I quit just over 3 months ago after working nearly 20 years for IOL. I'm still waiting for info from them about my pension payout options. I was younger than 55 when I quit. How long does it usually take for them to send this out?
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Be prepared for a massive sticker shock. Interest rates are up which in turn commuted value goea down...some guys lost 250k in commuted value in the latest pension statment.
If you refer to last year pension statement (sent around early summer), your lump sum amount is there. You should expect around THAT number.
Depends on the interest rate used to calculate, you may actually get less this year even with an additional 1 year services.
What was the amount you got as a lump sum and what are you using to manage the money? I may be in the same boat soon
If you wait too long (over 6 months) to call the Pension Hotline, and make the decision, the discounted rate they use to calculate your pension value can change (can be increase or decrease, based on market interest rate, not that they randomly lower your lump sum).
3 months are "too long", you should call the Pension Hotline# to find out. I did the same in 2022 (quit and younger than 55) and I got my info (Pension Lump Sum) in a month.