Pension Remedy Loan
We understand the feeling of injustice in receiving bills for money you now owe due to no fault of your own.
As a result of you receiving notification of your liability under the pension remedy, our Board of Directors has taken the decision to offer you a helping hand.
Should you find that you have a pension shortfall due to the changes to your pension scheme over the years, consider applying for our Pension Remedy Loan.
What is a Pension Remedy Loan?
Our Pension Remedy Loan is here to help cover any shortfall you may find yourself owing due to the Remedy scheme.
All who are affected within Police Scotland can apply for the total amount owed and any approved loans will be paid on your behalf to the Scottish Public Pensions Agency (SPPA).
You can borrow the amount over 12 – 60 months at a fixed rate of 3% APR.
Approved loans must be paid on the specific date that interest has been calculated to. This means that you may be contacted for an updated balance before we can release any funds.
In very specific circumstances, where you find your full repayment has been taken from a single month’s wage, we can have approved funds paid directly to you. You will need to provide proof of the repayment and can only apply for the Pension Remedy Loan within 4 weeks of the funds being taken from your salary.
IMPORTANT INFORMATION
The Scottish Public Pensions Agency (SPPA) have asked us to put a pause on paying out Pension Remedy Loans to allow them to ensure a process is in place to accept payments directly from SPCU and the amount that you borrow is identical to what you owe to your pension.
You can still discuss an application with us by calling us on 0141 771 1314.
Updated 20th December 2024
How much can I apply for?
The Pension Remedy Loan is available up to the value of the shortfall in your pension payments (maximum: £25,000).
The amount you must repay will be provided to you by the SPPA.
What is the interest rate?
Our Pension Remedy Loan is offered at a fixed and guaranteed interest rate of 3% APR.
Interest is calculated daily on the reducing balance.
What information do I need to provide?
Upon application for a Pension Remedy Loan you must provide confirmation of your shortfall.
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 Pension Remedy 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? Click the button below to apply for your Pension Remedy Loan online, 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. There is no option to refinance this loan product.
Scottish Police Credit Union Ltd. does not provide money or pension advice nor are its employees considered financial or debt advisors.
