Pre-Retirement Loan
Prepare for your next chapter with our Pre-Retirement Loan.
Designed specifically for our members approaching retirement, this flexible financial solution offers the ease of interest-only monthly repayments. Start your retirement journey on a solid financial footing with a team that truly understands the police family.
What is a Pre-Retirement Loan?
Our Pre-Retirement Loan allows Police Officers or Police Staff who are within 4 years of their planned retirement date to borrow up to 25% of your commutation or £50,000, whichever is lesser. The minimum loan is £20,000.
You will be required to provide your most recent Accrued Benefits Statement and pay slip.
The Pre-Retirement Loan operates on an interest only basis, any capital borrowed must be repaid on receipt of pension benefits.
You can borrow over 6 – 48 months at a fixed rate based on the value of the loan. Interest accrues daily and is charged on a monthly basis.
If your retirement plans change, the Pre-Retirement Loan can be repaid early without penalty after 6 months.
All loans include loan protection and sickness absence cover.
All loans are subject to affordability and our lending criteria. Full details about the loan can be found here.
How much can I apply for?
The Pre-Retirement Loan is available up to 25% of your commutation or £50,000, whichever is lesser. The minimum loan is £20,000.
What is the interest rate?
Our Pre-Retirement Loan is offered at a fixed and guaranteed interest rate of between 5.6% and 6.9% APR.
| Value | Rate (APR) |
| £20k- £29,999 | 6.3% |
| £30k- £39,999 | 6.0% |
| £40k-£50k | 5.6% |
A rate of 6.9% APR will be applied to all members with less than 6 months membership of SPCU. Interest is calculated daily.
Rates correct as of February 2026
What information do I need to provide?
Upon application for a Pre-Retirement Loan you must provide your latest Pension Annual Benefit Statement. (Available from SPPA Website/Portal).
SPPA Pension Illustrator/Calculator
You must disclose and confirm any pension sharing orders or other claims on your pension.
Loan applications are subject to affordability checks and you may be asked for further information in support of your application. One of our team will be in touch should they require any documentation.
How do I apply?
To apply for a Pre-Retirement Loan, you must be a member of the Scottish Police Credit Union Ltd. To check if you are eligible to join please click here.
Already a member? Message us via the APP or Website or give the team a call on 0141 771 1314.
Payroll Deduction
Your monthly savings and loan repayments come straight from your salary, no need for standing orders or manual transfers.
Once you have retired, you can set up a Direct Debit to continue your SPCU membership.
Earn a Dividend
You could earn a dividend by saving regularly with us! Each year the Credit Union returns any profit above running costs to our members – there are NO third-parties or private shareholders that will profit from your hard earned savings.
For more information on our dividends please click here.
24/7 Online Access
Unlike many other financial institutes, we offer full 24/7 online access to your account.
You can login through the website or download our mobile app on iOS or Android.
Life Savings Cover
As part of your membership with us, your savings are covered up to the age of 65 by our Life Savings Cover.
This product is applied at no extra cost to you and is there to provide additional financial support for your loved ones should the worst happen.
For more information please click here.
Loan Protection Cover
All of our approved loans come with Loan Protection Cover as standard up to the age of 75 and includes cover on Pre-Existing Conditions.
Provided at no cost to you, saving you money and giving you the peace of mind that you’re not leaving a financial burden on your family.
For more information please click here.
Payment Waiver
As with our Loan Protection Cover, our Payment Waiver is included in all approved loans at no extra cost to you.
If you’re unable to work for an extended period due to illness or accident and have a loan with us, contact the office right away.
We’ll then be able to help you make a claim that could cover your loan payments for up to 18 months.
If your claim is successful, your loan repayments will be covered, however this does not cover the first 4 months of sickness.
For more information please click here.
No Early Repayment Fees
When you borrow with SPCU, there are no additional fees or hidden extras on your loan.
You can repay your loan early at any point and will only be charged interest up until the date that we receive the funds to clear your outstanding balance.
Please contact the office on 0141 771 1314 or message through your online account for more details.
Terms and conditions apply to all Loan/Credit and Insurance products. Applications are subject to eligibility checks and additional documentation may be requested in support of any application.
Scottish Police Credit Union Ltd. does not provide money or pension advice and its employees are not considered financial or debt advisors.