Archive for May 21st, 2008

May 21st, 2008

Cha-ching…yeah, right

Posted in The Job - General by 200

I listened to the Home Secretary, Jacqui Spliff’s, speech to the Police Federation conference live on Radio 5 today.

No I didn’t expect her to change her mind over the back-dated pay farce. I did enjoy the bit  a few moments earlier when Jan berry (Federation Chairman) said:

"How was it that the government found 2.7 billion pounds to dig itself out of a tax hole in advance of a by-election but couldn’t find 30 million pounds to honour our pay deal?"

The one bit of the Home Sec’s speech I was interested in was this:

First, I am announcing today new commutation factors for calculating retirement lump sums under the Police Pension Scheme 1987. These new factors – which are the same for both men and  women – should be implemented in forces from 1 July this year. And they will be back-dated to 1 October last year.

This will increase the lump sum payable to all officers who retire under the ‘old’ police pension scheme, or who retired with a lump sum under the old pension scheme on or after 1 October 2007.

To give you an idea of what this could mean for different officers in different circumstances:

• a 50-year old male constable on the top of the pay scale and with CRTP threshold payments who retires after 30 years and commutes the maximum will get a lump sum of just over £109,000 – almost £23,000 more than under the old factors.
• a 52-year old male sergeant in similar circumstances will get a lump sum of just under £120,000 – almost £24,000 more.
• a 55-year old female inspector in similar circumstances will get a lump sum of just over £142,000 – about £14,000 more.

This is purely for selfish reasons, you understand, being as I retire soon and will be commuting a certain amount of my pension in terms of a lump sum.

Another £23,000 on my lump sum seems pretty good to me. But then I remembered that the government only change things to save money, so what they will probably do is increase the lump sum & decrease the  final pension by an amount which overall will mean they save more money in the long run, back for more tea & medals on the Home Office lawns.

I’ll wait to see the fine print before celebrating