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Pensions position 48 years old with 28 years in


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nellie1973

Hi all :)

Currently off work following a long bout of work related PTSD and anxiety. I am due to return to work soon but I am seriously thinking of leaving prior to my 30 years on the 1987 scheme. I currently have 27.5 years at age 48.

I really have had my fill and don't mind the reduction in commutation as my kids are secure and house paid off etc.

If I resign this year will I get a pension payable at 50? Or is the ordinary pension only payable with 25 plus years AND you have reached the age of 50 when you sling your proverbial hook?

Thanks in advance for any help.

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BlueBob

😃. With all the permutations of each of the pensions schemes, you might find it easier and more relevant to give the finance office (or its other names) and ask as well as the Fed.  Sometimes a few months or even a few days can have a significant impact.  

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  • 3 weeks later...
Jonahpee

I am in exactly the same position. 48 with 27.5 years pensionable pay on 87 scheme. I am considering going at 50 and have asked for projection from our pension provider but received an email back this week advising me that anyone going beyond April 1st 2022 cannot get projections due to the ongoing work around the age discrimination remedy. I’ve taken some guidance from my old boss who is in a very similar position and he advises me that his research indicates you can go at 50 and take whatever you have accrued in the 87 scheme upon its closure next April. You can’t go before 50 unless you have 30 years pensionable service. 
 

I’m so frustrated as I need some nailed on figures in order to make what is probably the biggest financial decision. Instead I’m basing decisions on guess work! 
 

Is anyone else in a similar position? 

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Zulu 22
On 03/03/2021 at 17:14, nellie1973 said:

Hi all :)

Currently off work following a long bout of work related PTSD and anxiety. I am due to return to work soon but I am seriously thinking of leaving prior to my 30 years on the 1987 scheme. I currently have 27.5 years at age 48.

I really have had my fill and don't mind the reduction in commutation as my kids are secure and house paid off etc.

If I resign this year will I get a pension payable at 50? Or is the ordinary pension only payable with 25 plus years AND you have reached the age of 50 when you sling your proverbial hook?

Thanks in advance for any help.

 

13 hours ago, Jonahpee said:

I am in exactly the same position. 48 with 27.5 years pensionable pay on 87 scheme. I am considering going at 50 and have asked for projection from our pension provider but received an email back this week advising me that anyone going beyond April 1st 2022 cannot get projections due to the ongoing work around the age discrimination remedy. I’ve taken some guidance from my old boss who is in a very similar position and he advises me that his research indicates you can go at 50 and take whatever you have accrued in the 87 scheme upon its closure next April. You can’t go before 50 unless you have 30 years pensionable service. 
 

I’m so frustrated as I need some nailed on figures in order to make what is probably the biggest financial decision. Instead I’m basing decisions on guess work! 
 

Is anyone else in a similar position? 

I was a Federation Rep for many years and could give advice to officers on Pension issues and even give them the figures that they could expect.  One Officer was a little unhappy as I was 38pence out on my projection.  Both of you really need to speak to your Federation Office as they will have officers who are up to date with all the Pension Regulations. Sadly it would be wrong for me to to a give these exact details.  I would not be able  to give you advice having retired and not being up to date with the regulations or the tables for Commutation etc.  

The Federation is there to assist you.

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BlueBob

However you look at it, the two key numbers are 30yrs (service) and 50yrs (Age).  If you have a plan for what to do after policing, then I might be more philosophical to want to get on with my life.  But similarly, knowing the numbers does certainly focus the decision.

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Zulu 22
On 03/03/2021 at 17:14, nellie1973 said:

Hi all :)

Currently off work following a long bout of work related PTSD and anxiety. I am due to return to work soon but I am seriously thinking of leaving prior to my 30 years on the 1987 scheme. I currently have 27.5 years at age 48.

I really have had my fill and don't mind the reduction in commutation as my kids are secure and house paid off etc.

If I resign this year will I get a pension payable at 50? Or is the ordinary pension only payable with 25 plus years AND you have reached the age of 50 when you sling your proverbial hook?

Thanks in advance for any help.

You rely need an appointment with your Federation office.  From what you describe you could qualify for a Medical retirement pension where 26 1/2 years would qualify for a full 30 year pension immediately. I do not know any of the details of your condition. Could it have been due to an Injury on duty which would bring greater enhancements depending on the classification.

Seek advice as an examination by the FMO could prove advantageous depending on their impartiality against any pressure from above. Get that Federation advice and act upon it.

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Chief Rat
On 20/03/2021 at 17:16, Zulu 22 said:

You rely need an appointment with your Federation office.  From what you describe you could qualify for a Medical retirement pension where 26 1/2 years would qualify for a full 30 year pension immediately. I do not know any of the details of your condition. Could it have been due to an Injury on duty which would bring greater enhancements depending on the classification.

Seek advice as an examination by the FMO could prove advantageous depending on their impartiality against any pressure from above. Get that Federation advice and act upon it.

Having been in the same position as Zulu22 and a Fed Rep for many years, I have supported officers through Medical Retirement and whilst it is a demanding process at times for everyone and can be fairly drawn out only because of the hoops you have to jump through, the end result is satisfying for the cop when it is approved. With your level of service and diagnosis of PTSD, I would be extremely surprised if you weren't eligible. Speak to your Fed Rep ASAP

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