Joining Police aged 44 - pension?

mark55man

2016housebuyer said:

hyubh said:

2016housebuyer said:

kipsterno1 said:

Would you / can you transfer your current LGPS into the police pension scheme? Not sure how that works under the CARE scheme.

As I understand it, no. Haven't had 'official' advice as I don't think HR are allowed to advise but they gave the phone number for the LGPS scheme and said their understanding was that it couldn't be transferred.

It will be within 12 months of joining. The transfer would be on 'Club' terms, so the CARE part of your LGPS pension would come in as a PPS 2015 pension credit (not the same amount) and revalue as LGPS CARE pension does (CPI). Any final salary pension (pre-14) will purchase (I think) a PPS 2006 scheme credit. That said, I would imagine a large salary drop would make a Club transfer a bad idea, even with xxx years to catch up. 

When you say your LGPS NPA is 68, keep in mind that's the CARE NPA. Assuming you joined before 2014, some of your LGPS pension will have an NPA of 65. And NPA <> the age you can actually draw your benefits. So the correct comparison is a PPS 2015 pension at 60 vs. an actuarially reduced LGPS pension at the same age. Stay in the LGPS, and there may also arise possibilities like a flexible retirement to further complicate matters.

Thanks, I've been in the LGPS pension since around 2006. I think the simplest thing would just be to start afresh with the Officer police pension and then whatever I get from the LGPS later in life is a bonus!

You should research the transfer.  If you transfer your LGPS service into the Police at the starting CARE rate, its probably not going to be a good idea given you comments about the pay cut.  However if its on different terms, eg some notional final salary element then that could worth something.  You should be able to get definite figures before you decide - then you can choose when you now what comparison to make and whether its good for you  

2016housebuyer

mark55man said:

Thanks, I've been in the LGPS pension since around 2006. I think the simplest thing would just be to start afresh with the Officer police pension and then whatever I get from the LGPS later in life is a bonus!

You should research the transfer.  If you transfer your LGPS service into the Police at the starting CARE rate, its probably not going to be a good idea given you comments about the pay cut.  However if its on different terms, eg some notional final salary element then that could worth something.  You should be able to get definite figures before you decide - then you can choose when you now what comparison to make and whether its good for you  

Thank you, I've never really taken an interest in pensions before as it was just a case of automatically joining so I've never needed to make any decisions about any aspects of it. When you say about getting definite figures would I just approach whoever administers Police Officer pensions for my Police force and provide them with details of my LGPS scheme or do I need to see a financial advisor?

mark55man

I'm not an expert either, but pretty much what you suggested.  I've never seen it were asking for a transfer then progresses without a further approval.  It is complex as the terms and conditions are different and you need to think about whats best for now and best for later, and very many years later if it comes to that

2016housebuyer

mark55man said:

I'm not an expert either, but pretty much what you suggested.  I've never seen it were asking for a transfer then progresses without a further approval.  It is complex as the terms and conditions are different and you need to think about whats best for now and best for later, and very many years later if it comes to that

Thanks, will wait to see if I pass the recruitment process first and then make some direct enquiries.

mark55man

Good luck and thank you for your public service