Under 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. 

For more information, please refer to SSS Fact Sheet 14: Exchanging your pension for a lump sum.