Police Pension Explained | 2015 Scheme
Police Pension Explained | 2015 Scheme
In the UK, police pensions are governed by a complex set of regulations that can be confusing to navigate. But understanding how police pensions work is crucial for both serving officers and those who have retired or are planning to retire from the police service.
In this video, we will provide an overview of police pensions in the UK, including the different types of pensions available, how they are calculated, and what benefits they offer.
Police pensions are retirement plans specifically designed for police officers. These pensions like any other pension, are designed to provide financial security when these individuals seek out retirement.
There are three types of Police Pension Schemes; you have the 1987, 2006, and 2015 schemes.
I cover how can you increase the amount of Pension Benefits you can earn from your Police Pension.
So you can opt to make added pension payments in order to increase your retirement benefits for a certain period. If you go ahead with doing so you have the option to make this additional payment in a lump sum amount or in monthly installments.
Chapter Information (Police Pension Explained | 2015 Scheme):
0:00 Introduction
0:40 What are Police Pensions
1:29 How to Apply?
4:48 How to Calculate Your Pension Benefits?
7:30 When do you Retire?
8:19 Additional Benefits
9:40 Adding More to Your Police Pension (AVC)?
🔹 Police Pension Benefits Calculator: docs.google.com/spreadsheets/...
🔹 Additional Pension Calculator: pensions.gov.scot/nhs/your-me...
🔹 Croneri - Police Pension: app.croneri.co.uk/topics/poli...
🔹Gov.Uk: www.gov.uk/government/publica...
🔹Ill Health: www.peninsulapensions.org.uk/...
🔹 Gov.uk - Register for Self Assessment
www.gov.uk/register-for-self-...
🔹Members Guide: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/assets.publishing.service.gov...
DISCLAIMER: Any advice or statements perceived to be advice given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice.
You are fully responsible for your financial decisions. If you are in need of any Financial Advice, please seek out a professional advisor. If you are unsure of how to do this, please feel free to reach out to me and I am more than happy to guide
#policepension #policeuk
Пікірлер: 18
It's true what they say, that's a very generous scheme I can see why they retire early, the older schemes must be even more generous
Kozan, great video, thanks👍
@FinancialMadness
Жыл бұрын
Thanks Steven. Glad you found it helpful.
Hi I am due to retire at the end of October 2024 from The Met.I have been offered a civil service job, do I need to be retired for a month before starting my new role due to pension rules.I have been told two different things, one(1) no because the Met is a home office pension not a civil service pension and also your joining a completely different department. I would be grateful for your opinion
Very good video. Thanks very much
@FinancialMadness
Жыл бұрын
Thank you!
The best explanation I have seen of this pension scheme. Quick question do AVCs attract 40% tax relief, and is this ordinarily claimed at source by my the pension managers. Also are we able to set up a SIPP in addition to AVC”s Many thanks
How about calculations for shorter term careers
Do the AVCs attract any employer contributions ( I think I know the answer ), and would you advise phoning the HMRC to ensure the tax relief has been applied to AVCs. Great vid too
@nathansmith3813
6 ай бұрын
If you are contributing extra through the 2015 scheme ‘added pension’ facility there are no extra contributions from the pension scheme. The scheme administrator will also report the additional contributions to HMRC, but it couldn’t hurt to check at the end of the tax year
Super helpful video...... Sorry if I've missed something - but when you've reduced the benefits to 75% because of taking the 25% lump sum on retirement, is there a way working out what that lump sum could be??? Thanks
@TheHirsticus
5 ай бұрын
This would be very helpful to know. Definitely waiting on an answer to this.
@EthanHKR1994
3 ай бұрын
On a pension explanation on the .gov website it says for every £1 you take off your pension you get £12 (approx max 25%) so using the example in the video year 35 lump sum £119,325 and a yearly draw of £29,831. Based on 2% CPI. Currently CPI is 3.4% and it was 4% at the beginning of the year so CPI is currently better for higher earners /people with bigger pots in terms of “interest” at the minute. I am sure if the OP of the video sees this he can correct me if I am wrong.
@EthanHKR1994
3 ай бұрын
So once you have your pension entitlement number. (X) you devise this by how much % you wish to sacrifice (25% = 4). X/4. Then multiply by 12. (X/4)*12.
It would take seconds for you to check the set salary increases for police officers and do this more accurately. Plus, no one is going to work 35 years as a cop, 30 max.
@judgeroybean6930
10 ай бұрын
Not under new and planned regulation changes, they'll have you working for 40 years and that'll be 'front-line' too!
@iainduncan0303
10 ай бұрын
@@judgeroybean6930 police scotland cant afford cops with experience because they have to pay them more, hence the changes to the pension and swathes of older cops leaving. Most cops these days are 3,4,5 years experience average