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rikshawallah

lifting of pension cap

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Apologies if this has already been posted. This could have fairly major consequences if adopted by individual Chief Officers.  However, I don't think it will be adopted, as I really can't see individual Forces making up the difference on lump sums.

 

Thoughts? 

 

 

http://www.policesupers.com/2016/08/08/removal-of-commutation-cap-pps-1987/

 

 

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This is news to me…………… Superintendents discussing it. I take it they & above will benefit from this.

 

How will Forces show fairness in their decision making & will they need to publish all results……….or is this a non starter due to costs.

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In my case, with under 18 months to go, if I elected to leave now, as I am under 55, my Force would have to stump up an extra c£70k on my lump sum! Don't see them going for it somehow.....

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Can't edit the above……………….. I take it a business case, are officers who receive housing money………

 

You don't seem to have finished your sentence, consequently I haven't a clue what you mean!

Edited by cheese_puff

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You don't seem to have finished your sentence, consequently I haven't a clue what you mean!

I imagine the only officers who could provide a business case are the officers who are currently  in receipt of Housing/Rent allowance. If the Force allows them to go at say age 52, with 25yrs service and give 25% lump sum, then the Force will save paying out Housing/Rent money for 5yrs. The article says it is cost neutral in the long term so Forces will save in the long run. 

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I imagine the only officers who could provide a business case are the officers who are currently  in receipt of Housing/Rent allowance. If the Force allows them to go at say age 52, with 25yrs service and give 25% lump sum, then the Force will save paying out Housing/Rent money for 5yrs. The article says it is cost neutral in the long term so Forces will save in the long run.

I think that's highly unlikely!

Housing allowance is such a small part of the budget that it's of no real consequence and hardly likely to play a major part in the decision making. It's a tiny fraction of people's salary.

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I would be surprised if there were any officers left who still received housing allowance

Quite a few, it was still going in the early 90's.

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Last 'housing allowance' intake was Sep '94. I was accepted into the job in August '94 but didn't start until May '95. I didn't get housing allowance!! Shafted then and then 20 years later with the pension :-(

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There are quite a few officers interested in retiring earlier in my force now the option to take  25% into commutation is on the horizon if opting to go with more than 25 yrs service and aged over 50. The discretion is more likely to do with the rush to leave, forces needing to manage numbers I guess.

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There are quite a few officers interested in retiring earlier in my force now the option to take 25% into commutation is on the horizon if opting to go with more than 25 yrs service and aged over 50. The discretion is more likely to do with the rush to leave, forces needing to manage numbers I guess.

Please could you explain what you mean by 'on the horizon'? Are we set for more changes?!

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No this thread/article relates only to the 1987 scheme and the option to take a greater lump sum if retiring from age 50 with more than 25 yrs service.  I believe this will come in sometime in/around January.  Previously it was 2.5 times your pension if leaving before 30 yrs/age 55

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