Transfer to Police Pension, is it worth it ?

sconieroany

Hi,

I am with an ex-nationalised company and have a 36 yr term super an pension, I pay 7% and normal retirement age is 60 when I would retire on a 2/3 rd final salary pension with a lump sum.

With transfered in service I have around 22 yrs service of my 36 max, I am however considering joining the Police and their new pension is a 50% final salary with a 55 yr retirement age.

If I do join would I be better freezing my pension rights and having a small Police pension, or would I still be better tranfering into the Police scheme ?.

Another issue is how many years I would get for my own 22 yr service ? I know the earlier 55 reirement means I would be paying in less, but as the final pension is only 50% rather than 2/3 rds I would hope for a good transfer.

The problem however with freezing my current service is that it will only rise by inflation each year where as a Police salary may increase a lot more over the next 15yrs, meaning in real terms the differance between a 2/3 rd final salary and a 50% final salary might be wiped out ?

Any thought welcome.

Andy_L

You need to find out from your pension scheme what the transfer value of yourpension is & find out from the police what that will buy in their scheme. Only then can you make an informed choice.