Police pension can i cash it in

Liverpool1981c

Can i cash my police pension in?
Im a serving police officer and am part of the 30 year pension scheme, i have 10 years service and due to the changes and working conditions i am looking to leave the job. The pension is looking to change in 2015 and i for one will not be signing on to a new scheme. My query is can i cash in my 10 year police pension or transfer it to a scheme i can. I am under 50 years of age also.

CannySaver_2

No you can't cash it in, not allowed. You could transfer it to another pension but why would you want to?

It's an excellent scheme, far better than almost anything else.

No investment risk, guaranteed indexation, most people without such a scheme would sell their granny to be in your position!

I know these schemes are changing, which is frustrating, but it's still a great scheme.

Stay in it, you won't regret it when you retire.

The Canny Saver

rpc

Liverpool1981c wrote: »

Can i cash my police pension in?
Im a serving police officer and am part of the 30 year pension scheme, i have 10 years service and due to the changes and working conditions i am looking to leave the job. The pension is looking to change in 2015 and i for one will not be signing on to a new scheme. My query is can i cash in my 10 year police pension or transfer it to a scheme i can. I am under 50 years of age also.

When you transfer the scheme, how do you expect to get the same benefits anywhere else? (the quick answer is that you won't). The police pension is just about the best pension in the country, although this is partially reflected in the higher contributions. Leaving the scheme, even if you leave the service, would be madness.

You will need an IFA to sign off any transfer, I suspect no IFA would be prepared to do so.

McKneff

You cant cash a pension in, no matter where you transfer it to.

It's an investment for your retirement not a savings account.

When you do actually retire, you'll be glad of it, you really wouldnt want to try and exist on state pension alone.

jamesd

Except for those with special rules like people involved in sport it's not possible to get at pensions before age 55 or 50 for some older ones. Also an exception for those diagnosed as likely to die within the next year, who can get it all at once.

The police pension is probably the best pension deal available in the UK and looks set to remain so. It's unlikely that a transfer would be in your best interests long term, though it might be if it was to another public sector scheme and that gave an appropriately generous number of extra years to allow for what you'd be giving up.

A change in working conditions meaning that you just don't want to be doing the job any more is more than enough reason to leave, regardless of the pension. Better to be doing something that you want to do. Just don't do it because of the current pension fuss, that's not paying attention to the big picture of how much it's all really worth and will be worth.

RichandJ

jamesd wrote: »

Except for those with special rules like people involved in sport it's not possible to get at pensions before age 55 or 50 for some older ones. Also an exception for those diagnosed as likely to die within the next year, who can get it all at once.

The police pension is probably the best pension deal available in the UK and looks set to remain so. It's unlikely that a transfer would be in your best interests long term, though it might be if it was to another public sector scheme and that gave an appropriately generous number of extra years to allow for what you'd be giving up.

A change in working conditions meaning that you just don't want to be doing the job any more is more than enough reason to leave, regardless of the pension. Better to be doing something that you want to do. Just don't do it because of the current pension fuss, that's not paying attention to the big picture of how much it's all really worth and will be worth.

Actually for the old Police Scheme james serving officers can retire at 48 if they've done their 30 years. At least they could when I last dealt with the PPS.

If you leave and the pension becomes deferred, however, it's not available until 60, again, IIRC.

jamesd

Thanks, no surprise that there's a particularly beneficial deal under the older scheme.

That change to deferred later makes some sense given the reasons for the retirement age, the physical and emotional stress of the job. Less of that when you're no longer in it.

Liverpool1981c

Thank you for your responses however i am aware of my job and the pension in its current form, however i am not willing to move to the new pention when its created.
My question is can i cash my pension in either directly or transfer it then cash it in.

Lokolo

Liverpool1981c wrote: »

Thank you for your responses however i am aware of my job and the pension in its current form, however i am not willing to move to the new pention when its created.
My question is can i cash my pension in either directly or transfer it then cash it in.

The first sentence of the first reply gave you the answer.

bilbo51

Liverpool1981c wrote: »

My question is can i cash my pension in either directly or transfer it then cash it in.

And the answer is NO.

CannySaver_2

The answer is "No"

But the question still remains, why would you want to transfer or cash it in?

It's a pension, and a bloody good one, and there for your retirement