Moving a Police Pension

vollketten

I was a serving Police officer for 10 years and am on the old Police pension scheme. (Joined 2000,left 2011) I want to know how I can obtain a valuation on my pension contributions and then transfer my pension contributions to a new pension scheme. I know it should be a good amount and I don't want to lose it. Can anyone help?_pale_

dunstonh

I want to know how I can obtain a valuation on my pension contributions and then transfer my pension contributions to a new pension scheme.

Why do you want to do that?

What you propose cannot be done without an IFA and statistically, an IFA will tell you that its an awful idea that would cost your thousands or even tens of thousands or hundreds of thousands.

Mathew

Hold your nerve, the government haven't got to take on board all Hutton's suggestions.
I suspect your 30 year pension may remain as just that! But what do I know...

DavidHayton

I would leave it where it is. I would be astonished if changes are made retrospectively.
And even if they do nasty things to the pension pot that you have built up, there is actually sod all that you can do about it as you can't transfer it out without the blessing of an IFA ... who would be liable if you lost out financially.

Best wishes
David

Ian_W

vollketten wrote: »

I know it should be a good amount and I don't want to lose it. Can anyone help?_pale_

What makes you think you would lose it?
ATM you have a deferred pension of 10/60 of your final salary index linked to CPI (not as good as RPI admittedly) payable from memory at age 60. Nothing I've seen, other than the adverse change from RPI to CPI, has suggested that accrued rights are likely to be lost.

What sort of pension scheme are you thinking of transferring to? Another public sector scheme may or may not be worth a transfer but as others have said above a transfer to a defined contributions scheme is likely to be viewed as a mis-sale and the provider wouldn't want to know.

Loughton_Monkey

To answer your first question, you simply request them in writing for a benefits statement and transfer value.

It may have escaped your notice, but several years ago there were some significant 'pension scandals'. The largest of these, I think, was the one whereby advisers convinced people like you to move your Final Salary pension into a money purchase pension under your control.

This 'scandal' has been made virtually impossible now, by safequards. In other words, no pension company will entertain what you say until you have an FSA regulated IFA signing off a good reason why it is in your interests. Clearly, no FSA regulated IFA could possibly (except under the rarest of circumstances that do not apply to you) come up with any good reason - since you would be committing 'financial suicide'.

We are all aware of changes going forward to Public Sector pensions. But previous rights to date are largely protected and are of immense value. There is a noticeable resentment in all public service sectors, that the extremely good (so far) pensions are being toned down into 'not so good - but still at least as good as many private sector). Perfectly understandable. But when coupled with a wish to "demonstrate" resentment by transferring out (and therefore losing at the very least half your pension) it just doesn't seem rational.

Might I suggest you take it up with the union? It is not impossible that the government may be happy to grant a dispensation to all public sector pensioners that allows all of you to sign (in blood) a bit of paper irrevocably denying totally any past pension rights whatsoever - in return for a cheque representing the full value of rights so far. Then you could put it into a money purchase pension. Since this would save the government £billions - they might even be a tad more generous on future contribution rates etc..

vollketten

Thanks for the help; but...
I've actually left the Police and moved to the USA. I wont be coming back and when I said 'lose it' I meant that I didn't want to leave it languishing over in the UK when I have worked very hard for that money and want to make use of it.
If there a list anywhere of IFA's who specialise in moving pensions abroad or in QROPS matters?

RichandJ

vollketten wrote: »

Thanks for the help; but...
I've actually left the Police and moved to the USA. I wont be coming back and when I said 'lose it' I meant that I didn't want to leave it languishing over in the UK when I have worked very hard for that money and want to make use of it.
If there a list anywhere of IFA's who specialise in moving pensions abroad or in QROPS matters?

In my experience at the current time it is virtually impossible to transfer any UK pension benefits to the USA. This is because of American Revenue rules not UK ones. It is not 'languishing', it is a final salary benefit of an amount per annum at leaving which will be increased between leaving and retirement by UK inflation (previously RPI, now CPI). There is no 'pot' of money allocated to you which you can 'make use of'. There probably are IFAs who could set up a QROPS in a 3rd country for you but they won't have your best interests at heart.

datostar

As Ian W has said, you have accrued 10/60 of the final salary pension which will be based on the highest annual earnings of your last 3 years of service. The pension is payable at age 60 and you would then receive your 10/60 plus accumulated annual index linked increases back to age 55. As the USA is party to the requisite pension reciprocal arrangements you would qualify for the pension increases. You need to speak to the scheme administrator for the Force you served with re transfer values etc. and discuss who to and in what circumstances they would be able to transfer out. Some schemes are outsourced now to Serco and the like, but not all. Although you will not be a member of NARPO (National Association of Retired Police Officers) they have considerable pensions expertise as you would expect and might be willing to have a chat. They do hold details of scheme administrators. Their website is https://www.narpo.org with contact details on there accessible to non-members.

Loughton_Monkey

vollketten wrote: »

If there a list anywhere of IFA's who specialise in moving pensions abroad or in QROPS matters?

There are no doctors who would recommend you commit to Euthanasia if you are healthy.

There are no solicitors who would recommend that you buy a house without doing a 'search'.

There are no dentists who would recommend pulling out all your teeth to put in false ones that are 0.0001% straighter.

There is no Vet that would recommend putting down your 3 year old dog because it has fleas.

THERE IS NO IFA WHO WOULD RECOMMEND TRANSFERRING YOUR POLICE PENSION OUT.

vollketten

THERE IS NO IFA WHO WOULD RECOMMEND TRANSFERRING YOUR POLICE PENSION OUT.


But can it be done?