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You may take up to one-third of your total Fund retirement benefit in cash when you retire. The amount that you should take in cash depends on your individual circumstances (you should take advice in this regard), but the following guidelines may be useful:
As a member of the Political Office-Bearers Pension Fund, you have the option when you leave office at any age to take a withdrawal benefit instead of a retirement benefit. This does allow you to access your full Fund benefit as a cash sum, although you will pay a large amount of tax on this amount. If you are tempted to consider this option, then remember that your Fund benefit represents your savings for your retirement (to provide for your needs and those of your dependants, in your old age), and you should take great care to deal wisely with the large amount of cash that you may receive. We would certainly encourage you to take expert financial advice, from a suitably qualified and licensed financial planner, before taking this option.
The information contained in this guide does not constitute advice by the Board of Trustees or by its advisors. If you need more information on how you can invest your retirement benefit, you should seek professional advice from a licensed financial advisor.