Transferring Police pension to Civil Service. Can this be done ?

weaveroflegends

Hi all. After some advice.  I am a Police Officer looking at a career change into the Civil Service.  I have accrued 16 years Pension in Policing and wondered if anyone had any experience of transferring this across to CS.  If so, how may years would 16 years Police pension buy me in the CS etc ?   Any advice appreciated. 

hugheskevi

This type of transfer would be a 'Club' transfer.

After joining the Civil Service you could apply for a Club transfer (has to be done within 12 months of joining) and the Scheme Administrator would provide you with a quote.

The terms of the Club are such that you receive an actuarially equivalent pension credit in the new scheme, but ignoring any salary change. So if you would be moving to a higher salary a Club Transfer is particularly attractive. The number of years purchased is likely to be different, as differences between the schemes (normal pension age, lump sum entitlement, ancillary benefits, etc) need to be adjusted for to maintain equal value.

Whilst I don't know the numerical answer to your question, the generic answer is that it would buy you years that ensure a pension of equivalent value in the Civil Service given your current salary that retains a future final salary link. If your salary is going to lower in the new job then it may not be attractive, and if your salary is going to be higher it may be particularly attractive.

weaveroflegends

Thank you for the above.  Essentially it's pretty much a sideways move salary wise however, I currently pay around 13% into my Police salary in excess of £400 a month.  In the CS I believe its around 5.5% so likely to be a couple of hundred pounds less.  What I was trying to establish is because I pay double, would I be able to buy nearly 30 years CS pension with my 16 years policing pension ?    

hugheskevi

weaveroflegends said:

Thank you for the above.  Essentially it's pretty much a sideways move salary wise however, I currently pay around 13% into my Police salary in excess of £400 a month.  In the CS I believe its around 5.5% so likely to be a couple of hundred pounds less.  What I was trying to establish is because I pay double, would I be able to buy nearly 30 years CS pension with my 16 years policing pension ?    

No. What the pension cost and who paid for it is irrelevant (it is just part of overall remuneration offer), the only thing that matters is the value of the accrued pension. It is that value which gets transferred, albeit with the pension reshaped to ensure it is equivalent value.