Police pension options if resigning

Revheavy

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? 

Thank you..

la531983

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. 

Brie

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!!!

Silvertabby

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.

Pat38493

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.

xylophone

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).

https://mymetpolicepension.equiniti.com/information/get-a-transfer-out-pack/#:~:text=If you are an active,Transfer Out CETV Request Form'.

https://www.peninsulapensions.org.uk/members/police/retirement/deferred-pension/#:~:text=You become a deferred member,not take a pension or

https://www.gov.uk/government/publications/benefits-of-the-police-pension-scheme-2015/the-benefits-of-your-police-pension-scheme-accessible-version