Age 65 withdrawal
You can access your savings from age 65 while still in service. This includes ongoing partial or total withdrawals. The minimum amount you can withdraw on any one occasion is $5,000. You can access funds in your member’s and employer’s accounts. However, if you make a partial withdrawal, funds will be paid from your member’s account first, with any remainder paid from your employer’s account. Making a withdrawal will not affect your contributions to the scheme, which will continue as usual along with any contributions Police makes on your behalf. You can make a withdrawal by completing the age 65 withdrawal form.
If your savings are invested in more than one fund, you can choose which fund you want a payment made from.
Remember, if you have used your benefit in the scheme as security for a loan, the amount of any outstanding loan may need to be paid from the withdrawal amount. The Police and Families Credit Union or other lending institution may contact Mercer, the scheme’s administration manager, to confirm your account balance if you have an outstanding loan and wish to make a withdrawal.
An administration fee will be deducted from your employer’s account (or member’s account if you do not have an employer’s account) for each benefit payment made. Current fees are listed here.