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Essentially over your 30 years’ service you would accumulate 1/60th of your salary each year up to a maximum of 40/60th’s or 2/3rds of your final salary.
The new factors will apply to any member who retires on or after 20 April 2011.
Please note that in all instances the commutation factors have improved, so this will mean an increase in the lump sum payable to members for each £1 of their pension that they choose to commute. You are free to opt out any time or opt in for other cookies to get a better experience.
I understand that they will shortly promulgate a Home Office Circular on the revised commutation factors, which I will ensure is circulated. The factors for all ages have been increased. However, it may be worth checking that this change with the pension administrator that the new factors have been applied.
Refer to your pension scheme handbook for full details. If you multiply £627.10 by 40 you get a total pension of £25,084. Otherwise you will be prompted again when opening a new browser window or new a tab.
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This discount rate is used to assess the current cost of future payments to members from the scheme and is designed to maintain the financial sustainability of those promised benefits. We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Convoluted yes, especially when you can get the same sum by dividing £37,626 by three (£12,542) and multiplying this by 2 (£25,084) thus 2/3rds of your salary. 90 days from today is Wed, 10 February 2021, POLICE PENSION SCHEME (PPS) 1987 – REVISED COMMUTATION FACTORS FROM 31 OCTOBER 2018.
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We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. The idea being that the larger your initial lump sum, the less pension you draw over your retirement making it slightly more cost effective for the government. But this will always prompt you to accept/refuse cookies when revisiting our site. POLICE PENSION SCHEME (PPS) 1987 – REVISED COMMUTATION FACTORS FROM 31 OCTOBER 2018. The Government Actuary’s Department (GAD), has just released a new set of commutation factors for the Police Pension Scheme (PPS) 1987.
So with a pension of £25,084 you would sacrifice £6,271 (25%) and get £144,860.10 in return. Do you have a pensions calculator for members to use?
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A 60th is worked out by dividing your salary by 60. Are you due to retire or retired since 31st October 2018 and a member of the 1987 Police Pension Scheme (PPS), if so please read this important update on commutation factors below; As it is required to do when necessary under the governing regulations of the scheme, the Government Actuary’s Department has updated the commutation factors applicable under the PPS 1987. Please be aware that this might heavily reduce the functionality and appearance of our site.
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Retiring Soon?
Change ), You are commenting using your Twitter account. In no instance is the increase in lump sum greater than £1.60 more for each £1 of pension commuted, and in many instances the improvement is smaller. Following the Budget 2016 announcement, the Home Office advised forces on Monday that the commutation factors for the 1987 Police Pension Scheme had been updated. In Budget 2018, the UK Government announced changes to the SCAPE Discount Rate which is used for financing purposes in public service pension schemes. Are you due to retire or retired since 31st October 2018 and a member of the 1987 Police Pension Scheme (PPS), if so please read this important update on commutation factors below; As it is required to do when necessary under the governing regulations of the scheme, the Government Actuary’s …
These revised factors have immediate effect. The 87 scheme also gives members the option to turn part of your pension into a lump sum.
The new factors will apply to any member who retires on or after 20 April 2011.
Your yearly pension would then be £18,813. The Government produce a table which explains the value of any commutation https://www.gov.uk/government/publications/police-pension-scheme-1987-in-england-and-wales/factors-for-commutation-of-pension-to-lump-sum.