13 March 2018
Officers can now plan better for retirement thanks to the Home Office issuing a pension calculator for members of the police pension schemes.
The calculator has been made available after lobbying from the Police Federation of England and Wales and allows officers to get an idea of their projected pension at retirement using their annual pensions statement to help them find the information they need to input.
“This calculator will prove a very useful tool to any officer planning their future and trying to work out their finances but I would still strongly advise them to seek independent financial advice before making any final decisions,” says Tiff Lynch, chair of Leicestershire Police Federation.
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.
But the pension calculator allows officers in all three police pension schemes to be able to obtain illustrations of the benefits they are likely to receive when they retire.