5 June 2026
When you apply to take your defined benefit (DB) pension from the Fund, you need to choose a retirement date; this is when you officially become a pensioner in the Fund, but it’s not always the day you get your first pension payment.
You need to have completed and returned all of the required forms and evidence at least two weeks ahead of your requested retirement date. Payment of your pension commencement lump sum (PCLS) will then be paid on or shortly after your retirement date. If you have paid AVCs or Bonus Choice payments, you should be aware that they can only be disinvested by Fidelity on your retirement date, and it’ll take 4-5 working days before the money arrives in the Roche Trustee bank account. Consequently, the PCLS will be paid approximately six working days after your retirement date.
Ongoing, your pension will be paid on the 15th of each month, or previous working day, in respect of that monthly payment. If you retire part way through a month, your first payment will be pro-rated accordingly and will most likely be paid as an arrears payment in the next full month, due to payroll cut-off dates being one week before the payment date.
HMRC might apply an emergency tax code to your initial pension payment, so you’ll probably end up paying more tax than you should at the start, but this should settle down (and you can also reclaim any tax overpaid).