Option 6
Trivial Commutation
This option is only available if your retirement benefits are below a certain level. If it’s not shown on your retirement quotation letter, it means this option isn’t available for you.
Rather than taking a pension from the Group, you have the option for all your retirement benefits to be paid to you as a single lump sum (Trivial Commutation payment).
Currently, 25% of the payment would be paid to you tax free, with the remainder being taxed at your marginal tax rate. Basic rate tax would be deducted before you receive your payment and paid by us to HMRC. If you’re a higher rate taxpayer, you should notify HMRC that you’ve received this payment so they can calculate any extra tax you may need to pay.
Once the Trivial Commutation payment has been made, you and your dependants will no longer be entitled to any benefits from the Group.
Next steps
You will need to complete the following:
- Retirement option form
- Retirement information form (including LTA form)
- UK or overseas Bank Mandate form
- Birth Certificate*
- Marital Status Declaration form*
- Marriage Certificate (if you’re married)*
* UK-based members – these forms will only be requested by Aptia if they’re unable to identify you electronically. Overseas members – will be required to send original Birth Certificate or change of name documents (e.g. Marriage Certificate) as standard.
See the timelines below showing how long we expect it’ll take to process your request.
Timelines
Active members leaving the Company:
Member contacts ScottishPower line manager asking to leave/retire (see MyHub)
At least 3 months before retirement date
Line manager loads leaver notification to system and auto-email sent to Aptia
Within 5-10 working days of request
Aptia sends (illustrative) retirement quotation pack to member
Within 10 working days of email if less than 3 months to retirement date
Member returns completed forms
Aptia completes ID checks if required
Within 10 working days of receiving completed forms
Aptia recalculates retirement quotation and issues settlement letter, once the retirement date has passed and final RPI inflation figure is known, and all ID checks are complete
Within 1 working day of RPI being announced – typically the 3rd Wednesday of the following month
Settlement of benefits
Trivial Commutation payment
Usually within 5-10 working days of the settlement letter
Active members continuing in employment:
Member contacts Aptia to opt out of the Group to access pension benefits
At least 2 months’ notice required before opt-out date
Aptia sends opt-out form
Within 10 working days
Member returns completed opt-out form
Any time before opt-out date
Aptia sends (illustrative) retirement quotation pack to member
Within 10 working days of receiving opt-out forms
Member returns completed retirement forms
Any time before opt-out date/retirement date
Aptia completes ID checks if required
Within 10 working days of receiving completed forms
Aptia recalculates retirement quotation and issues settlement letter, once the opt-out date has passed and final RPI inflation figure is known, and all ID checks are complete
Within 1 working day of the 3rd Wednesday of the month
Settlement of benefits
Trivial Commutation payment
Usually within 5-10 working days of the settlement letter
Timelines
Deferred members approaching Normal Retirement Date:
Aptia sends retirement quotation pack to member
Around 6 months before Normal Retirement Date
Member returns completed forms
Any time before Normal Retirement Date
Aptia completes ID checks
Within 10 working days of receiving completed forms
Aptia recalculates retirement quotation if required due to change in calculation factors, and issues settlement letter (or new retirement quotation pack if the figures have reduced)
Within 10 working days of receiving completed forms and completed ID checks
Settlement of benefits
Trivial Commutation payment
Usually within 5-10 working days of the settlement letter (this will only be settled after the retirement date)
Deferred members requesting early or late retirement:
Member contacts Aptia to request a retirement quotation
Aptia sends retirement quotation pack to member
Within 10 working days of request
Member returns completed forms
Any time before retirement date
Aptia completes ID checks
Within 10 working days of receiving completed forms
Aptia recalculates retirement quotation if more than 3 months to retirement date and if required due to change in calculation factors, and issues settlement letter (or new retirement quotation pack if the figures have reduced)
Within 10 working days of receiving completed forms and completed ID checks
Settlement of benefits
Trivial Commutation payment
Usually within 5-10 working days of the settlement letter (this will only be settled after the retirement date)
Other retirement options
Option 5: Cash Equivalent Transfer Value (CETV)
Useful contacts
MoneyHelper A free, Government-backed service offering impartial help on all aspects of money, including benefits, savings, budgeting and pension choices. It includes Pension Wise, which offers free, impartial guidance on retirement options for people aged 50 and over. Visit www.moneyhelper.org.uk.
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