wise to employ a financial advisor to give you options and feasibility..
i'm going to need a bigger bucket! -JawDropped.png-
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magpie
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Jul 2021 15 15:39

Re: how long does it take for a pension payout

Having recently gone through this, she will have to apply for her figures giving them a date when she might finish. The pension people will contact the employer for her final wage then will send her an estimate based on that, this took about 3 months to complete in my case. After that if she decides to go then the pension people will be informed by the employer on the final day and after that it takes about 2 months to sort, so you have to live on savings. I finished on 21st May and i got my lump sum only 2 weeks ago and i get my first pension payment tomorrow so have had to use savings since May. I suppose it depends on how good your area pension people are as to how quick they will be but from applying to recieving my first payment it has been 5 months for me. I hope this helps.
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hotwheels
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Jul 2021 15 16:30

Re: how long does it take for a pension payout

magpie wrote: Thu, 15th Jul 2021, 3:39pm Having recently gone through this, she will have to apply for her figures giving them a date when she might finish. The pension people will contact the employer for her final wage then will send her an estimate based on that, this took about 3 months to complete in my case. After that if she decides to go then the pension people will be informed by the employer on the final day and after that it takes about 2 months to sort, so you have to live on savings. I finished on 21st May and i got my lump sum only 2 weeks ago and i get my first pension payment tomorrow so have had to use savings since May. I suppose it depends on how good your area pension people are as to how quick they will be but from applying to recieving my first payment it has been 5 months for me. I hope this helps.
thanks will pass on the info 5 months that's a long wait , enjoy your retirement -Wink.png-
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magpie
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Jul 2021 15 17:59

Re: how long does it take for a pension payout

As was said above, once i had my figures i spoke with our financial advisor who gave me some good advice as to how to proceed
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Skoolkeeper
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Jul 2021 16 13:47

Re: how long does it take for a pension payout

I took early retirement nearly 2 years ago dealing with Hertfordshire and Suffolk LGPS, with the predicament I was in at the time and knew at the end of the day I would at sometime lose my Job and home, I made enquiries a year before the outcome, I was informed by both LGPS that I would at least have to give them at least 6 weeks notice of my intentions, So once I did lose my Job and Home I contacted both LGPS and to their word all went to plan and was paid out within the 6 weeks, no problems at all and all mostly done over the internet with monthly pensions paid into my Spanish bank account. I have 2 online pension accounts with Herts and Suffolk LGPS and can check all by signing in and out -Cool.png-
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