UK Police pension

Old Mar 24th 2011, 1:28 pm
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Default 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.

Last edited by ghilliemonster; Mar 24th 2011 at 1:54 pm.
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Old Mar 24th 2011, 6:01 pm
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Default Re: UK Police pension

Originally Posted by ghilliemonster View Post
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.
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
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Old Mar 27th 2011, 6:30 pm
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Default 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
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Old Mar 28th 2011, 6:11 am
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Default Re: UK Police pension

What's a sipp?

John
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Old Mar 28th 2011, 12:27 pm
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Default Re: UK Police pension

Originally Posted by dreadsoc View Post
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
Thanks for the information. I think the first thing is to contact the police federation. There are rumours of taxing commutationat 40 per cent, taxing pensions, etc circlating so it would be nice to have some clarity on the matter.
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Old Mar 28th 2011, 12:28 pm
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Default Re: UK Police pension

Originally Posted by jayne3411 View Post
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
Thanks for the Info Jane, I am looking into that right now.
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Old Mar 28th 2011, 1:51 pm
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Default Re: UK Police pension

Originally Posted by ghilliemonster View Post
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.
Under current UK pension legislation you should have the option to take benefits earlier than age 65. Pension scheme trustees should be able to give you figures for taking benefits from age 55, by law, although you will appreciate that the amount will be reduced.

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.
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Old Mar 28th 2011, 4:59 pm
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Default 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
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Old Mar 29th 2011, 5:48 am
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Default Re: UK Police pension

Originally Posted by jayne3411 View Post
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
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.
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Old Mar 30th 2011, 7:57 pm
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Default Re: UK Police pension

Originally Posted by ghilliemonster View Post
Thanks for the information. I think the first thing is to contact the police federation. There are rumours of taxing commutationat 40 per cent, taxing pensions, etc circlating so it would be nice to have some clarity on the matter.

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
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Old Mar 30th 2011, 10:06 pm
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Default 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
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Old Apr 4th 2011, 4:20 pm
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Default 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.
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Old Sep 8th 2011, 4:39 pm
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Default 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.

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Old Sep 8th 2011, 8:58 pm
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Default Re: UK Police pension

Originally Posted by ghilliemonster View Post
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.
I think that as you have deferred your pension, you are entitled to make claim on the benefit at age 60 not 65, so a little earlier than you expected.....
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Old Sep 21st 2011, 12:46 am
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Default Re: UK Police pension

Originally Posted by IamNotaWidget View Post
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.

Hi Widget

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
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