Please make sure you are aware of your pension scheme rules and obtain an up to date illustration from your pension administrator prior to making any decisions about your pension and retirement. Your total pension value is likely to exceed £1million and may therefore breach your Lifetime Allowance. If you choose not to provide us with any of your information we may not be able to provide you with an illustration. Make sure you stay ‘On the Beat’ and sign up now. 2/3, of your final salary. Agreed Guide to Police officer Conditions in Scotland. M��:���#�4h�Hb�q. When you take your Police Pension you will be given the option of being able to take up to 25% of your pension fund as a tax-free lump sum payment, known as commutation. 1 (abbreviated to PPS in this guide) offer a range of benefits that will provide financial security both in the time up to retirement and beyond. Principles and Practices of Financial Management. �٭���M8��c�9y~.e��#w1 The complexities of the new pension arrangements have made this a particularly challenging piece of work but after considerable testing and refinement we have a high degree of confidence in the figures that are being produced. The NPPS accrues at 1/70 per year and officers had to work for 35 years to get a maximum pension. �`�q xl/_rels/workbook.xml.rels �(� ���j�0�C�}u��M{�vں0���&v���}����ڃ�% K�Ov�\�:������%���+]d�k��4g :�sY ;����a��t~�U����1c�s�3�Jh$Lگ�m��-x+�^��i:���[]�L6y��&�����w�]��v��W����J�k�K �J[��X�B~Z��bƯ���jĈ���B���{@iJMl6$�Yd�f�O��c3$����X�K�;P�1�?6 �4�7�_|г8����#���7�$#b�!��DV3!�UV�����~�ϳ��#z��;"�o[�$�EH9J�꥔��1u)J�82�1%&(�;N���'6ѱ��� �� PK ! Recap on new Pension Arrangements. A new pot is created each year and when you retire you get the sum of all the pots back as an annual pension. 35/70 gives half of your final salary. Pensions are uprated each April and the level of increase is determined by CPI in September of the preceding year. 1818 0 obj <>/Filter/FlateDecode/ID[]/Index[1810 25]/Info 1809 0 R/Length 60/Prev 587914/Root 1811 0 R/Size 1835/Type/XRef/W[1 2 1]>>stream We use cookies to help your user experience, understand how our website is used, and target promotional activity. They specialise in dealing with the Police and and their pensions. H#,�/D!���wv8�2�]7:[�GeMɊ|�20�V��K�����e����J�d�ӏ&O�Q����!��Q��̭CWf�7"Щ�s'�B́_��W\Z��Qh5�tr3��!�����$�ʰ�n{_kU2�VR�+S�1��LI��\6$��� *�B�s�9�G�C�zz�8��_V9Ev`X+�������ǭN�����{�B��`�i��� {>� -._k�b����E~�r��w{�7B��œ��nF��� m~��@��D8>%��9�/�p\%��5��D8�%�Q�SI�����"��Z��� This guide is intended to Use the links for details of the applicable increases: How index linking works Under the New Pension Scheme, "Disciplined staff" refers to staff of disciplined ranks of the following departments, viz. Are you planning to start a second career or new business? Sign up for a daily or weekly digest of new content on this website at the following page. If however you transfer to the CARE scheme, the accrual rate will be rebalanced to even it out throughout your service, e.g. You can change your settings at any time. 1987 Scheme. 2. Here are some things you may want to consider: If you would like to talk through your options, why not make an appointment to see one of our independent financial advisers? Police Pension Scheme 1987. This Commutation Slider Tool is designed for officers in the 1987 scheme with full protection and not subject to the Police Pension reforms. endstream endobj startxref Please also note that the Scottish CARE accrual rate is different to the rate elsewhere in the UK and benefits officers who wish to retire before 60. As you'll be retiring at a younger age than most, do you want a lump sum to spend and enjoy? They specialise in dealing with the Police and their pensions. See the 1987 Police Pension Guide and 1987 Police Pension Regulations for more information. h�bbd``b`� $@��`�$�V����Ē PK ! Brief Overview of the three Pension Schemes. 0 In addition to this a tax free lump sum is paid out, however you can convert this to increase your pension. ��p�!�W)��OI[���ͬ�����2"%L� �75K3=��������)��I�Ň�6�/L����u� These officers will get 2 pensions – their PPS/NPPS and their CARE pension. The Pensions Calculator went live on 9 March 2018. The CARE pension scheme that started in 2015 impacted on officers below a certain age or service. ��0� _ [Content_Types].xml �(� ̘Qo�0��'�;D~��I�u]E�C�=M[�v�ub�ؖ�P����Q� The complexity of the pensions will is now be becoming clear to most and we would urge members to consult with Pension Regulations or seek Professional Advice if unclear. If so, will you need all the income the full pension will give you? 1834 0 obj <>stream Each year a portion of an officer’s annual salary is put into a pot. It is intended illustrative purposes only. This will depend on your own personal situation - your financial position and your plans for the future. amount exceeds HMRC’s limit for drawing a tax free commencement lump sum. We use cookies to help your user experience, understand how our website is used, and target promotional activity. There are therefore 3 main groups of officers: The Calculator takes these factors into account for you. 10.1 Resumption of police service before usual pension age 29 10.2 Resumption of police service after receipt of a pension 29 10.3 The 30+ Retention Scheme 29 10.4 Abatement of pension 29 10.5 Inter-service abatement 30 11. This can be a good way of releasing some of your money without having to pay tax on it, to pay off debts or a mortgage, pay for a planned expense or to invest for growth or a regular return. By taking a lump sum you have the added responsibility of ensuring you invest or spend it wisely. Although this one is quite hard to plan for! Commutation 1987 Scheme When you take your Police Pension you will be given the option of being able to take up to 25% of your pension fund as a tax-free lump sum payment, known as commutation. Payment of awards 32 12.1 General arrangements 32 Divorce and dissolution of civil partnerships 31 12. You then get 2/60 for the each of the last 10 years. Do you have plans for your lump sum already? The scheme is controlled by formal regulations. Prior to the pension changes being announced in 2012, in general terms, officers would have either been in the 1987 Police Pension Scheme (PPS) or if they joined after April 2006, the New Police Pension Scheme (NPPS). h�b```�Hf6 Ad`C��CQF0�� Officers transferring out of PSOS should also be alert that there may be a pension detriment if they move to another UK Force and they are urged to take advice. ^�e � _rels/.rels �(� ��MK1���!̽;�*"�l/E�Md�1��`7������FAt��z��w�y��f��x�{v�E ��fӻV�K����rF��H"l���3�*���>��⢄.%��uGVł=�\i8X�rZ�J�%\����P�4��H;s�>����67M�i�zoɥ#+��DΐY���B��5�V��$��~����"c'Z����k�RRF%������8���EsܙF|�0�2�Xn/ɢ�1�=c�W�7�޲� �� PK ! The CARE scheme is a different model altogether. �uX&(k�mg�ep Our monthly newsletter is packed full of topical news stories, handy hints and tips for managing your money, information about our products and services and exclusive prize draws! Follow this lnk. The 2015 Scheme came into effect on 1 April 2015. 0, NOTE:This Calculator has now been updated. The pot will increase in value (above inflation) each year until retirement. David Hamilton 1987 Scheme Protected Members (PDF, 194 KB) %PDF-1.5 %���� Make sure you stay ‘On the Beat’ and sign up now. i.e. The Calculator will not therefore work accurately for non-PSOS officers. Could you invest some of the money now to use at a later date, when you're ready to finish working all together? Are you prepared to take a lower monthly income in return for having access to a lump sum? Our monthly newsletter is packed full of topical news stories, handy hints and tips for managing your money, information about our products and services and exclusive prize draws! Will paying off your debts with your commutation reduce your outgoings by more than the amount of pension you will be giving up? Should you wish to understand how Police Mutual uses personal data, please read our Privacy Policy here. We would suggest you contact your pension provider for clarification. Refer to your pension scheme handbook for full details. If you would like to talk through your options, why not make an appointment to see one of our independent financial advisers? If you were appointed or re-appointed (after a break in service) to the Civil Service on or after 1 July 1987 on terms which attract pension benefits, you should be on the New Pension Scheme. ��>� @ xl/workbook.xml�Y�r�H}߈��*bv����&���n���=����,PcݦT�e�~OI����1���ɪ�. if you work for 30 years, 15 of which were on the 1987 scheme, you will get 15/45 (as opposed to 15/60) of your Final Salary Plus 15 years of CARE scheme pension. Do you know that the survivors pension will be the same whether you have commuted or not? The Scottish Public Pensions Agency (SPPA) has now published a calculator in partnership with the Police Scotland Pensions Team, the Scottish Police Federation and the Government Actuaries Department.

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