Police Pensions and the Times

[Derek Smith]

Today in the Times I read:

"Officers can retire after 30 years of service on a pension of two thirds of their final salary. Officers who joined at 18 can look forward to retiring with full salaries at 48. Officers accrue pension rights at a rate of one 60th of final salary for every year of service for the first 20 years, and one 30th after that."

I thought the pension regs had changed. Can anyone enlighten me?

Ref: http://www.timesonline.co.uk/tol/news/uk/crime/art...

[^Slider^]

They have changed, i cant think what the terms of the new one are as i only briefly looked at it when they offered us to switch over.

[Chrispy Porker]

Derek Smith said:

Today in the Times I read:

"Officers can retire after 30 years of service on a pension of two thirds of their final salary. Officers who joined at 18 can look forward to retiring with full salaries at 48. Officers accrue pension rights at a rate of one 60th of final salary for every year of service for the first 20 years, and one 30th after that."

I thought the pension regs had changed. Can anyone enlighten me?

Ref: http://www.timesonline.co.uk/tol/news/uk/crime/art...

Derek
These are the old regs. The new ones have been in for a year or so for new entrants I believe.
We were all offered the chance to change to the new ones.
Whether many did I don't know. I certainly didn't, thank you very much.

Mind you I know of some Sergeants who have retired from our force after 30 years with a full pension and joined BTP as Sergeants on 2 year contracts. I think one of our Inspectors did the same.

Edited by Chrispy Porker on Friday 21st December 13:33

[saxmund]

I'm surprised the Times finds it so noteworthy. It's quite common in the public sector - if you retire from one pension scheme and join an employer with another pension scheme you can continue to draw your pension in full without abatement. And of course it's even easier to do in the private sector as few employers share pension schemes.

The law now allows you to draw your pension and continue in the same employment, although it's probably taking scheme rules a while to catch up with this.

[Dwight VanDriver]

New Police Pension Regs came in 1st Feb this year

http://tinyurl.com/249z6m

dvd

[rewc]

saxmund said:

The law now allows you to draw your pension and continue in the same employment, although it's probably taking scheme rules a while to catch up with this.

Yes I have just taken my pension whilst continuing to carry on with my job. In my scheme it can taken at any time over 50 but there are financial penalties if you take it before 60. I believe this must be a government rule as it is changing from 50 to 55 in 2010.

[ulakye]

The new NHS pension scheme that comes in next April has a couple of features to it that I haven't seen before :-

Firstly if you retire from the NHS and then return to work in the NHS you can start a second NHS pension. Currently you are allowed to return to work after retiring but can't rejoin the scheme.

Secondly there is a facility called 'drawdown' where you can effectively get some of your pension before you retire.

[edwardsje]

FishFace said:

Dwight VanDriver said:

New Police Pension Regs came in 1st Feb this year

http://tinyurl.com/249z6m

dvd

5th of April 2006 it changed from 30 years to 35 years.

You wouldn't expect a national 'condensed broadsheet' to get little facts right like officers needing to do 5 years more, and getting less money, would you?

Still a blinding scheme and the envy of most private sector workers though.

[Derek Smith]

Thanks, gents.

[Chrispy Porker]

edwardsje said:

FishFace said:

Dwight VanDriver said:

New Police Pension Regs came in 1st Feb this year

http://tinyurl.com/249z6m

dvd

5th of April 2006 it changed from 30 years to 35 years.

You wouldn't expect a national 'condensed broadsheet' to get little facts right like officers needing to do 5 years more, and getting less money, would you?

Still a blinding scheme and the envy of most private sector workers though.

THe fact that the police pension scheme is being made worse, and we are being offered a lower pay rise than the PCSO's and the station car cleaner are sending out a strong message I think.
Thank God I am not joining in the present climate.