If you are aged 60 or over, you can start the payouts process. Simply log in using your MitID and complete the payment procedure. The money will be transferred to your NemKonto. It usually takes 14 days from the time you approve your payouts until the money appears in your NemKonto.
Advantages of leaving your savings where they are
There is no upper age limit on how long you can keep your savings with The Cost-of-Living Allowance Fund. It may be advantageous to leave your savings in the scheme until you need the money, as returns are credited to your savings on an ongoing basis.
Returns vary over time, and there may be both positive and negative fluctuations. You can always log in to see how much your savings have grown over time.
Payouts for my LD Account
Payouts from your LD Account will have no tax implications for your other pension schemes, and you can continue to save for your pension through other pension schemes.
Payout Request Form
The quickest way to receive your payouts is to log in with MitID and request payouts. If you do not have a MitID, you can download a payout request form here instead. Please complete the form digitally before printing and sending it, as this makes it easier for LD Member Service to read it.
Tax on payouts
If we have already paid the tax on your behalf, you have an LD Retirement Savings account, which can be withdrawn tax-free.
If you have chosen not to have your tax paid to the government yet, you have an LD Savings account, and we will deduct tax for the government during payouts. The tax rate is approximately 37 per cent, but may be higher if you are not eligible for the tax credit introduced in April 2015.
