Bookmark and Share
11/12/2003

Consultation launched for 'flexible and affordable' police pensions

It is time to consider options for modernising police pensions to make them "more flexible and affordable" for police officers, Home Office Minister Hazel Blears said today

Announcing a UK-wide consultation on police pensions, the Home Office has called for views on a suggested alternative to the current pension scheme, which would cater for the needs of a "more diverse workforce" and adapt to "increasing life expectancy".

It would also provide value for money and remain affordable to police officers and taxpayers.

The main features of the new proposed pension scheme would include: a full pension of half final salary plus a lump sum of four times the pension; a full pension after 35 years' service; a minimum pension age of 55 and a deferred pension age of 65; and an officer's contribution rate of between 9% and 9.5% of pensionable pay, depending on the final details of the scheme benefits, (officers currently contribute 11%).

A new police pension scheme would not affect the entitlement of existing officers to stay in the current scheme if they prefer. However, officers would be able to transfer to the new scheme if they feel it would better suit their needs, for example by being more affordable or because the new scheme would offer survivor benefits to unmarried or same sex partners.

Ms Blears said: "The existing police pension scheme provides a valuable package of benefits. However, over recent years there have been changes both in the police service and in wider society, which mean we now need to update the scheme to serve the needs of future police officers."

The new scheme would also allow the partners of officers who choose not to get married or who are in same sex relationships to receive survivor benefits.

(gmcg)

Related UK National News Stories
Click here for the latest headlines.

07 April 2005
Pension Protection Fund launches
A scheme to protect employees' pension schemes in the event of their employer declaring bankruptcy has been launched.
08 December 2011
Gov Attempt To Resuscitate NHS Pension Deal
The Government is to put forward a revised pension deal for NHS workers that could see the lowest paid taken out of the higher contributions. Nurses on low professional pay grades along with health staff earning under £26,500 will be protected from the rise, the Department of Health is expected to say.
06 July 2011
Radical Pension Changes To Affect Local Businesses
Private sector employers need to take action now to prepare for a significant overhaul of employee pension provision or face playing catch up on one of the biggest issues to impact the business community for decades, according to a leading UK pension’s expert.
27 June 2011
Tough Times Ahead For The NHS, Warns BMA Chairman


British Medical Association (BMA) Chairman of Council, Dr Hamish Meldrum, today warned of tough times ahead as he set out the key challenges for the NHS in his opening speech to the BMA’s annual conference.
20 May 2010
Royal Mail's Profits Masks Pension Deficit
As Royal Mail Group today announced continued good performance - with operating profit rising by £83 million to £404m - the new Government has confirmed that it will seek "a partial privatisation". In its latest coalition agreement document, Downing Street said it would seek "an injection of private capital" in Royal Mail.
30 November 2005
Mixed reaction to pensions report
Today's Pensions Commission report has been hailed by the government and opposition leaders but fiercely criticised by both businesses and trade unions. The review proposed a gradual rise in the state pension age to 68, as well as the introduction of a national pension saving scheme and a rise in payments linked to earnings, rather than prices.
11 March 2005
Civil service unions to take strike action
"Massive majorities" of public sector workers have voted in favour of strike action over the proposed rise in the pension age, it has been announced. Ballots conducted by Amicus, the Transport and General Workers Union, UCATT and UNISON recorded votes of between 73% and 87% in favour of a one-day strike across the UK on March 23.
08 April 2004
Tax relief surprise for some employee shareholders
The Finance Bill was a "pleasant surprise" for employee shareholders, accountancy firm PricewaterhouseCoopers has said. Under new rules many employees will be able to claim double tax relief for contributing shares acquired through a save as you earn (SAYE) option plan or share incentive plan (SIP) into a registered pension scheme.
22 November 2006
ITV pensions plan sparks union strike threat
Unions are threatening to take industrial action at ITV over proposals to close the company's final salaries pension scheme. The three main ITV unions, Bectu, NUJ, and Amicus have promised to call a strike ballot if ITV closes its final salary pension scheme and transfer staff to a less generous "career average" scheme.
20 February 2006
CBI warns employer compulsion is wrong answer
The CBI today has unveiled proposals to help tackle the UK's emerging pensions crisis without compelling business to contribute to staff pension schemes. The employers' organisation argued, in its submission to the Government, that enrolment without compulsion is the best way of increasing pensions saving without undermining existing provision.
21 April 2006
BBC announces pension changes
The BBC has announced that it is to close its final salary pension scheme to new members. The proposals announced by Director-General Mark Thompson would see the closure of the final salary pension scheme to new members from August 31, 2006.
25 May 2006
Retirement age to rise to 68
The state pension age is to rise to 68, under new pension proposals announced by the government today. The government's White Paper on pensions reform said that the state pension age will be increased gradually, rising to 66 between 2024 and 2026, then 67 between 2034 and 2036 and finally 68 between 2044 and 2046.
20 June 2005
Pensions coalition calls for ‘fair deal’
A new coalition is calling on the new government to deliver a new ‘fair deal’ on pensions. Four organisations – the Trades Union Congress (TUC), Age Concern, Help the Aged and consumer watchdog Which? – have joined together to form the People’s Pensions Coalition to campaign for fair pensions reform.
07 June 2004
Pension Credit uptake passes three million mark
Government figures out today have revealed that over three million people are receiving Pension Credit. The figures, published by the Department for Work and Pensions, found that as of the end of May there are now 3.03 million individuals (2.
10 February 2005
Conservatives propose local police commissioners
Conservative leader, Michael Howard, has announced plans to introduce local police commissioners, as part of the party's law and order policy. Mr Howard unveiled plans to replace "remote and unaccountable" police authorities across England and Wales, with directly elected local police commissioners.