FedAdmin@nthwales.pnn.police.uk Phone: 01492 805400

1987 Police Pension Scheme Commutation factors

1987 commutation

 

The 1987 Police Pension Scheme Commutation factors have changed

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. The summary is that the factors have increased for all ages.

These revised factors have immediate effect.

Kier have confirmed their systems are currently being updated and any quotations produced going forward will reflect the new factors. Those officers who are currently in the process of retiring will have their benefits re-calculated to reflect the revised factors.

As there is no statutory requirement to update members of this change Kier will not be providing an update to be distributed to all members.

Please find attached the following documents:

An explanatory letter regarding the factor review

Guidance and revised factors for retirement commutation in the 1987 police pension scheme

A spreadsheet version of the revised factors