The new factors will apply to any member who retires on or after 20 April 2011. This isn’t correct. Click to enable/disable _gat_* - Google Analytics Cookie. 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, Admin response to Government consultation on public sector pension remedy. The factors for all ages have been increased. It has a scheme retirement age of 60 but also allows to retire after attaining 30 years pensionable service. The size of the change varies according to the age at which the member chooses to take his or her benefits. By continuing to browse the site, you are agreeing to our use of cookies. 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. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer. Click on the different category headings to find out more. The factors for all ages have been increased, which means that the value of the commutation for all individuals will also increase. So if your final salary is £37,626 then a 60. represents £627.10. 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 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. Blog: Members’ welfare must be our number one priority, Met boss leads emotional tributes to hero Sergeant, ​Arrangements for the funeral of Sergeant Matt Ratana, Public frustrations with Coronavirus lockdown is leading to surge in assaults on officers, Gloucestershire Police Officers Encouraged To Fill In Survey To Have A Voice, Forces Need To Support Officers’ Mental Health. Commutation 1987 Scheme . The older your age at retirement, the less Lump sum you will get. 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. Check to enable permanent hiding of message bar and refuse all cookies if you do not opt in. freedigitalphotos.net. The primary driving force behind the need to do this has been the change in the SCAPE discount rate. 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. ( Log Out /  ( Log Out /  Revised commutation factors for the Police Pension Scheme (PPS) 1987, which have just been issued by the Government Actuary’s Department (GAD). Click to enable/disable Google Analytics tracking. Kier Pensions now XPS Administration can be contacted via the details below: Post : XPS Administration PO Box 485Middlesbrough TS1 9EE. Your yearly pension would then be £18,813. 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. You can also change some of your preferences. Change ), Essentially over your 30 years’ service you would accumulate 1/60, of your salary each year up to a maximum of 40/60, The scheme has a weighted accrual rate to allow you to achieve 40/60, ’s so for example for the first 20 years you accumulate 1/60, and for the last 10 years you accumulate 2/60, is worked out by dividing your salary by 60.

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