SSS pension commencing before you reach age 55

If you receive a pension that commenced prior to age 55, you will have an option to commute all or part of your pension to a lump sum.

An application to exchange some or all of your pension for a lump sum:

a) must be made within the six months immediately before or after your 55th birthday, or

b) if you do not make an application during the time period referred to in a), you will have a second chance to apply in the six months immediately before or after your 60th birthday.

Unless you nominate a specific payment date, your lump sum is payable on your 55th or 60th birthday and will be paid to you soon after that date.

If your application is made in the six months after you reach age 55 or 60, your lump sum is payable on the day the scheme administrator receives your complete application.

SSS pension commencing between age 55 and 60

An application to exchange some or all of a pension for a lump sum that commences or is due to commence on or after age 55 must be made within the six months immediately before or after your pension commencement date.

If you have not made an application before your 60th birthday, you have a second chance to apply within the six months following your 60th birthday.

SSS pension commencing after you have reached age 60

If your pension commencement date is after age 60 an application must be made within the six months of your pension commencement date.

If you do not apply within the six months of that pension commencement date, there is no further option to commute.