05.12.2024
When can I start my payments? How much will I get? Can I take a lump sum?
Find out here!
Q. When can I start taking my payments from the PPF?
A. If you’re aged 55 or over you can start your payments at any time between now and your 75th birthday.
Q. How much will I get?
A. You can find out how much you can expect to receive using the Benefit Modeller on our member website. It lets you see how your monthly payments might change if you choose to start your payments early, late or when they were due from your original pension scheme. The earlier you start your PPF benefits, the lower your monthly payments will be, as they’re spread out over a longer period.
You can also see how your payments might be affected if you take a tax-free lump sum. We know everyone has different circumstances so you may find it useful to get advice from an independent financial advisor.
Q. How do I start my payments?
A. The quickest and simplest way to start receiving your PPF payments is with Quote & Retire on our member website. You can do it yourself, without having to submit any paper forms.
Q. Can I take a lump sum?
A. Yes, in most cases you can take up to 25 per cent of the value of your compensation as a tax-free lump sum when you decide to retire.
Q. Can I set a future date for my payments to start?
A. Yes. You can now retire online up to three months in advance, using Quote and Retire, safe in the knowledge that your payments will start exactly when you want them to.
Q. I’m some time away from my former scheme’s normal pension age. What should I do?
A. We’ll get in touch nearer the time to remind you of your options. Make sure you’ve registered on our website so we have your email address and you can keep all your other details up to date. In the meantime, the Benefit Modeller can help with your retirement planning by showing you how much you can expect to receive. When you’re ready to set a date for your PPF payments to start, you can use Quote & Retire as long as you’re aged 55–74.
