Men and women have the same commutation factors in the Police Pension Scheme 1987. Click to enable/disable _ga - Google Analytics Cookie. Otherwise you will be prompted again when opening a new browser window or new a tab. Your yearly pension would then be £18,813. We need 2 cookies to store this setting. Since these providers may collect personal data like your IP address we allow you to block them here.

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Following the Budget 2016 announcement, the Home Office advised forces on Monday that the commutation factors for the 1987 Police Pension Scheme had been updated. Following continued lobbying by the PFEW Research and Policy Support department, the Home Office agreed to provide a police pension calculator for officers. You’ll see that the younger you are the more you get for each pound you convert. These revised factors have immediate effect. If you refuse cookies we will remove all set cookies in our domain. The size of the change varies according to the age at which the member chooses to take his or her benefits. Home » PAY & PENSIONS » Police Pension Scheme 1987 Commutation Factors Police Pension Scheme 1987 Commutation Factors. Kier Pensions now XPS Administration can be contacted via the details below: Post : XPS Administration PO Box 485Middlesbrough TS1 9EE.

Revised commutation factors for the Police Pension Scheme (PPS) 1987, which have just been issued by the Government Actuary’s Department (GAD). Commutation 1987 Scheme . Change ), You are commenting using your Facebook account. Due to security reasons we are not able to show or modify cookies from other domains. Revised commutation factors for the Police Pension Scheme (PPS) 1987, which have just been issued by the Government Actuary’s Department (GAD). It has a scheme retirement age of 60 but also allows to retire after attaining 30 years pensionable service.

POLICE PENSION SCHEME (PPS) 1987 – REVISED COMMUTATION FACTORS FROM 31 OCTOBER 2018. 90 days from today is Wed, 10 February 2021, POLICE PENSION SCHEME (PPS) 1987 – REVISED COMMUTATION FACTORS FROM 31 OCTOBER 2018. Do you have a pensions calculator for members to use? If you do not want that we track your visit to our site you can disable tracking in your browser here: We also use different external services like Google Webfonts, Google Maps, and external Video providers. Please note that in all instances the commutation factors have improved, so this will mean an increase in the lump sum payable to members for each £1 of their pension that they choose to commute. However, it may be worth checking that this change with the pension administrator that the new factors have been applied. Conversely if you retired at 55 years of age having achieved 30 pensionable years your commutation factor would be £21 for every £1. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer. Check to enable permanent hiding of message bar and refuse all cookies if you do not opt in.

Click to enable/disable essential site cookies. This isn’t correct. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website. By continuing to browse the site, you are agreeing to our use of cookies. Change ), You are commenting using your Twitter account. ( Log Out /  The Government Actuary’s Department (GAD), has just released a new set of commutation factors for the Police Pension Scheme (PPS) 1987. This site uses cookies. It has a scheme retirement age of 60 but also allows to retire after attaining 30 years pensionable service.

The factors for all ages have been increased, which means that the value of the commutation for all individuals will also increase.

The 1987 Police Pension Scheme Commutation factors have changed. Essentially over your 30 years’ service you would accumulate 1/60th of your salary each year up to a maximum of 40/60th’s or 2/3rds of your final salary.

The Scheme is a final salary career defined pension. The 1987 Police Pension scheme (87 PPS) The Scheme is a final salary career defined pension. Retiring Soon? However, please note that, as some of the revised commutation factors are now higher than 20:1, there may be tax implications for some members. Changes will take effect once you reload the page. 14. I would recommend members seek independent financial advice on their own particular circumstances. I understand that they will shortly promulgate a Home Office Circular on the revised commutation factors, which I will ensure is circulated. A 60th is worked out by dividing your salary by 60.

So if your final salary is £37,626 then a 60th represents £627.10. The factors for all ages have been increased. In no instance is the increase in lump sum greater than £1.60 more for each £1 of pension commuted, and in many instances the improvement is smaller. PPS 1987 Commutation Factors Improved - Read this. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. The factors for all ages have been increased. ( Log Out /  The idea being that the larger your initial lump sum, the less pension you draw over your retirement making it slightly more cost effective for the government. The new factors are applicable with effect from 31 October 2018 and therefore should already be in use.

Are you due to retire or retired since 31st October 2018 and a member of the 1987 Police Pension Scheme (PPS), if so please read this important update on commutation factors below; As it is required to do when necessary under the governing regulations of the scheme, the Government Actuary’s Department has updated the commutation factors applicable under the PPS 1987. The new factors will apply to any member who retires on or after 20 April 2011. We may request cookies to be set on your device. The Government produce a table which explains the value of any commutation https://www.gov.uk/government/publications/police-pension-scheme-1987-in-england-and-wales/factors-for-commutation-of-pension-to-lump-sum. Email: Gloster@polfed.org Telephone: 01452 545142 Conduct Phone: 07967 206197. The older your age at retirement, the less Lump sum you will get. Quick links to information on the national Police Federation website: Join us on Facebook for photos, news & views, Read the latest edition of our Headlines newsletter, Log into the dedicated national reps' area, Offers available for members to stay at Police Federation HQ in Leatherhead, 40 mins via train to London, © Copyright 2019 Police Federation All rights reserved, Equality, Diversity & Maternity/Paternity, Inspecting Ranks Guide to Working Conditions. Convoluted yes, especially when you can get the same sum by dividing £37,626 by three (£12,542) and multiplying this by 2 (£25,084) thus 2/3rds of your salary. Are you due to retire or retired since 31st October 2018 and a member of the 1987 Police Pension Scheme (PPS), if so please read this important update on commutation factors below; As it is required to do when necessary under the governing regulations of the scheme, the Government Actuary’s … The scheme has a weighted accrual rate to allow you to achieve 40/60th’s so for example for the first 20 years you accumulate 1/60th and for the last 10 years you accumulate 2/60th. These cookies collect information that is used either in aggregate form to help us understand how our website is being used or how effective our marketing campaigns are, or to help us customize our website and application for you in order to enhance your experience. In Budget 2018, the UK Government announced changes to the SCAPE Discount Rate which is used for financing purposes in public service pension schemes. freedigitalphotos.net. ( Log Out /  Please log in using one of these methods to post your comment: You are commenting using your WordPress.com account. The new factors will apply to any member who retires on or after 20 April 2011.

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

The summary is that the factors have increased for all ages.

The 87 scheme also gives members the option to turn part of your pension into a lump sum. Click to enable/disable _gid - Google Analytics Cookie. So for example an officer who achieves 30 years’ service and is aged 48 can convert a maximum of 25% of his pension into a lump sum and will get £23.10 for every £1 converted. The new factors will apply to any member who retires on or after 20 April 2011.

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