Lifetime ISA

Buy your first home sooner with a 25% Government bonus

Build a deposit for your first home or create a retirement pot with our Stocks & Shares Lifetime ISA. Get up to £1,000 extra free from the Government each tax year.

Available to those age 18-39

First home up to £450,000

Use for first home or from age 60

Save up to age 50 with 25% extra

Open a Lifetime ISA Speak to our friendly team

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What is a Lifetime ISA?

The Lifetime ISA is a Government-backed savings account designed to help you build a deposit for your first home or grow your savings for age 60 and beyond. You can save up to £4,000 each year up to age 50 and the Government adds a 25% bonus on your contributions. You can still add to your pot after age 50 but without the Government bonus.

For your first home

Build your ISA savings with a 25% Government bonus - to buy your first property worth up to £450,000.

For your retirement

Keep saving and access your money tax-free from age 60. It’s a simple way to build a future pot.

Or both
Save for your first home and then keep the savings habit going to build a pot for retirement.

Invested in our With-Profits Fund with the aim of delivering a cash beating return over the medium to long term. This may be appropriate for those looking for consistent growth without the same level of risk as a pure Stocks & Shares Lifetime ISA.

Early or non‑qualifying withdrawals incur a 25% Government charge; additional charges may apply. Therefore, you may get back less than you put in.

Open a Lifetime ISA Speak to our friendly team

At a glance

Age 

18-39 to open

Min. Investment

£50 per month (up to £4,000 per tax year)

Recommended Term 

Must be open for at least 12 months before first property purchase

Medium to long term (ideally 5 years or more)

Access

Must be open for 12 months before first property purchase or age 60 for retirement savings to retain Government bonus

Returns

25% Government bonus (up to £1,000 per tax year)
Linked to performance of our With-Profits Fund

Quick links

Transfer your Lifetime ISA What is With-Profits? Jargon Buster Police Pay Guide

Made for the Police Family

Better protection

Our policies are fully protected by the Financial Services Compensation Scheme (FSCS). Designed to keep your savings safe if a provider fails, giving you peace of mind.

Built for the Police Family

A Friendly Society serving the UK Police Family for 130+ years.

Member-owned

As a mutual, all profits are returned to members through bonuses and in support of the wider Police Family.

All serving and retired Police Officers, Staff and their families are eligible

£25 Amazon.co.uk
Gift Card

Receive a £25 Amazon.co.uk Gift Card when you open a regular savings ISA by 5th April 2026. Choose from our Monthly Savings ISA, Lifetime ISA or Junior ISA

Quote code Offer26. Terms and Conditions apply.

Browse ISAs

How it works

It’s simple to get started. Pay in what you can, earn your Government bonus, and withdraw when the time is right.

Contribute Monthly or Lump Sum

Save from £50 per month, up to £4,000 per tax year and the Government adds 25% on every contribution.

Receive Bonuses to Boost

Your savings grow through a combination of Government and Police Friendly bonuses. You can also automatically increase your monthly amount each April with the Escalator option, and add lump‑sum top‑ups when you wish.

Withdraw Penalty-Free

For a first home purchase (max property value up to £450k) or from age 60. Withdrawals prior to age 60 and not for your first home will incur a 25% Government penalty.

Calculate your savings

Use our calculator to see how your savings could grow over time, or set a goal and find out how much you need to save each month to reach it.

Annual Contribution Limit Maximum £4,000 per year with 25% Government bonus (£1,000)

Your Lifetime ISA

Based on your target, here's what you need to save

Monthly contribution (daily interest)

£76.59

Breakdown

Your contributions

£20,680.60

Government bonus (25%)

£5,170.15

Interest (2% annual return)

£0

Total Savings

£25,850.75

*Based on 2% annual return. Subject to ISA limits.

Open a Lifetime ISA

Escalator

Buy your first home sooner or build a bigger savings pot for age 60 by automatically increasing your monthly contribution each year.

You can add the escalator when you open your Lifetime ISA
Choose an amount to increase it by when the new tax year starts each April
We will let you know before the amount you save increases and you have the flexibility to change it
Increasing your regular savings by £20 a month at the start of each tax year will help you put away £2,400 more over 5 years and with the Government bonus, thats £3,000 in total
Save more as and when your pay increases

Learn more about the Escalator

Key Information

Before you open your Lifetime ISA, please read the key information below.

Product guide

Comprehensive guide covering all aspects of the Lifetime ISA product and features.

Download PDF

Key Information Document

Detailed information about your Lifetime ISA, including features, risks, and costs.

Download PDF

Application form

Don't want to apply online? Speak to our friendly team or alternatively download your application form.

Download PDF

Transfer application form

Looking to transfer an ISA or Lifetime ISA, speak our transfer specialists or download your form here.

Download PDF

Government withdrawal charge

If you withdraw funds for non-qualifying purposes or within 12 months of your first payment, a 25% government withdrawal charge will apply. This means you could get back less than you paid in.

Market Value Reduction (MVR)

With-profits funds may apply a Market Value Reduction if investment markets have fallen. This adjustment ensures fair treatment for all investors and protects those who remain invested.

30-day cooling-off period

You have 30 days from opening your Lifetime ISA to change your mind. If you cancel within this period, you'll receive a full refund of your contributions.

You can transfer existing ISA funds into your Lifetime ISA. Speak to our friendly team who will manage the transfer process for you.

Yes, since 2024, you can pay into multiple ISAs of different types (e.g., a Cash ISA, a Lifetime ISA and a Stocks & Shares ISA). The total amount contributed accross all your ISAs must not exceed the overall annual ISA limit.

You can do it online in a few minutes by clicking 'Open a Lifetime ISA' or alternatively, speak to one of our friendly team to open your ISA over the phone.

As a NARPO Member, I’m proud to say that Police Friendly & Metfriendly has delivered financial security for me and my family.

Craig Haslam, DL FGPT, Retired Chief Superintendent

Your presenters were really good and explained what can be complicated and complex matters, in a simple and easy to understand format.

Pre-retirement seminar attendee

Little bits of saving down the line can make a huge difference to your family, whatever the future brings.

Emma Richards, third generation Retired Police Officer, Police Friendly & Metfriendly Non Executive Director

I have always been pleased with the returns from my Police Friendly & Metfriendly Policies.

Mr P Payne

With the Government’s Lifetime ISA bonus and my family chipping in, I was able to buy my first home sooner than I ever dreamed.

Mr B

Great opportunity for family Members to be offered the same offers as Members.

Miss A McLeary

Contact us directly

Get free, personalised guidance on your savings and investment options.
For serving, former and retired Police Officers, Staff and their families.
A 20-30 minute session with one of our friendly team.

Call us today

08:30 to 17:00 Monday to Thursday and 08:30 to 16:30 on Friday.

01689 891454

Send a message

Get in touch using the email below or fill in the form to get a call back.

info@mpfs.org.uk

Office

MPFS, Central Court,
Knoll Rise,
Orpington
BR6 0JA

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