Managing your pension
Once you’ve retired, there are a few important things to understand about how your pension is paid and managed. This page explains when you’ll receive your pension, how increases work, and where you can access additional support and guidance.
You can access your personal pension information through the administrator’s online portal. To find out how to access it and what you can do online, visit Manage my pension online.
When your pension is paid
Your pension is normally paid on the day before the last working day of each month.
If this falls on a weekend or public holiday, payment will usually be made on the preceding working day.
Your P60 will be sent to you by post each year and will also be available on the administrator’s online portal. Please note, payslips are only sent by post if the amount of your pension changes by more than £1, but you can access them online too.
Overseas payments
If your pension is paid into an overseas bank account, it may take a few additional days for the payment to reach your account.
Our administrator doesn’t have the same access to public records if you live overseas and so, you’ll be contacted yearly to ensure your personal details remain correct and up to date. It’s important to provide this information so there’s no interruption to your pension payments.
Pension increases
Pensions in payment and deferred pensions are reviewed each April in line with the UK Consumer Price Index (CPI), in accordance with the Pensions (Increase) Act 1971.
If your pension starts during the year, any increase awarded may be proportionate.
Understanding your State Pension
Your State Pension is separate from your MRC pension and is based on your National Insurance contribution (NIC) record.
As a guide:
- 35 qualifying years of NICs usually entitles you to the full State Pension
- between 10 and 35 years may provide a partial State Pension that is proportionate to the NICs you have paid
- fewer than 10 years may mean you do not qualify, although you may be able to make additional contributions
- The State pension is payable from age 66, 67 or 68 depending on when you were born. You can find out your State Pension Age and obtain a forecast of your State pension on GOV.UK.
You can find out more about the State Pension on the UK Government website
Financial help and support
Planning your finances in retirement can sometimes feel overwhelming, but support is available.
MoneyHelper is a free service backed by the UK Government, offering guidance and tools to help you understand and manage your retirement income.
