Partial withdrawals and in-service benefit

The scheme is designed to help you save for the long term. However, once you have completed:

  • 3 years’ Police service and remain in service, you may apply to make one withdrawal each scheme year (1 July to 30 June) (partial withdrawal)
  • 20 years’ Police service or attain the age of 45 years and remain in service, you may apply to receive a once-only in-service benefit.

At our sole discretion, we may place limits on withdrawal amounts in relation to partial withdrawals and in-service benefits. Our current policy is that the following maximums will apply to partial withdrawals and in-service benefits:

  • The total amount available is up to the balance of your member’s account at the date your request is processed.
  • Each amount you withdraw under these benefits will be expressed as a percentage of the total amount available on the occasion of that withdrawal.
  • When the aggregate sum of all withdrawals under these benefits reaches 100%, all subsequent withdrawals will be limited to 5% of your entitlement.
  • The aggregate of 100% may be attained over a series of withdrawals during a period of years or could apply after a single withdrawal of your maximum entitlement.
  • The above percentages will apply to your entitlement balance at the date the withdrawal is processed.

If you request an in-service benefit but become entitled to another benefit prior to the payment of your in-service benefit, you will no longer be entitled to the in-service benefit.

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 before any money is paid to you. You should discuss this first with the lender before completing a partial withdrawal form. If you need to repay the loan, you should make allowance for this when deciding how much you want to withdraw from the scheme.

We may suspend the availability of partial withdrawals and in-service benefits if we consider that making them available could jeopardise the scheme’s registration under the Financial Markets Conduct Act 2013.

We may change the minimum and maximum amounts that apply to partial withdrawals and in-service benefits. Generally, any money transferred into the scheme on your behalf will be subject to our policy on partial withdrawals and in-service benefits.