The Commutation Loan allows Police Officers and Police Staff to unlock part of their commutation up to 12 months prior to retirement.

You could release up to £50,000 or 50% of your commutation entitlement (whichever amount is lower). This is an interest-only loan, which must be repaid in full when you receive your lump sum. 

The Commutation Loan could give you a head start in planning for your retirement, whether that’s consolidating your existing borrowing, starting a home improvement project, or rewarding yourself for many years of hard work.

You may wish to speak to a Pensions Adviser or your pension department before making a decision on commuting part of your pension.

If you would like us to provide you with a quote so you can find out how much your monthly payments could be before you apply, you can either contact us or complete the short form below.

What we need from you…

If you wish to apply for a Commutation Loan you will need to provide an up-to-date pension forecast to establish your commutation amount, and you must be within 12 months of your retirement date. You can upload a copy of your pension forecast within the loan application form, or you can email it to us at

Key Product Information

All applicants must be aged 18 or over and a UK resident. 

APR Interest-only loan at 9.9% APR. The APR is fixed for the life of the loan. Interest accrues daily and is charged on a monthly basis.
Repayment information You will make a fixed monthly payment equivalent to 31 days of interest on the total sum borrowed. This ensures that you always cover the maximum amount of interest that will be charged in any one month. Where payments are made in months of less than 31 days the additional amount will be paid off your outstanding loan balance.

If you do not make the full and final payment from your pension commutation, the loan may be converted to a capital and interest repayment loan at the Member Loan interest rate prevailing at the time of conversion.

You can repay the interest on your loan by payroll deduction or Direct Debit. To see if we offer payroll deduction in your force click here.

Repayment period The loan term will not exceed 12 months. Once you receive your commutation, you will be expected to repay the loan in full from your debit card.
Amount of loan available You can borrow up to 50% of your commutation or up to £50,000 – whichever is the lower amount.
Fees No application, arrangement or default fees apply. 
Early settlement You can repay the loan at any time fully or partially without charge.

All loans are subject to affordability and our lending criteria.
Loan terms and conditions can be found here and should be read prior to application.
This loan is not a regulated consumer credit product. This does not affect your Financial Ombudsman rights.


Consolidating existing debt

We allow our members to use our Commutation Loan as a means of consolidating existing borrowing.

Consolidating could reduce your monthly outgoings, leaving you with more disposable cash each month. Care should be taken when consolidating debt. It may increase your total amount payable, or the period over which it is to be paid. 

If you are unsure what to do, seek independent financial advice.

Would you like a quote?

If you would like us to provide a quote to show what your monthly repayments could be on this loan, you can contact us. Alternatively, you can complete the form below and a member of the team will be in touch.

If you’re not within 12 months of retiring, we can still provide you with a quote and a member of our team will be in touch once you reach your your final year of service.

You’re covered with Life Protection

Life Protection is included with all our loans and covers members before you turn 70 years old. This does not cost you anything, it is simply another benefit of borrowing from the Credit Union and has been created purely to help our members.

Loans are protected up to a maximum of £40,000 per member. This means your loan would be cleared, ensuring your debt does not remain outstanding, subject to our terms and conditions.

All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed. For more information please click here.

Need help?

If you are experiencing financial difficulty, or are struggling to repay your loan with us, please contact us as soon as possible and a member of our team will be able to assist you.