Early voluntary retirement

You may elect to commute all or part of your early voluntary retirement pension to a lump sum. If you elect to receive all of your early retirement benefit as a lump sum instead of a pension, the lump sum payable is equal to your superable salary at the time of retirement, multiplied by a factor (number) which depends on your age at retirement and length of service. The factor is shown in Table 2 of PSS Fact Sheet 4: Benefits on early voluntary retirement. If you elect to receive part of your benefit as a lump sum and the rest as a pension, the lump sum is calculated proportionately.

An election to take a lump sum must be made no later than six months after your retirement. The commutation of a pension to a lump sum takes effect from your retirement date, and any pension you receive between your date of retirement and the day you are paid the commuted sum is deducted from the lump sum. If you do not elect to take a lump sum within six months of your last day of service, you will have another opportunity to commute when you turn 60.

Benefit payable on the death of a retired PSS member

On the death of a retired PSS member, a spouse pension is payable only to an eligible person (which includes a de facto partner and may include a same sex partner) and only where the scheme member elected to receive a pension. The partial commutation of a member's pension reduces a spouse's pension entitlement on a proportional basis. A spouse or de facto partner's pension is not payable where the member exchanged the whole of their pension entitlement for a lump sum.

Please refer to PSS Fact Sheet 4: Benefits on early voluntary retirement for full details.