September 4th, 2012

So here it is

Posted in The Job - General by 200

So the decision on police pension reform is out today.

From April 2015, the pension contributions rise from 11% for old pension members and 9% for the newer scheme which came in around 2006, to 13.7%, a rise of between nearly 3 and 5%.

The final pension will be based on  ‘career average’ rather than a ‘final salary’ earnings.

The normal pension age will be 60 but officers aged 55 will no be able to draw their full pension amount until they reach that age. The two reports I read today don’t make it clear how long an officer must serve to get the full pension. It used to be 30 years but rose to 35 in 2006.

I’m glad I retired when I did.

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6 comments

  1. Whinger says:

    It’s ok saying an Officer can retire at 55 and take less in his pension.

    You are looking at something between 5 and 10 k a year working 5 years less, instead of the 13k one would expect.

    September 5th, 2012 at 06:39

  2. Swanseajock says:

    From a selfish point of view, I am terribly glad I have only 145 days to go so won’t be affected by this disgrace.

    September 5th, 2012 at 09:31

  3. fishter says:

    It’s a rise of 2.7 percentage points for old pension members and 4.7 percentage points for the newer scheme members.
    That’s a 25% rise for the old scheme and 52% rise for the new scheme.
    http://www.mathsisfun.com/percentage-points.html

    Much like when Gordon Brown increased the National Insurance rate from 4% to 5%. The Government press releases all said a 1% rise. It was a 25% rise – i.e. we all paid a quarter more in NI contributions.

    September 5th, 2012 at 10:27

  4. 200 says:

    fishter, yeah good point!

    September 5th, 2012 at 22:30

  5. Sgt. Slaughter says:

    Not being a person who wanted to join the job all his life, the decision coming to me much later, the terms and conditions were certainly a big factor in my decision with the pension on offer being something which I though would compensate for all the night shifts, assaults and general abuse. To have the government however now come in and change it all seems to me incredibly unfair. Whilst I appreciate the need for changes (i.e. the government is broke after bailing out the banks for the banks mistakes – how does that work?) I don’t see why these changes can’t just be applied for new recruits. That would be more fair.

    September 5th, 2012 at 23:54

  6. Gary says:

    Don’t suppose anyone has heard what is happening to the MP’s generous pension scheme have they…just wondering as you do.

    September 6th, 2012 at 21:08

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