If you don't know how much you may get, you can use our Commutation Slider Tool to help you.
How do you plan to spend it?
1. Emergency Funds
Consider your circumstances, lifestyle and spending habits to ensure you have a sum instantly available in case of emergencies.
As an example, the Industry standards for calculating and emergency fund is generally between 3 to 6 times monthly expenditure.
One of the things you might want to do is reduce your monthly outgoings by paying off some, or all of your debts with your retirement funds or savings
Unsure if paying off your debts the right thing to do? Click here for more information.
4. Help for the family
5. Short Term Expenses
Consider any expenses you may encounter in the next 5 years where you may need to access some of your funds. For example, school or university fees, cost of long term care for elderly relatives etc
6. New Hobbies/Ventures
These calculations show that you will have
remaining from your commutation.
The Commutation Planner should be used as a guidance tool and doesn’t constitute any formal advice from Police Mutual