Pension drawdown

Ratzo Rizzo

How long does it normally take for a person to receive their pension after retiring? My wife retired at the end of January but has been told that she won't get an optional lump that she applied for sum until the end of April. Is 3 months the normal waiting period??

cml387

https://www.boards.ie/discussion/2058402199/pension-drawdown

There's a bit of paperwork to be done. Is your wife just getting a lump some or is there an annuity or ARF as well?

Ratzo Rizzo

It's a mixture of a lump sum and an annuity. Seems to be a very slow process, three months to do a bit of paperwork…

cml387

https://www.boards.ie/discussion/comment/123257499#Comment_123257499

My personal experience was just over two months, I think, so it's not out of the ordinary

Hurdig

My husband's payment took 4 to 5 months Took 4 months for paperwork to be approved then another month for payments to start.

cml387

Most of the work is ensuring that the company apply due diligence for your wife's benefit in order to ensure the most suitable pension arrangements, more especially if it is the same company organising the annuity as did the original pension.

Ratzo Rizzo

Thanks for the replies! I guess three months is par for the course, pity nobody mentioned this before she retired when she attended a 'get ready for retirement' type of course a few months back but at least I now know what to expect when I retire in a couple of years time!