How can I withdraw money from my pension?

Refund Forms

As there are additional requirements based on the circumstances of members receiving a refund, there are different forms available, depending on the situation of the member. Please review each one to determine your best option, or contact the administration team, admin@pensions.ky for assistance.

Withdrawal Options

Explore various withdrawal options for your pension funds to best suit your needs. Whether considering early withdrawal for smaller balances or understanding options for larger account balances, we provide guidance for every step.

For Funds Under $5,000

Members with account balances of under $5,000 may qualify for early withdrawal. For further details, please contact our administrative support team to find out how to apply.

For Larger Balances

Early Retirement: Access your pension starting at age 55, provided you have ceased working.
Standard Retirement: Benefit from standard retirement options at age 65.
Flexible Transfers: Move your pension funds to an approved pension plan, retirement savings account, or lifetime annuity.

Overseas Transfers

Pension funds can potentially be transferred overseas if certain conditions are met. These conditions include your employment has ended, you no longer reside in the Islands, and no mandatory pension contributions have been made on your behalf for two or more years.

Additional Voluntary Contributions (AVCs)
Enhance your pension through AVCs, which allow for early access under circumstances like medical needs, temporary unemployment, housing, or educational expenses. For further details on accessing your AVCs, please review this documentation provided by the Department of Labour and Pensions.

Your pension cannot be paid out or transferred until all contributions by your employer are completed, which might extend beyond your employment period. Processing a refund or transfer could take three months or more, so plan accordingly. Administrative fees incurred will be deducted from the refund amount.

For more detailed information, contact us at admin@pensions.ky or call 745-7630. We're here to help you navigate your options to achieve your retirement goals.