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Si Rob

Pension Politics

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Im off with Stress at the moment,I can't take anymore of the job I once loved.Im now 50yrs old with 18yrs front line, on section.Therefore I've 18yrs police service to date and 6 yrs 284 days pension with the RAF , total pension to date is 24 yrs 284 days.To be honest I've had enough and have been told if I carry on the front line, am a heart attack waiting to happen!

I am tapered under the 1987 scheme and due to retire at 55 yrs old,Equalling 23yrs Police Service.

My question is, can I leave in 2019 having accrued 25yrs pension.Hope this makes sense

 

Cheers All.

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Them best people to ask are your force Federation officers. They should have that information to hand and should be able to assist.

I am out of date with the Regs now but when serving I would have been able to tell you.  A lot depends on your Force as some are considerate and some the opposite.

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It mainly depends on pension law. I believe that unless you leave with an ill health pension or the full 30 on the 1987 scheme you have to be 55 years old to receive a pension. If you leave before you are 55 then the pension is deferred until your State pension age.
But as above - check with the Fed and, I recommend, an independent financial advisor.


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I believe you can go at 25 yrs and over 50 but you will only get the protected bit of your 1987 pension immediately - looking at your circumstances, instead of getting the 30/60ths you would have got if fully protected it is more likely to be 28/60ths or similar. Your 2.25 commutation (under the 1987 scheme), if you wish to take it, will also be slightly down as the pot you're commuting from is slightly down.

 

The little bit you've got in the 2015 scheme you won't see until SPA (67 in your case, I think) as the 2015 scheme's normal pension age is 60 (although you can take it at a reduced level of around 80% at 55). You may be able to claim it earlier than 67 but it will be much reduced (depending how early you take it).

 

I'm pretty sure I'm right on this as you have protected accrued rights under the 87 scheme so the retirement 'rules' remain the same. However, as Zulu and RM have said I would contact your Fed office and/or your pension administrator just to confirm and also to give you the exact numbers.

 

 

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Posted (edited)

This is my understanding for officers who want to retire at 25yrs service...

 

1987 Pension Scheme

If you have previously paid into the 1987 pension, and have remained in the police pension (whether that be tapered or with the 2015 CARE pension), and you have 25yrs pensionable service, then you can retire at 25yrs service as long as you are age 50 or over. You start receiving the pension straight away, but the amount you get is based only on the number of pensionable years you have with the 1987 pension.

 

2015 Care pension

The earliest you can start receiving this pension is age 55. 

 

So, an officer who has some years in the 1987 pension (and has remained in the police pension) can retire with 25yrs service as long as they are age 50 or over. Then, when they are age 55 they can also start to receive any 2015 CARE pension that they might have, or they can delay this if preferred. The crucial points for retiring with 25 yrs pensionable service are..

  • You have got 25yrs pensionable service (which includes pension you have transferred in from elsewhere)
  • You are age 50 or over
  • You have remained paying into the police pension up to the 25yr point, even if that means your now paying into the 2015 CARE scheme.

 

This next bit I'm not entirely sure about but...

If you were say age 48 with 25yrs service then you might still be able to retire, but you wouldn't receive your pension until you are age 50. Maybe someone could clarify this bit?

 

Personally, I currently have 20yrs service. I joined in 1998 at age 26 and transferred in 6 months pension from my previous employment with me when I joined, so I now have 20.5yrs pensionable service. I plan to retire in 4.5yrs when I will have 25yrs pensionable service, at which point I will be age 50 so I can receive my qualifying 1987 pension straight away.. I will receive a pension based on the number of years I have protected in the 1987 scheme. 

Because I was moved over to the 2015 CARE pension when it came into effect, by the time I retire I will also have paid into the 2015 CARE pension for a few years. I cannot get at any of this pension until I am age 55. So, when I'm age 50 I will retire and receive a 1987 pension, and then when I'm age 55 I can, if I wish, start to receive my 2015 CARE pension, and I can also choose to commute some of it into a lump sum.

I have my figures from my pension dept, and if I retire at 25yrs pensionable service I can only commute a smaller figure, so my lump sum will be about £29k instead of the £90k I would have got if I delayed my retirement until age 55. My 1987 pension will give me a lump sum pf £29k and a monthly pension of about £1000. When I'm age 55 the 2015 CARE pension will pay me about £5k lump sum, and about £200/month. Its much les than I envisaged when I joined, but I'm happy with this, as I just want to get out ASAP. I hate my job!

Edited by Yorkshire

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Posted (edited)
On 20/03/2018 at 23:01, Sheds said:

The little bit you've got in the 2015 scheme you won't see until SPA (67 in your case, I think) as the 2015 scheme's normal pension age is 60 (although you can take it at a reduced level of around 80% at 55). You may be able to claim it earlier than 67 but it will be much reduced (depending how early you take it).

 

Yes, a per my example above, I'm told you can receive the 2015 pension at age 55, but at a reduced amount. Obviously it is reduced as you will have retired earlier than this pension expects you to, but it will be paying this reduced amount for more years as you have retired earlier.

Edited by Yorkshire

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Posted (edited)
On 18/03/2018 at 18:04, Si Rob said:

Im off with Stress at the moment,I can't take anymore of the job I once loved.Im now 50yrs old with 18yrs front line, on section.Therefore I've 18yrs police service to date and 6 yrs 284 days pension with the RAF , total pension to date is 24 yrs 284 days.To be honest I've had enough and have been told if I carry on the front line, am a heart attack waiting to happen!

I am tapered under the 1987 scheme and due to retire at 55 yrs old,Equalling 23yrs Police Service.

My question is, can I leave in 2019 having accrued 25yrs pension.Hope this makes sense

 

Cheers All.

Assuming your RAF pension has bought you 6yrs 284 days 'transferred in' police pension, than you currently have 24yrs 284 days pensionable service. You can retire in 81 days with 25yrs pensionable service. You will receive the pension straight away as you will be over 50yrs old by then. Its the pensionable service thats the key, not your actual service.

Your 25yr pension will obviously be smaller than if you remained until 30yrs pensionable service. But you get 5yrs of your life back, and you can't put a price on that.

My advice would be to stay off with stress for the next 81 days. You lucky bugger!

Edited by Yorkshire

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