You can exchange all or part of your lump sum from the Police Pension Scheme for an increased pension for you only. Pensions for survivors cannot be increased in this way. You can exchange any amount of your lump sum, including all of it if you wish.
We must use factors provided by the Government Actuary’s Department (GAD) for calculations. These factors can change from time to time.
You cannot exchange part of your pension for a larger lump sum.
You must give notice of the exchange you wish before you retire. However, this must not be earlier than 4 months before your intended retirement date.
You cannot exchange your lump sum if you have retired with an immediate ill health pension.
Please contact us to obtain information about the amount of additional pension which you may obtain through exchange of your lump sum.