PRODUCT GUIDE
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Pension Products
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General
PENSION PRODUCTS
COMPULSORY PURCHASE ANNUITIES
Method of Payment
Pensions will normally be paid monthly from the first of the month following the retirement date. Sometimes, however, there is not enough time to allow us to process retirement instructions in time to meet the banking deadlines for credit to an account on the first of the following month. If this happens, we will send any tax free cash sum as soon as possible, but the pension payment may not arrive until the next following month - when both first and second months' payments will be made.
If a monthly pension would be less than the amount which we consider reasonable to pay in instalments (currently a minimum of £30 a month), the pension would be payable only on a yearly basis.
Pension payments will be automatically credited through the banking system to the chosen bank or building society account*. If the receiving bank account is outside the UK (i.e. an overseas account), the payments will be by Transcontinental Automated Payment Service (TAPS) and will be subject to a special charge of, currently, £3.65 per payment, deducted from each pension payment before transfer to the overseas account. However, some countries are not covered by the TAPS agreement. If the member moves to a country not covered by the TAPS agreement, the pension payments would have to be made to a UK bank/building society account, so the funds could be accessed via that account.
*the account must be one in the name of the member or one where the member is one of the account holders
Mortgage Products
Legacy
Disclaimer
Pension Products
Contact
Protection Products
Investment Products
General
COMPULSORY PURCHASE ANNUITIES
Pensions will normally be paid monthly from the first of the month following the retirement date. Sometimes, however, there is not enough time to allow us to process retirement instructions in time to meet the banking deadlines for credit to an account on the first of the following month. If this happens, we will send any tax free cash sum as soon as possible, but the pension payment may not arrive until the next following month - when both first and second months' payments will be made.
If a monthly pension would be less than the amount which we consider reasonable to pay in instalments (currently a minimum of £30 a month), the pension would be payable only on a yearly basis.
Pension payments will be automatically credited through the banking system to the chosen bank or building society account*. If the receiving bank account is outside the UK (i.e. an overseas account), the payments will be by Transcontinental Automated Payment Service (TAPS) and will be subject to a special charge of, currently, £3.65 per payment, deducted from each pension payment before transfer to the overseas account. However, some countries are not covered by the TAPS agreement. If the member moves to a country not covered by the TAPS agreement, the pension payments would have to be made to a UK bank/building society account, so the funds could be accessed via that account.
*the account must be one in the name of the member or one where the member is one of the account holders
