Home Office agrees to provide pension calculator
20 June 2017
The Home Office has agreed to provide a police pension calculator for officers, following continued lobbying by the Police Federation of England and Wales (PFEW).
The calculator will allow officers in all three police pension schemes to be able to obtain illustrations of the benefits they are likely to receive when they retire. Currently, different pension administrators are used by police forces to run the schemes, so there is a lack of consistency in the format and standard of the pension benefit statements being provided to members across England and Wales – the new calculator will help to address this issue by providing consistency.
Deputy General Secretary Andy Ward said: “We believe that the provision of an accurate and user-friendly pension calculator that allows scheme members to plan their financial futures, while not a legislative requirement, is a matter of good scheme governance. It is also imperative that members are able to get this from a single consistent and trustworthy source.
“Consequently, we have continued to lobby the Home Office. As a result of this continued pressure from ourselves and other staff associations, we are very pleased to report that the Home Office has now agreed to commission the Government Actuary’s Department (GAD) to produce a calculator, similar to the one provided to the Scottish Police Pensions Agency, for use by members of the scheme in England and Wales.
“The Home Office has also confirmed that in producing this new calculator, they will take into consideration the constructive comments provided by the PFEW on the Scottish calculator. While there is currently no timescale for completion, we hope that it will not be too long as the calculator can be adapted from the work done on the Scottish equivalent.”
More information on police pensions