UK Police pension

Old Oct 8th 2012, 6:26 am
  #46  
Bored liberal
 
Meow's Avatar
 
Joined: Feb 2007
Location: Over there ----->
Posts: 13,704
Meow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond reputeMeow has a reputation beyond repute
Default Re: UK Police pension

Originally Posted by Hass12345 View Post
Thanks for your reply.

The current government seeks to put all officers onto a new police pension which will remove the final salary payouts and decrease the lump sum, yet increase contributions and retirement age.
It's happening everywhere. Simple demographics and basic maths make it very clear that there have to be changes as current final salary schemes are unsustainable.
Meow is offline  
Old Oct 19th 2012, 1:34 pm
  #47  
Forum Regular
 
mr luvpants's Avatar
 
Joined: Jan 2007
Posts: 206
mr luvpants is a glorious beacon of lightmr luvpants is a glorious beacon of lightmr luvpants is a glorious beacon of lightmr luvpants is a glorious beacon of lightmr luvpants is a glorious beacon of lightmr luvpants is a glorious beacon of lightmr luvpants is a glorious beacon of lightmr luvpants is a glorious beacon of lightmr luvpants is a glorious beacon of lightmr luvpants is a glorious beacon of lightmr luvpants is a glorious beacon of light
Default Re: UK Police pension

I have a Firefighters pension in the UK that will pay out when I am 60. I am wondering whether to leave it is or to start "playing" with it. Any advice from some one who knows or has done it before?
mr luvpants is offline  
Old Oct 19th 2012, 2:02 pm
  #48  
 
dreadsoc's Avatar
 
Joined: Sep 2009
Posts: 4,680
dreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond repute
Default Re: UK Police pension

Originally Posted by mr luvpants View Post
I have a Firefighters pension in the UK that will pay out when I am 60. I am wondering whether to leave it is or to start "playing" with it. Any advice from some one who knows or has done it before?
Hi

Again I would advise you contact your Union folk as one of them will be the 'pension dude' who knows the answer....then get a good financial advisor.

Dread -x
dreadsoc is offline  
Old May 30th 2013, 3:02 pm
  #49  
Forum Regular
 
Joined: Nov 2011
Posts: 51
powersmurf is an unknown quantity at this point
Default Re: UK Police pension

Hello all,

Just wanted to get some more advice if possible.

I have left the UK and am now living in the US. I have 6 years service with 5 years worth of pension. I am told that I can transfer it over here to the US. However, when I rang county Hall I was told that my pension is worth just over £11k after 5 years.

Here is what I do not get. The guy on the phone said that my pension is worth £2k per year and then you have the lump sum. But he said that my pension is worth £2k over the 5 years, with £9k as my lump sum?

If anyone has any knowledge or give a brief explanation of how the figure is worked out I would be forever grateful.

Cheers
powersmurf is offline  
Old May 30th 2013, 3:38 pm
  #50  
BE Enthusiast
 
Joined: Sep 2008
Location: Edmonton, AB
Posts: 449
tim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant future
Default Re: UK Police pension

Originally Posted by powersmurf View Post
Hello all,

Just wanted to get some more advice if possible.

I have left the UK and am now living in the US. I have 6 years service with 5 years worth of pension. I am told that I can transfer it over here to the US. However, when I rang county Hall I was told that my pension is worth just over £11k after 5 years.

Here is what I do not get. The guy on the phone said that my pension is worth £2k per year and then you have the lump sum. But he said that my pension is worth £2k over the 5 years, with £9k as my lump sum?

If anyone has any knowledge or give a brief explanation of how the figure is worked out I would be forever grateful.

Cheers

I recently moved over my 7.5 year Police Pension to Canada and the value of it was about £55,000 so that amount you got quoted for 5 years seems way off!

Tim
tim010 is offline  
Old May 30th 2013, 3:44 pm
  #51  
Forum Regular
 
Joined: Nov 2011
Posts: 51
powersmurf is an unknown quantity at this point
Default Re: UK Police pension

Originally Posted by tim010 View Post
I recently moved over my 7.5 year Police Pension to Canada and the value of it was about £55,000 so that amount you got quoted for 5 years seems way off!

Tim
Bloody hell, how much were you paying a month? The guy in the office said he would re-send a statement but he said it was worth £2k and then my lump sum of £9k. I don't get it at all. I can't remember how much I was paying each month but it was around £250 I believe (I was on the 35 year scheme).

So lets just say I did pay £250 a month. Over 5 years that is £15,000k without the police matching their side....or am I totally wrong?

Can I ask what force you were in?
powersmurf is offline  
Old May 30th 2013, 3:45 pm
  #52  
BE Enthusiast
 
Joined: Sep 2008
Location: Edmonton, AB
Posts: 449
tim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant future
Default Re: UK Police pension

Originally Posted by powersmurf View Post
Bloody hell, how much were you paying a month? The guy in the office said he would re-send a statement but he said it was worth £2k and then my lump sum of £9k. I don't get it at all. I can't remember how much I was paying each month but it was around £250 I believe (I was on the 35 year scheme).

So lets just say I did pay £250 a month. Over 5 years that is £15,000k without the police matching their side....or am I totally wrong?

Can I ask what force you were in?
TVP on the 'old' 30 year scheme

Tim
tim010 is offline  
Old May 30th 2013, 3:47 pm
  #53  
Forum Regular
 
Joined: Nov 2011
Posts: 51
powersmurf is an unknown quantity at this point
Default Re: UK Police pension

Originally Posted by tim010 View Post
TVP on the 'old' 30 year scheme

Tim
Can there still be that much difference between the 30 year and 35 year? With what I have been told, that means I am not getting what the police have put in....is that right?
powersmurf is offline  
Old May 30th 2013, 3:48 pm
  #54  
BE Enthusiast
 
Joined: Sep 2008
Location: Edmonton, AB
Posts: 449
tim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant futuretim010 has a brilliant future
Default Re: UK Police pension

Originally Posted by powersmurf View Post
Can there still be that much difference between the 30 year and 35 year? With what I have been told, that means I am not getting what the police have put in....is that right?
I know the contributions were higher for the 30 year scheme but don't know enough about any of the schemes to know the detailed differences.

Tim
tim010 is offline  
Old Jun 11th 2013, 6:05 pm
  #55  
Forum Regular
 
Joined: Nov 2011
Posts: 51
powersmurf is an unknown quantity at this point
Default Re: UK Police pension

Originally Posted by tim010 View Post
TVP on the 'old' 30 year scheme

Tim
Mate what is the name of your company who you transferred your pension to? I was told I can transfer mine to a US based company however I have now been informed that the IRS does not allow this. I am thinking that maybe I can transfer it to Canada and cash it from there?? This is turning into a joke!!

Also, I had it confirmed that my pension is worth £11k after 6 years service. When I asked about the Police's contribution they could not answer it??!!!!
powersmurf is offline  
Old Jun 11th 2013, 6:12 pm
  #56  
 
dreadsoc's Avatar
 
Joined: Sep 2009
Posts: 4,680
dreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond reputedreadsoc has a reputation beyond repute
Default Re: UK Police pension

Originally Posted by powersmurf View Post
Bloody hell, how much were you paying a month? The guy in the office said he would re-send a statement but he said it was worth £2k and then my lump sum of £9k. I don't get it at all. I can't remember how much I was paying each month but it was around £250 I believe (I was on the 35 year scheme).

So lets just say I did pay £250 a month. Over 5 years that is £15,000k without the police matching their side....or am I totally wrong?

Can I ask what force you were in?

I suggest you contact your old Police Federation office and get them to check it.......they are usually pretty accurate.

Dread - x
dreadsoc is offline  
Old Jun 11th 2013, 10:09 pm
  #57  
BE Enthusiast
 
mjwalker007's Avatar
 
Joined: Feb 2008
Location: British Columbia, Canada
Posts: 397
mjwalker007 has a reputation beyond reputemjwalker007 has a reputation beyond reputemjwalker007 has a reputation beyond reputemjwalker007 has a reputation beyond reputemjwalker007 has a reputation beyond reputemjwalker007 has a reputation beyond reputemjwalker007 has a reputation beyond reputemjwalker007 has a reputation beyond reputemjwalker007 has a reputation beyond reputemjwalker007 has a reputation beyond reputemjwalker007 has a reputation beyond repute
Default Re: UK Police pension

Originally Posted by powersmurf View Post
Mate what is the name of your company who you transferred your pension to? I was told I can transfer mine to a US based company however I have now been informed that the IRS does not allow this. I am thinking that maybe I can transfer it to Canada and cash it from there?? This is turning into a joke!!

Also, I had it confirmed that my pension is worth £11k after 6 years service. When I asked about the Police's contribution they could not answer it??!!!!
Hi Powersmurf,

You would have to be a resident of Canada to transfer your UK pension here as it has to be placed within an RRSP.
mjwalker007 is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.