Approaching retirement

You’ll need to speak with your employer first and agree your retirement date. They’ll then submit a retirement form to us on your behalf.

Take a look at our retirement timeline for what you need to do and when.

You can also watch our planning for retirement video for four easy steps to help you plan for your future.

We’re happy to help you fill in your form.

• If you’re still paying in to USS, call our Active Retirement Team on 0151 556 0626
• If you’re no longer paying in to USS, call our Deferred Retirement Team on 0151 556 0626

Watch our short video on your retirement options on our understanding your options pages, where you can also find more information.

If you no longer have a UK bank account, Citibank offers a service where your pension can be paid directly to an overseas bank account. Please note other banks may operate a similar service and you should make your own enquiries regarding this possibility.

If your payment is made via the Citibank service, the bank details displayed on your monthly payslip will reference Citibank’s bank account and not your overseas bank account.

Pension payments are credited to UK accounts on the 21st of the month, or the Friday immediately prior if this date falls on a weekend or bank holiday. Your payment will take an additional few business days to credit your overseas bank account, depending on the country you live in.

Find out more on our working or retiring overseas page or our factsheet.

Retiring flexibly allows you to take up to 80% of your pension whilst continuing to work, as long as you drop your hours and salary by at least 20%. Each time you take part of your pension, it’s known as a flex. It means you can ease yourself into retirement – and still carry on building for the future.

Visit your options at different ages and stages for more information.

The earliest you can start taking your benefits and savings is age 55 (rising to 57 in 2028), unless you’re retiring due to ill health.

Visit your options at different ages and stages for more information.

If you’re still paying in to USS, you must take your benefits by age 75.

But if you’re no longer paying in to USS, you need to take your benefits at the Normal Pension Age.

Once you let us know that you want to retire, we’ll ask you for your UK bank or building society details. Your monthly income will then be paid on the 21st of each month.

Your lump sum can also be paid into a UK bank or building society.

If you want your monthly income and/or lump sum paid to a non-UK bank account, take a look at working or retiring overseas to find out what you need to do.

Take a look at our retirement timeline for more on how long the process takes and what you need to do.

You won’t be classed as retired if you intend to start another role in which you can build a USS pension (with either your current or a new employer). But if you’re retired and then offered another role, your employer may need to automatically enrol you into a pension scheme. You’ll need to speak to your employer about whether you can re-join USS.

Please note there are certain factors which will affect your pension if you retired due to ill health, but then start working again. Take a look at ill health retirement to find out more.