Police Pension vs Private

c_smith

frugal_dougal wrote:

This figure would depend on what rank your friend was at the time he retired, and they also take into account the final years salary when calculating the pension which includes overtime and any temporary duties (acting sergeant, acting inspector etc) so the above is possible.

Join the scheme. You won't get anything better. It's because it's good that the government want to change it!!!!

I think you'll find the pension is calculated on final salary alone and does not include overtime payments.

frugal_dougal_3

c_smith wrote:

I think you'll find the pension is calculated on final salary alone and does not include overtime payments.

Yes apologies for mistake !

DavidLaGuardia

knuckledragger wrote:

Who'd be a copper next year?

It is a reduction, but its still a stonkingly good scheme offered to new coppers.

CAE

This is my first post to this forum, after lurking for the last couple of weeks, as this is a subject I do know something about.

11% may seem like a large chunk of salary, but if you contribute when you start, you won't notice the deduction. Start contributions early when on a lower salary, as you will hopefully be on a higher salary at the end of your career, when pension benefits are calculated.

You have to ask yourself if you can afford NOT to be in the scheme, when you think of the benefits available.

Question for the original poster, are you married? The current scheme only allows for spouses benefits in the event of your death.

The current scheme would apear to be better than the proposed scheme coming in April 2006 for most people. I understand that all members will be given a choice as to whether they remain with the old scheme or transfer to the new scheme. This should be an informed decision, so make sure you have all the information from your employer / administering authority before making the decision.

NigeWick

Smokey2005 wrote:

One question that is bugging me currently is whether to join the police pension scheme or opt-out?

If you are intending to join the Police, join the pension scheme before it gets messed about. You will not beat the benefits, especially for injury on duty and illness related early retirement. Nobody likes to think that "it will happen to me," but it can. Also, join the scheme for treatment and rehabilitation during illness/injury, as the establishments give top quality care in 5 star conditions. Lastly, have a very serious look at the Federation insurance which, in Lincolnshire at least was a very good deal.

Nigel, Lincolnshire Police (Ret'd)