Police pension scrapped

laurel7172

leereni wrote: »

The reality is that most police officers don't want to be in the job over 50 never mind over 55 and probably most don't want to be in it full stop due to other changes in pay etc. Some are thinking about investing in property and using that as a nest egg for retirement. This would give them.....

Sorry. I thought we were speaking hypothetically. I'm sure you're extremely youthful

dunstonh

however for those who join it being told if they don't they're committing financial suicide and then years down they are disillusioned because the arrangements they had not only with the pension but the job they are doing in general are falling apart. What are they supposed to do?

I would say that welcome to the rest of the world we all live in. Such is life.

Continue being pushed around by the government who attack your pay, pension and anything else they can disrupt you with or get out.

Again, such is life whether it is Govt as a legislator or employer. Nothing stays the same. Change is inevitable.

Perhaps one option to offer the police is mandatory euthanasia at a certain age.

BTW a pension is not a savings account it is an agreement between yourself and the provider. What type of savings account can be changed so drastically many years after signing up for it. I would say its closer to an investment.

What savings account increases your capital by around £30 for every £1 you pay? Plus, goes on to provide a year on year increase comparable to inflation

Changes are not ideal. They can be frustrating but the problem is that some see the answer as not being in the pension at all and moving to savings or investments. Savings would be a complete disaster and investments which offer greater potential than savings would be just as dire.

Some changes are good. We live longer (which is the main problem). Living standards are higher than they have ever been (as a collective).

BTW no hard feelings....

Absolutely not. Discussion is great. Different views and opinions are needed to have discussion.

Bennifred

leereni wrote: »

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I know quite a lot of people who are considering coming out of the scheme if the age increases to 60. What police officer wants to be working at that age?

My OH does! So that's one.........:T

leereni

Yes I am EXTREMELY youthful .

In terms of savings, yes I agree not the best option. What about buying a property as an investment for retirement?

Will be interesting to see the older generation running after criminals who are 16, 17 years old...

dunstonh

What about buying a property as an investment for retirement?

police pension would wipe the floor with the property option.

leereni

At present yes it would.

But what if it's scrapped in 2012 and we are forced to take out s private option. Would it still be that good?

rpc

leereni wrote: »

Will be interesting to see the older generation running after criminals who are 16, 17 years old...

I'm pretty sure police do tasks other than sprinting around town all day.

That some tasks are harder for older employees is not unique to the police service. You can transfer to different work or, ultimately, leave if you are not capable of doing your job.

There are physically demanding jobs in the private sector too and they don't have the luxury of low NRDs that some public sector workers have. Lower fitness levels later in life isn't justification for special treatment.

dunstonh

But what if it's scrapped in 2012 and we are forced to take out s private option. Would it still be that good?

There are no proposals for that to occur. So, without knowing the terms of this hypothetical scenario we cant really say. However, if a money purchase scheme was used in its place, then you expect the govt to add at least 10% to it. That will likely more than double your own contribution plus with tax relief, tax free growth and more liquid investments, then yes, you would expect it to beat property.

jamesd

leereni wrote: »

I know quite a lot of people who are considering coming out of the scheme if the age increases to 60.

Doesn't make sense. What that pension at 60 does is mean that if you want to retire at 50 all you have to do is accumulate enough money outside that pension to last you for ten years. That's a far easier target than not being in the pension and having to do it for longer. Not an easy target, just easier.

It's the same sort of thing that the rest of us who want to retire at an earlier age do, work out what income we an get and when, then plan to accumulate as much as it'll take to cover us until we get the various pension payouts.

leereni

Above statement isn't true. If I was to retire at 50 my pension would be deferred until I am 67, not 60.

Can't help but think there is a bit of police bashing going on....

Anyway why should an agreement made when I joined be changed?