UK Police pension
#1
Just Joined
Thread Starter
Joined: Mar 2011
Posts: 4
UK Police pension
I have been abroad working since 2006 and my UK Police Pension has 'stood still' since leaving. When I left, I was on the old scheme and had 18 years in.
Should I not return to the UK, I believe that I will have to wait until I am 65 years of age.
Does anyone know if there is a way of transferring the pension into a private fund which can be drawn on earlier than 65?
I am sure it will still be there when I am 65 but I can't help wondering!
Ghilliemonster.
Should I not return to the UK, I believe that I will have to wait until I am 65 years of age.
Does anyone know if there is a way of transferring the pension into a private fund which can be drawn on earlier than 65?
I am sure it will still be there when I am 65 but I can't help wondering!
Ghilliemonster.
Last edited by ghilliemonster; Mar 24th 2011 at 1:54 pm.
#2
Re: UK Police pension
I have been abroad working since 2006 and my UK Police Pension has 'stood still' since leaving. When I left, I was on the old scheme and had 18 years in.
Should I not return to the UK, I believe that I will have to wait until I am 65 years of age.
Does anyone know if there is a way of transferring the pension into a private fund which can be drawn on earlier than 65?
I am sure it will still be there when I am 65 but I can't help wondering!
Ghilliemonster.
Should I not return to the UK, I believe that I will have to wait until I am 65 years of age.
Does anyone know if there is a way of transferring the pension into a private fund which can be drawn on earlier than 65?
I am sure it will still be there when I am 65 but I can't help wondering!
Ghilliemonster.
If I were you I would e mail the UK Police Federation and ask how you stand before you make any changes and go putting your funds into something else. Are you also sure that you have to wait until you are 65? Check this out.
The old scheme pension was red circled as it is a contract, so check that first, as it may be that your one will not change just because of a stand still in payments. Well worth checking.
That said, the bxxxard govt is trying to shaft all police officers over their pensions - and make even those on the old scheme work until 65. It's outrageous
Dread - x
#3
Forum Regular
Joined: Feb 2007
Posts: 54
Re: UK Police pension
have you considered putting it into a sipp??? i did, bought property overseas using the funds and fingers crossed going to much better off as a result. I bought into harliquin properties, government approved. Worth thinking about
Jane
Jane
#4
#5
Just Joined
Thread Starter
Joined: Mar 2011
Posts: 4
Re: UK Police pension
Hi Ghilliemonster
If I were you I would e mail the UK Police Federation and ask how you stand before you make any changes and go putting your funds into something else. Are you also sure that you have to wait until you are 65? Check this out.
The old scheme pension was red circled as it is a contract, so check that first, as it may be that your one will not change just because of a stand still in payments. Well worth checking.
That said, the bxxxard govt is trying to shaft all police officers over their pensions - and make even those on the old scheme work until 65. It's outrageous
Dread - x
If I were you I would e mail the UK Police Federation and ask how you stand before you make any changes and go putting your funds into something else. Are you also sure that you have to wait until you are 65? Check this out.
The old scheme pension was red circled as it is a contract, so check that first, as it may be that your one will not change just because of a stand still in payments. Well worth checking.
That said, the bxxxard govt is trying to shaft all police officers over their pensions - and make even those on the old scheme work until 65. It's outrageous
Dread - x
#6
Just Joined
Thread Starter
Joined: Mar 2011
Posts: 4
Re: UK Police pension
Thanks for the Info Jane, I am looking into that right now.
#7
Re: UK Police pension
I have been abroad working since 2006 and my UK Police Pension has 'stood still' since leaving. When I left, I was on the old scheme and had 18 years in.
Should I not return to the UK, I believe that I will have to wait until I am 65 years of age.
Does anyone know if there is a way of transferring the pension into a private fund which can be drawn on earlier than 65?
I am sure it will still be there when I am 65 but I can't help wondering!
Ghilliemonster.
Should I not return to the UK, I believe that I will have to wait until I am 65 years of age.
Does anyone know if there is a way of transferring the pension into a private fund which can be drawn on earlier than 65?
I am sure it will still be there when I am 65 but I can't help wondering!
Ghilliemonster.
Be VERY wary of anyone who suggests that you transfer out of a final salary scheme such as the police scheme as you would lose all your guarantees. The only option for you to consider is possibly a QROPS but ONLY if you have intention to ever return to the UK and all the pros and cons have been considered in detail. These plans have their place but are not the wonder schemes that numerous unscrupulous salespeople would have you believe.
Hope that helps.
#8
Forum Regular
Joined: Feb 2007
Posts: 54
Re: UK Police pension
Just to clariy SIPP is a self invested pension plan. I cashed mine in and buying a property in caribbean, I'm not saying it's not without risks but lots of options out there for using your pension fund instead of waiting for it. make it work yourself
Jane
Jane
#9
Re: UK Police pension
You can't 'cash in' a SIPP. It's not possible. Illegal QROPS can be encashed in certain places but that's against HMRC rules and whilst such practices might have been possible a few years ago they aren't really now.
#10
Re: UK Police pension
The threat of taxing the commutation is very real and under scrutiny at the moment. However I cannot see how this can become a reality bearing in mind that the pension contributions have already been subject to income tax once, as tax is taken from the gross pay prior to pension contributions being made.
I would recommend keeping an eye on the Federation website on a regular basis whilst you make up you mind what to do.
Should I hear anything significant I shall post it on this thread for you to see.
Dread - x
#11
Forum Regular
Joined: Feb 2007
Posts: 54
Re: UK Police pension
Sorry just to clarify with the SIPP, you don't necessarily CASH it in, you transfer the funds to a self invested pension fund and then using the money you can use it to purchase government approved investments. Need to speak to a financial advisor first to fully understand but fingers crossed should work out in my favour.
Jane
Jane
#12
Just Joined
Thread Starter
Joined: Mar 2011
Posts: 4
Re: UK Police pension
Thanks to everyone who has replied and given information. I have had a reply from the Police Federation who are looking into this for me.
Once I am armed with all the info, I will post the details.
Once I am armed with all the info, I will post the details.
#13
Just Joined
Joined: Sep 2011
Posts: 2
Re: UK Police pension
Hi, new here after searching about Police Pensions.
I too left the Police in 2003 leaving behind a preserved pension of 20yrs. Although I believe one can start taking the benefit of the Pension earlier than 65 (I was old scheme) I was looking to see if there was any other way of accessing the Pension earlier, and there is.
I have found a financial company in London who once you obtain the Transfer Cash Value of the fund (as if you were going to transfer it into another Pension) then these guys can withdraw the entire amount (Tax Free) and set it up in Trust Off-shore. They will give you full control and access to the fund/Trust whereby you get the entire fund to do with as you wish. You have full control.
This means of course that you can then invest the fund as you want to and even have access to any amount of it you wish straight away.
The company gave me recent examples whereby a Police Sergeant with 23yrs service had a Transfer value of £550k. Two teachers with average service of about 21yrs having a value of around £400k
This is not QROPS for those who know about that method but something else quite unique.
Of course if this interests anyone then it has to be strictly subject to your own due diligence as things like this can sound too good to be true.
Anyway, I have started the process and if anyone else is interested in making contact with me about this then please message me.
Oh, this only applies to preserved Pensions and not to those already drawing upon the benefits.
I too left the Police in 2003 leaving behind a preserved pension of 20yrs. Although I believe one can start taking the benefit of the Pension earlier than 65 (I was old scheme) I was looking to see if there was any other way of accessing the Pension earlier, and there is.
I have found a financial company in London who once you obtain the Transfer Cash Value of the fund (as if you were going to transfer it into another Pension) then these guys can withdraw the entire amount (Tax Free) and set it up in Trust Off-shore. They will give you full control and access to the fund/Trust whereby you get the entire fund to do with as you wish. You have full control.
This means of course that you can then invest the fund as you want to and even have access to any amount of it you wish straight away.
The company gave me recent examples whereby a Police Sergeant with 23yrs service had a Transfer value of £550k. Two teachers with average service of about 21yrs having a value of around £400k
This is not QROPS for those who know about that method but something else quite unique.
Of course if this interests anyone then it has to be strictly subject to your own due diligence as things like this can sound too good to be true.
Anyway, I have started the process and if anyone else is interested in making contact with me about this then please message me.
Oh, this only applies to preserved Pensions and not to those already drawing upon the benefits.
#14
Just Joined
Joined: Aug 2011
Posts: 5
Re: UK Police pension
I have been abroad working since 2006 and my UK Police Pension has 'stood still' since leaving. When I left, I was on the old scheme and had 18 years in.
Should I not return to the UK, I believe that I will have to wait until I am 65 years of age.
Does anyone know if there is a way of transferring the pension into a private fund which can be drawn on earlier than 65?
I am sure it will still be there when I am 65 but I can't help wondering!
Ghilliemonster.
Should I not return to the UK, I believe that I will have to wait until I am 65 years of age.
Does anyone know if there is a way of transferring the pension into a private fund which can be drawn on earlier than 65?
I am sure it will still be there when I am 65 but I can't help wondering!
Ghilliemonster.
BB
#15
Re: UK Police pension
Hi, new here after searching about Police Pensions.
I too left the Police in 2003 leaving behind a preserved pension of 20yrs. Although I believe one can start taking the benefit of the Pension earlier than 65 (I was old scheme) I was looking to see if there was any other way of accessing the Pension earlier, and there is.
I have found a financial company in London who once you obtain the Transfer Cash Value of the fund (as if you were going to transfer it into another Pension) then these guys can withdraw the entire amount (Tax Free) and set it up in Trust Off-shore. They will give you full control and access to the fund/Trust whereby you get the entire fund to do with as you wish. You have full control.
This means of course that you can then invest the fund as you want to and even have access to any amount of it you wish straight away.
The company gave me recent examples whereby a Police Sergeant with 23yrs service had a Transfer value of £550k. Two teachers with average service of about 21yrs having a value of around £400k
This is not QROPS for those who know about that method but something else quite unique.
Of course if this interests anyone then it has to be strictly subject to your own due diligence as things like this can sound too good to be true.
Anyway, I have started the process and if anyone else is interested in making contact with me about this then please message me.
Oh, this only applies to preserved Pensions and not to those already drawing upon the benefits.
I too left the Police in 2003 leaving behind a preserved pension of 20yrs. Although I believe one can start taking the benefit of the Pension earlier than 65 (I was old scheme) I was looking to see if there was any other way of accessing the Pension earlier, and there is.
I have found a financial company in London who once you obtain the Transfer Cash Value of the fund (as if you were going to transfer it into another Pension) then these guys can withdraw the entire amount (Tax Free) and set it up in Trust Off-shore. They will give you full control and access to the fund/Trust whereby you get the entire fund to do with as you wish. You have full control.
This means of course that you can then invest the fund as you want to and even have access to any amount of it you wish straight away.
The company gave me recent examples whereby a Police Sergeant with 23yrs service had a Transfer value of £550k. Two teachers with average service of about 21yrs having a value of around £400k
This is not QROPS for those who know about that method but something else quite unique.
Of course if this interests anyone then it has to be strictly subject to your own due diligence as things like this can sound too good to be true.
Anyway, I have started the process and if anyone else is interested in making contact with me about this then please message me.
Oh, this only applies to preserved Pensions and not to those already drawing upon the benefits.
Welcome to BE.
Interesting information, but as you advise here, it is essential that people check out everything first.
You mention people messaging you, so just wanted to let you know that you need to make 3 posts before you can use the private messaging service.
Dread -x