The PSA represents the best interests of members with regards to police pensions, and works to improve and maintain all aspects of police pay, conditions and terms of Service.
The association is an active member of the UK Police Pensions Consultative Forum and the Scheme Advisory Board, through which matters around police pensions are addressed.
Information and updates to assist members are shared below:
The association is an active member of the UK Police Pensions Consultative Forum and the Scheme Advisory Board, through which matters around police pensions are addressed.
Information and updates to assist members are shared below:
NPCC Pensions Lead - Conference input
NPCC Pensions Lead, Clair Alcock, recently gave an input to delegates at the 2024 conference of the PSA. Her input, which gives latest updates on the pensions remedy, can be viewed here.
Pensions remedy information – NPCC website
The National Police Chiefs’ Council (NPCC) has developed a website designed to provide information on the impact of the pensions remedy.
The website includes a police retirement calculator to help those affected understand what benefits could be received at retirement, regularly updated FAQs and a specific FAQ on how pension tax charges are calculated and paid.
The site also contains a number of downloadable fact sheets as follows:
Member factsheet – contribution adjustments
The Pension Scheme website is intended to give generic information about the police pension scheme. It is not intended to provide advice to individual members, who should not make financial decisions based on the information it provides, but seek advice from an independent financial adviser. The PSA is not responsible in any way for the pension scheme website and its contents and will not be liable for any loss suffered as a result of using it.
The Pension Scheme website is intended to give generic information about the police pension scheme. It is not intended to provide advice to individual members, who should not make financial decisions based on the information it provides, but seek advice from an independent financial adviser. The PSA is not responsible in any way for the pension scheme website and its contents and will not be liable for any loss suffered as a result of using it.
Pension Update for those planning on retiring soon, and those who are over 55 and contemplating deferring their 2015 pension
(February 2024)
In relation to the Police Pension (CARE 2015), some affected members have interpreted the regulations, that when they reached 55 years of age and choose to retire, if they then choose not to take their PPS2015 benefits immediately upon retirement, then any actuarial reduction on their benefits would continue to be applied from age 60, rather than from state pension age.
Recently, the PSA has become aware that the pension administrators are interpreting the regulations as follows: "Should a member retire having reached age 55, who then opts not to take their PPS2015 benefits immediately on retirement, they will be deemed to be a deferred member of the scheme. Should they then subsequently elect to take their PPS2015 benefits prior to reaching state pension age, any actuarial reduction would be applied from state pension age rather than age 60."
We have raised this as an issue with the NPCC pension lead and it is to be taken to the Police Pension Scheme Advisory Board for review.
As the regulations stand currently, members who retire age 55 or older, and who defer their PPS2015 benefits, will end up financially disadvantaged in comparison with those who elect to take their PPS2015 benefits immediately on retirement. We struggle to understand how this could be the policy intent behind the regulations. This issue is unlikely to be resolved immediately, but we will update you when we know more.