Police Pension advice

Happychappy

Shootforthemoon

I have added the calculator and comparison charts to my earlier post? Don't know if it helps ?

ShootForTheMoon

Superstar - thanks!!

My Fed Rep basically said, "Don't worry sweetheart, it will have changed again by the time you're there" which wasn't exactly helpful.....

It might seem like a long time, but as I see it, nobody else is going to look after me in retirement and my partner's pension isn't great - so surely it's better to be prepared?!

atush

I hope you 'smacked' whoever called you sweetheart.

Happychappy

Your certainly doing the right thing as before you know it, your 30 is coming up, although for many colleagues they now have another 8, 9, 10 years to go, just pleased I left in 09 after 32 years, but 28 years of shifts wasn't good.

ShootForTheMoon

atush wrote: »

I hope you 'smacked' whoever called you sweetheart.

Ha!! :rotfl:
I'm a 6ft, 14st rugby player who can probably bench press more than he ever has from behind his desk... He didn't know that from the other end of the phone though!!
I think the sarcastic: "Thanks for all your help" said it all!!

I've had far more sensible advice from people on these forums than listening to the whingy-moany-gossip mongers at work... The days of cushy pensions are over for us - we need to face up to that and make the best of what we still have in my opinion.

Deneb

Quite a bit of info here, particularly in the section "Access to pensions".

https://www.gov.uk/police-pension-reform

dodgiedave

Thank you very much for all the responses.

Just to clear a couple of points especially for non Police.

Although I call it retiring. I will not retire from work, just the Police at 52, it's a hard demanding job that clearly does not suit most people in their late 50s early 60s.

When I was signed up to my pension there were several hundred of us in a large hall on our first day at Hendon, we were told by a load of old sweats to sign a lot of different documents which we would be mad not to! These consist of pension, Benevolent fund, sports association, lottery, group insurance, regulation insurance, travel insurance..............the list go's on! I didn't really know what a pension was at that age. Our pensions were however protected by law (lol)

We do not appear to have anyone 'proper' to speak to, the fed are no help, the HR people advise to see a financial advisor and as any cop will know our job is full of people who talk a load of rubbish clouding things further. We are sworn to office not employed. We do not have single points of contact etc but a large web of units and help lines who tend to fob you off!

Each of us have a very different situation down to age, service length etc. Mine has not made me happy as I chose my career part based on the early retirment (into more relaxed work) with the comfort of a decent pension, I am pretty much bang in the middle of my service, mid 30s and now the law has been changed to force me into another 8 years in the Police. If I don't.......I don't get as much. I maybe would not have gone into the Police had I known this.

I understand as pointed out that this is the new 'norm' hence why I am on here asking my question! I am not sure if I should stay in the pension or not? and what differences it will make on my current pot and the availability of it and at what ages if I do leave the new pension?

If I get any further information I will post! I now can see I need to see a FA. I do not expect to see one for free?

I was hoping typing this whilst early turn custody would give me all the answers........... I have got a little of my chest if nothing else!

dodgiedave

7. Member who joined the PPS 1987 in 2000, aged 20.
The member has 15 years’ service in the 1987 scheme and is aged 35 in 2015. The member does not qualify for full, or tapered protection. The member has a number of options available for retirement under the new scheme:
a. retire at age 60 with a total pension of £26,900 pa (PPS pension of £12,200 pa and 2015 pension of £14,700 pa)
b. retire at age 55 with a total pension of £21,600 pa (PPS pension of £12,200 pa and 2015 pension of £9,400 pa)
c. retire at age 50 with a PPS pension of £12,200 pa and a deferred 2015 pension (payable from age 55 of £4,400 pa or from age 68 (SPA) of £6,200 pa).

The above is the example that fits me pretty much spot on. This is worked on the assumption that I will stay in the NEW scheme. If I do not go into the new scheme can I still get my PPS at 52 (50 in example above)? Or do I become a deffered member and get nothing until I am 60?
I know this is the same question as I have already asked but felt with the aid of the example it may appear a little clearer for some.

hyubh

dodgiedave wrote: »

If I do not go into the new scheme can I still get my PPS at 52 (50 in example above)? Or do I become a deffered member and get nothing until I am 60?

If you opt out and become deferred then you opt out and become deferred. While the police schemes can involve being deferred but not formally deferred (career breaks), the government website previously linked to is quite clear:

What happens if you opt out of your current scheme
This depends on which scheme you are in.
As the 1987 scheme is a closed scheme, if you opt out, you will not be able to opt back into that scheme. You will, instead, become a deferred pensioner and your 1987 scheme pension will be paid at age 60.

More generally, I'd be careful with the 'poor me' talk - you'll still be in a better pension position than most other people in the country, whether they work in the public, private or third sector.

dodgiedave

Still doesnt make it clear.

I will not be opting out of the 1987 scheme only the new one? The 1987 scheme will be ending.

The pension may be better than most others however it is something only other cops will tend to sympathise with. I'm not looking for sympathy but just giving grounds for why I feel had over by the government. The cushdy pension is part of the wider package of the hard job we do. We pay more into it than most other pensions and lack in benefits a lot of other people get!

I don't know why some people are so quick to make the Police sound very ungrateful every time one of us asks a question around our pay and conditions? We are not allowed to strike like other public sectors. Do people really expect us to just swallow absolutely everything and say nothing?:o Please......No more comments around how I'm still better off than others!