Menu
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)
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.
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.
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.
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.
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.
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.
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.
-
Northern Ireland WeatherThis Evening and Tonight:Dry with good clear spells bringing a rural frost for some and some fog patches in places. Cloudier around the coast of Country Down where the odd light shower may develop. Northerly breezes persisting. Minimum temperature 0 °C.
