Police pension scrapped

Debt_Free_Chick

Crazyangel wrote: »

For anyone who is interested, it may be worth looking at this Police Pension petition on the government website. It needs 100,000 signatures before 11/11/12, and is currently at around 71,000:

http://epetitions.direct.gov.uk/petitions/22321

"We are being told to expect an increase in our pension contributions from 11% to 14.2% of our salaries! We already pay a huge amount into our pension schemes!"

But probably less than half of what it actually costs

"Not only that, but we are being told we must work longer before we can claim our pension, and that when we do, it will be worthless!"

You don't have to work longer - you can claim your pension at any time after age 55. Explain why it will be "worthless"?

dunstonh

If the police don't want their "worthless" pension then please can the rest of us have it as it is a scheme that most of the population would love to have.

annie1975_2

leereni wrote: »

Ok thanks for the comments.

I also heard the pension scheme will finish in 2015 and those who wish to have one will need to find a private scheme. This is why people are saying you'll get your contributions back as no private scheme would offer anything like the advantages of the current one. Most notably an earlier retirement age of either 55 or 60.

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?

A lot of people wont be able able to retire until they are 67/68,maybe even longer.
And a lot of them are in jobs that would be difficult to do at that age..Its not just police officers?

Happychappy

leereni wrote: »

I'm middle aged ))). Thanks.

I'm looking forward to seeing the light....

I also saw the light but !!!It was a train!!! glad I retired after 32 years, although being institutionalized, I went back to carry on working for the police as a civvy doomer, now looking to retire again in three to five years

The police are always full of rumor over pensions, taxing commutation, allowing officers with only five years left till they reach their 30 to go early etc, etc, if you are in your last ten years, I don't believe you will see any difference.

alanfp

Regarding the comment "agreement has been changed"

rpc wrote: »

It hasn't.

I think the agreement HAS actually been changed, because on joining hi semployment, the officer was probably told (like I was, though not in a public sector scheme) "if you stay here till you retire, this is the pension you will get". Even backed up in one case I know of by a letter from the FD using the word 'guaranteed'. ...turned out not to be worth the paper it was printed and signed on.

But that battle has been lost - I'm just making a point really.


Anyway, I have to ask - [STRIKE]would the police officers like to enlighten the forum on the %age of their pay that they have contributed[/STRIKE] - to their "staggeringly good" pension scheme?

And presumably the overtime counts as pensionable pay, too?

CKhalvashi

leereni wrote: »

...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?

Technically, it is financial suicide, however something that I will point out is that the majority of public pension schemes are going to be better than private schemes, thus to make up for the hours you work and the job you do (which I appreciate is difficult, long hours etc) and the pay you get, which is lower than the same job in the private sector.

CK

poggs

alanfp wrote: »

And presumably the overtime counts as pensionable pay, too?

Nope.

pensions are based on basic pay. Any other monies, such as overtime, expenses payments, special priority payments (very small bonuses for seriously bad duties) housing allowance (for those offices who joined prior to 1994) are not included.

tpr007

I'm a PC with 9 years Pensionable service on the PPS (now 32 years old)

It's a lot of money every month, and I've toyed with the idea of coming out of the scheme because I don't believe I will stay in the service for the full 30 years I was expecting to, and would therefore get less out of it when I am able to eventually claim (just before being 54 if the 30 years scheme was honoured).

I am also aware that I would lost employer contributuions, and end up paying more tax and NI so I wouldn't be better off each month to the tune of around £400 I currently pay towards my pension.

It's a very confusing time and frustrating to be left with so much of an unknown future in this regard.

opinions4u

tpr007 wrote: »

I'm a PC with 9 years Pensionable service on the PPS (now 32 years old)

It's a lot of money every month, and I've toyed with the idea of coming out of the scheme because I don't believe I will stay in the service for the full 30 years I was expecting to, and would therefore get less out of it when I am able to eventually claim (just before being 54 if the 30 years scheme was honoured).

I am also aware that I would lost employer contributuions, and end up paying more tax and NI so I wouldn't be better off each month to the tune of around £400 I currently pay towards my pension.

It's a very confusing time and frustrating to be left with so much of an unknown future in this regard.

Keeping it simple.

While you're a copper stay in the scheme.

Any other decision is madness.

dunstonh

It's a lot of money every month, and I've toyed with the idea of coming out of the scheme because I don't believe I will stay in the service for the full 30 years I was expecting to, and would therefore get less out of it when I am able to eventually claim (just before being 54 if the 30 years scheme was honoured).

That would pretty much rank as the worst financial decision of your life. I cannot emphasis how silly that would be and you would be doing it for the wrong reasons. Even if you dont get the full 30 years, the benefit is accrued on a year by year basis and far exceeds any other option going.

You will never get out less than it is has cost you because you are not paying anything near its full cost. It is a staggeringly good pension.

It's a very confusing time and frustrating to be left with so much of an unknown future in this regard.

Not really. There are facts and they are very easy to understand if you choose to look at them. Then you have the Unions and misinformed people giving out incorrect information to suit their aims. Focus on the facts. Not the misinformation.

If I could have your pension I would not hesitate for one minute to get it. Absolutely nothing comes close to matching the benefits of that for the cost you pay.

What would you do with that £220 off that you would see in your take home pay? You wouldnt save it in a savings account as that would be far inferior. A stocks and shares ISA wouldnt come close. You wouldnt be allowed to take out a personal pension as you would be an opt out (and it would ever come close). So, what would you use as an alternative.