Following lobbying from PFEW at the police pension schemes’ governance body, the Scheme Advisory Board, the Home Office has now issued a pension calculator for members of the police pension schemes.
The calculator allows members to get an idea of their projected pension at retirement, to help them plan for the future. The calculator can be found on the Gov UK website.
Members can use their annual pension statements to help them input information into the calculator.
The calculator provides Members with an estimate of their pensions only and it is recommended that they seek independent financial advice before making any financial decisions.
Andy Fittes said: “We have been lobbying the Home Office to provide a calculator for some time now and we are pleased that it has now been issued. The calculator will provide assistance to members in making important decisions when planning for their financial future.”
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. That consistency is now provided by the Pension Calculator.
Following continued lobbying by PFEW the Home Office last June agreed to provide a police pension calculator for officers. The calculator now provided 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.