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Police pension options if resigning

Revheavy
Posts: 1 Newbie
Hi… I’m trying to find options / guidance on what to with my police pension should I resign and enter the private sector!
I have contributed for 20yrs and so it’s a sizeable contribution…
could anyone offer me some links or relevant research I could carry out?
could anyone offer me some links or relevant research I could carry out?
Thank you..
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Comments
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How old are you?
Police pension is a defined benefit scheme, you wont be getting one of these in the private sector I would have thought.0 -
I'd start by reading your most recent pension benefit statement. It might have been posted to you or there's very likely an online version.
And a quick google gives me this - assuming it's the correct scheme of course.
The benefits of your police pension scheme (accessible version) - GOV.UK (www.gov.uk)
Looks a bit complicated but the normal retirement age appears to be 60 with a reduced pension available from 55. But there's also something that mentions there may be different ages for some segments.
And it appears you might be eligible for a pension about 20/60 (so 1/3) for your final salary when you stop working for them. Although again different bits appear to have different rates.
So more info needed from you - which will be available on your benefit statement!!!I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung0 -
If you are considering transferring your benefits out of the police pension scheme, then you can almost certainly cross this off your list of 'choices'.
A transfer out would only be possible to another DB scheme which, realistically, means another public sector scheme.
Not doing anything doesn't mean that your pension will just stagnate until retirement - it will increase in value each year in line with cpi.
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Highly likely that your best option will be to simply leave your police pension in a deferred status, and then continue to build up pension contributions in whatever scheme is offered by your new employer. You would then be able to claim your police pension later and whatever you are entitled to at the time of leaving will increase with inflation.1
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my police pension should I resign and enter the private sector!
You will not be able to transfer out to any pension scheme offering "flexible benefits" (basically any defined contribution pension scheme).
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