Retirement timeline | Take my pension | Plan my future

1. Your retirement
quote is issued

Either	Or
The Pension Administration Team contacts you once you are 7 months from the age you can take your pension without a reduction for early retirement.	You contact the Pension Administration Team to request a retirement quote.

Please note that we can only provide estimated retirement quotes up to five years before your chosen retirement date.

2. You receive your
retirement quote

5 – 10 working days

You receive a quote and, if your retirement date is in the next 6 months, the forms to complete for your retirement. You’ll need to complete the forms, confirm your bank account/building society details (which must be in your name), and provide proof of age e.g. your passport or birth certificate.

3. You return your retirement
forms and documents

If you want to take your pension, you will need to return completed forms and documents to the Pension Administration Team by the 10th of the month you wish to retire in. If they are returned after the 10th, we will arrange payment of your pension as soon as possible but it may not be in time for your chosen retirement date.

4. The Pension Administration Team
check what you’ve provided

5 -10 working days

The completed forms and documents are checked to make sure we have everything we need to process your retirement.

No queries	Queries
A letter is sent confirming the expected amount of pension to be paid and date of first payment.	The Pension Administration Team contacts you to request outstanding information. Once everything is approved a letter is sent confirming the expected amount of pension to be paid and date of first payment.

Do you have Additional Voluntary Contributions (AVCs)?

Your AVC funds will need to be disinvested so they can be used to provide your additional benefits from the Scheme, or transferred to another scheme, depending on what you choose to do with them. If you choose to transfer, your pension cannot be paid until the transfer has been processed which could delay your first pension payment.

5. Your pension payment
is ready to be made

Following your retirement date

Your first pension payment is made! Any tax-free lump sum is paid at the same time and a payslip will be available on the M&S Pension Scheme Portal.

Remember, your pension is paid monthly in advance. Payment dates can be found here.

1. Your retirement quote is issued

2. You receive your retirement quote

3. You return your retirement forms and documents

4. The Pension Administration Team check what you’ve provided

5. Your pension payment is ready to be made

HAVE YOU FOUND THIS PAGE HELPFUL?

1. Your retirement
quote is issued

2. You receive your
retirement quote

3. You return your retirement
forms and documents

4. The Pension Administration Team
check what you’ve provided

5. Your pension payment
is ready to be made