Retirement options

You don’t have to withdraw your savings when you leave Police. You can choose to remain in the scheme as a retained member. It’s a good option if you’re happy with the way your savings are invested and don’t need them straight away. You won’t be able to make contributions, but you will continue to receive investment returns. You can change your investment strategy at any time.

The PSS has a number of features that make it attractive for members who want to leave their money in the scheme when they retire. The scheme is a portfolio investment entity (PIE), which means PSS investment earnings can be taxed at rates based on individual members’ incomes. Typically, your income drops in retirement, and you may qualify for a tax rate lower than the default rate of 28%. It also has a facility to set up regular withdrawals so you can effectively pay yourself a monthly pension in retirement. This short video explains these options.


You can access your savings at any time.

  • Regular withdrawals. You can set up a regular withdrawal paid to your bank account on the 20th of each month. There is no set-up or benefit payment fee for regular monthly withdrawals. If you have this facility set up, you need to maintain a minimum balance of $1,000.
  • One-off withdrawals. A one-off withdrawal must be at least $5,000, and you will need to pay the standard benefit payment fee for each withdrawal. Fees are listed here. You must maintain a balance of at least $5,000.

Becoming a retained member

The Leaving form includes a section you can use to let us know if you want to leave your money in the scheme.