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Showing results for tags 'pension'.
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Reasonable Man + posted a topic in General Policing DiscussionsThis may effect some serving officers on the forum and you may wish to enquire further - Federation? I heard today that some officers will fall into a pension ‘trap’ in that they cannot get their full pension. Forgive me if this is not exactly correct but it was explained to me that officers reaching 30 years service before age 55 who expect to go at 30 will not get full pensions if they are in both the 87 final salary and the CARE schemes. Reason being - go at < 55 and 30 years service means a maximum Final Salary and commutation on that scheme BUT the CARE pension will be actuarially reduced, because they are under 55 when they take it. To get maximum CARE pension they have to stay until age 60, but that means working and paying in for several more years over the 30 with no increase in the Final Salary pension AND the commutation reduces steadily after age 51. I know no more, but someone else on here may, where’s @cheese_puff?
Police Pension Advisors
at06 + posted a topic in Pay & PensionsI’ve been a civil servant for 12.5 years and have a decent civil service pension built up, but I’ve been given a start date with Wiltshire Police and am now starting to think about the pensions. I want to find out whether I ought to bring my civil service pension over or to keep it separate but I’ve no idea where to start. Does anybody know who I ought to speak to to provide financial advice on police / civil service pensions? Regular financial advisors, I imagine, are woefully ill-equipped in the intricacies of public sector pensions to be able to give real authoritative advice - or am I completely wrong?
Narpo posted a topic in Deals & Money Saving Tips
Reduction of contributions to police pension with same benefits?
Insp Templer posted a topic in UK Policing NewsIs it possible to voluntarily relinquish the medical ill health benefits of the 1987 police pensions scheme and thus reduce contributions by 3.5%? Below is an extract from the PPS 1987 regulations. Therefore If I don't what the ill health benefits why should I or any officer have to pay for them,especially if the benefits at the end remain the same? Has anyone got any ideas? 3.2 Your contributions You pay contributions towards the cost of your pension benefits. These are set as a percentage of your ‘pensionable pay’, the current rate being 11% (less 1p a week). If you are ineligible for ill-health benefits you will pay contributions at a reduced rate, currently 7.5%. In PPS, members’ contributions meet about a third of the estimated cost of providing pensions and other benefits (the remaining cost being met by employers’ contributions and central government).