Police pension can i cash it in

atush

I am scared. Very scared.

To know that 2 serving police offers who are supposed to investigate crimes and keep the public safe, cannot investigate their own pension plans and instead have been listening to, I can only assume, their unions.

Surely this is hearsay milord?

datostar

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.

Dear Mr/Mrs/Ms Liverpool 1981,

I joined the police in 1965 and paid 5.5% pension contributions to include a 25% Widow's Pension. Various upgrades over the years took the Widow's Pension up to 50% and the salary deduction up to 11%. The Widow's upgrade was voluntary (and cost money) and some meanies didn't bother.

During the 1970's times were very hard and we survived on credit cards and overdrafts. I applied for and was offered various other jobs but realised that nothing could offer me more job satisfaction, the opportunity to retire after 30 years, or the eventual pension benefits so I stayed with it.

Things improved. I rose through the ranks. I duly retired after 30 years. My pension now exceeds my salary at retirement.

Sir or Madam,

If you are thinking of leaving the job, fair enough, but think of the frying pan and the fire. If you are thinking of giving up the pension, you are a fool.

lvader

llTAYLORll wrote: »

with the pension reforms i have been advised of i will now have to work a further 30 years, having worked 10 all ready.
30 years of paying into the new pension SHOULD be more than adequate for a comfortable retirement.
So i will be considering whay do do with my pension thus far. Why can i not withdraw my money from the pension?
If not because it is my money to do with as i wish, then with it not performing as i was told (even promised) that it would then it is a mis sold financial product. Isnt it?

Its future generations that will pay for your pension, maybe you should explain to your kids if you have any why you should be entitled to so much more than they will ever have.

bztvnq

I am in a very similar position to the original poster, having joined the police aged 19 I would have been entitled to retire aged 49 after 30 years police service.

Unfortunately I will now have to work and contribute towards my pension for an additional 11 years receiving at the end of it all far less than I should have been entitled to at 49.

When all of my friends were at university, enjoying gap years and endless parties - I was dealing with domestic incidents, road accident and suicides.

I was happy to 'give up' my youth in the knowledge that when I retired at 49 my friends would all be working till the age of 60 and beyond.

Now a sergeant in the police I feel totally betrayed that now I face contributing an additional 40K + towards my pension and will no longer have the opportunity to retire at aged 49.

hyubh

bztvnq wrote: »

Now a sergeant in the police I feel totally betrayed that now I face contributing an additional 40K + towards my pension and will no longer have the opportunity to retire at aged 49.

Not being able to retire at 49 on 2/3 final salary, inflation proofed for life, with a spousal pension potentially after that - a true scandal indeed. Perhaps you should consider opting out and transferring to a personal pension...?

atush

If you left the force, for your 'gap year' of youthfull fun before the changes, would not your pension still be availabe at 49 but defferred?

Then get a job elsewhere with a much worse pension if you like. Lots of jobs availabe for ex coppers from teachers to security. No one will force you to continue to be a policeman if your heart isn't in it.

hyubh

atush wrote: »

If you left the force, for your 'gap year' of youthfull fun before the changes, would not your pension still be availabe at 49 but defferred?

No - the deferred pension age is 60.

Drp8713

Having worked in the private sector and paid into DC schemes, I now work in the public sector and pay into the LGPS, which is changing in 2014.

Amongst other changes, the NRD is going from 65 to my SPA, current 68 but more likely 70+ by the time i get there.

Do i feel robbed? No.

Somebody promised me a pot of gold instead of a pot of turd.

If they now change their mind and offer me half a pot of gold or the same pot of gold but a longer wait for it. Its still better than the turd.

Retiring at 48 is ridiculous given current life expectancies, the fact you get double service for every year you work past 20 years is also a joke, you work 30 years and get 10 for free.

If i get a public sector pension and think yours is a bit extreme, imagine how the people with the turd feel.

Im sure you can earn up to 40k as a PC. Thats a pretty good wage for an entry level job, dont you get free travel too? so its not like your pension is the only perk

FatherAbraham

bztvnq wrote: »

Unfortunately I will now have to work and contribute towards my pension for an additional 11 years receiving at the end of it all far less than I should have been entitled to at 49.

When all of my friends were at university, enjoying gap years and endless parties - I was dealing with domestic incidents, road accident and suicides.

I was happy to 'give up' my youth in the knowledge that when I retired at 49 my friends would all be working till the age of 60 and beyond.

Now a sergeant in the police I feel totally betrayed that now I face contributing an additional 40K + towards my pension and will no longer have the opportunity to retire at aged 49.

You never knew that you would be able to retire at 49. You hadn't signed a contract which was invariable on the employer's part.

No-one has betrayed you. You've got the pension rights which accrued for the service you've performed, and no-one is taking those away from you. If you don't like the new terms and conditions, then leave. Just be sure to look before you leap, and check the kind of pensions which normal people have to put up with.

You don't know you're born, do you?

Warmest regards,
FA

Wilkins

bztvnq wrote: »

I am in a very similar position to the original poster, having joined the police aged 19 I would have been entitled to retire aged 49 after 30 years police service.

Unfortunately I will now have to work and contribute towards my pension for an additional 11 years receiving at the end of it all far less than I should have been entitled to at 49.

When all of my friends were at university, enjoying gap years and endless parties - I was dealing with domestic incidents, road accident and suicides.

I was happy to 'give up' my youth in the knowledge that when I retired at 49 my friends would all be working till the age of 60 and beyond.

Now a sergeant in the police I feel totally betrayed that now I face contributing an additional 40K + towards my pension and will no longer have the opportunity to retire at aged 49.

Your friends will be retiring at 67+ on far lower pensions than you. You feel aggrieved because you have moved from a gold plated scheme to one that is merely silver plated. Psychologically, that is understandable, but you can have very little grasp of financial reality for the general public, if you don't understand what others in this thread are telling you.