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Retirement roadmap

  1. Four to six months before your reach your Normal Retirement Date, Mercer will send you a retirement quotation. This will show your options for retiring from the Fund.

  2. If you want to proceed, then please send the forms back with copies of all required documents (e.g., your birth certificate or marriage certificate, if relevant).

  3. Your first pension payment will be made on the 23rd of the month following your retirement date, or when all the required documents have been returned to Mercer, if later. The payroll cut-off date is at the start of the month, so if the documents are received after this date, your pension will start to be paid the following month.

  4. If you have elected to receive a tax-free lump sum, this will be paid into your bank account on your retirement date (when all information has been provided to Mercer prior to your retirement).

  5. Pensions are paid on the 23rd day of every month in advance for the following month. So, for example, a payment received on 23 October 2020 is the payment for the whole of November.

  6. You will receive a paper payslip with your first pension payment, but thereafter you will only get one in the post if your pension payment differs by over £1 from the previous month. You can view all your previous payslips on Mercer OneView.

  7. Pensions are increased in October each year, and you will receive a payslip showing the updated amount payable in September.

  8. You will also receive a P60 in April, setting out how much tax you have paid on your pension. Copies of your P60s are also available on Mercer OneView.

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