If you'd like to take your pension savings, it's quicker and easier to complete your retirement claim online. Simply sign in to your Smart Pension account, select ‘Access your pension savings’, then ‘Take your savings in one go’.
If you're unable to apply online, this guide explains how to complete your retirement application form, the information you'll need to provide, and the documents we'll need before we can process your claim.
Before completing your form, make sure you follow the steps below.
1. Read the retirement options guide
Our retirement options guide is there to help you understand the available options at retirement. Be sure to read it carefully before making any decisions about your pension savings.
2. Book a Pension Wise appointment
We strongly encourage you to consider getting guidance from Pension Wise before accessing your pension savings.
Before we can process your application, you must either:
receive Pension Wise guidance, or
decide to opt out of receiving guidance
Section C of the application form explains this in more detail, or read more about Pension Wise guidance here.
You can:
Other retirement options from transferred schemes
A separate application form and step-by-step guide will be given to members who may have other retirement options because of benefits transferred into the scheme.
Filling out your retirement application form
Below is guidance on each section of the form and why we need the information. For us to process the form you must complete all sections of the form.
Section A: your contact details and pension history
Provide your personal details so we can identify you.
You’ll also need to provide details of your pension history so we can see whether you’ve already taken money from other pension savings.
Both are legal requirements and you must complete both parts of this section.
Section B: select your retirement option
Taking your retirement savings as a lump sum
If you want to take all your retirement savings as one lump sum payment, you must complete this section.
You’ll need to choose between the two lump sum retirement options available to you. You can only select one option, so make sure you choose the one that best suits your needs.
Transferring your pension savings to another provider
If you want to:
transfer your pension savings to a new provider, or
purchase an annuity through the open market option
Please contact us so we can send you an alternative application form to complete.
Before transferring your pension savings, you should consider:
the charges you pay with Smart Pension compared to your new provider
the retirement options available to you
the investment choices available
You can also read more about the benefits of staying with Smart Pension.
Still unsure about your options?
If you haven’t already, you can book a Pension Wise appointment to learn more about your retirement options.
If you’re still unsure, we recommend speaking to a financial adviser. You can find one in your local area through MoneyHelper.
Section C: Pension Wise guidance
When you contact us about taking your Smart Pension savings as a retirement lump sum, regulations require us to direct you to Pension Wise for guidance.
You’ll need to confirm that you have either:
received guidance, or
decided to opt out
You must complete this section, or we will be unable to process your application.
Section D: your payment details
You must complete this section so we know where to pay your money.
If this section is incomplete, your application may be delayed.
Section E: your declaration
You must complete this section. It is a legal requirement.
Section F: verifying your identity
Follow the instructions in this section carefully.
If you do not send your ID documents with the form, we won’t be able to process your application.
Section G: returning your retirement application form
Follow the instructions in this section to return your completed application form to us correctly.
Good to know
This information is for guidance purposes only and is not financial advice. If you need financial advice you can locate a regulated financial adviser on the MoneyHelper website. Where we provide links to third-party websites we are not responsible for their content, so it's important for you to carry out your own independent research. Find an adviser.