In order to claim your pension, you will need to complete certain forms and choose which bank account you want it to be paid into. Once your FRA has received all the information they need your FPS 2015 pension will be paid to you monthly in arrears. Retirement lump sums are payable from the first day of retirement and will be paid to you as soon after this date as possible by your FRA or their pension administrator.
If a child’s pension is payable the FRA has the discretion to decide who it should be paid to in that child’s best interests and with regard to the deceased member’s wishes where these are known. The same also applies if a person has become incapable of managing their own affairs.
Pensions Increase
Once your pension is in payment, it will be increased each year in line with Pensions Increase Acts and Orders, as long as you are over age 55 or if you retired on the grounds of ill-health. Increases are paid straight away on pensions for dependants.