Eligibility for a tax credit is linked to your eligibility for payouts on your LD Savings. It is therefore only possible to claim the tax credit before you turn 60 if you are eligible for payouts before you turn 60.
To be eligible for the tax credit, you must meet at least one of the conditions for payouts.
How do you ensure you get the tax credit?
If you are eligible for the payouts, you are also eligible for the tax credit. You are entitled to the tax credit for one year from the date you became eligible for the payouts.
However, you do not need to opt for payouts to receive the tax credit. You can secure the tax credit by:
- to request to continue saving at a discounted rate
- to request payouts
Continue your LD Savings with a discount
When you choose to claim a tax credit whilst retaining your LD Savings, you convert your LD Savings into an LD Retirement Savings scheme.
The form for transferring your savings to an LD Retirement Savings scheme can be ordered and submitted to LD Member Service, together with the relevant supporting documentation. Once transferred to an LD Retirement Savings scheme, payouts can be made tax- and duty-free. And you can leave the money in the account until the day you need it.
Payouts with tax credit
If you are under 60 and are eligible for payouts, you cannot request payouts via ‘Log in’. Instead, you can contact LD Member Service and request a payout request form.
