Seminar on Pension Reforms – 1 May 2013
On 1st May, the Association hosted a pension seminar at The Chesford Grange Hotel, Warwickshire, for those members who will not be covered by ‘full protection’ when the reforms to the police pension schemes come into effect in April 2015. Approximately 170 of our current membership come with this group and around 100 of them [...]
Increase in Pension Contributions Announced
Following a consultation process, the Policing Minister has announced that police pension contributions will be increased with effect from April 2013. This announcement is not entirely unexpected. For our members, this will mean a further increase of 1.5% taking our total contributions to 14%. This represents an increase of 3% in contributions over a two [...]
Consultation on Increase in Pension Contributions
In 2011, the Home Secretary consulted on an increase in police officer pension contributions over a three year period. In April 2012, the first of these increases was introduced which resulted in police officer contributions for members of the PPS (‘1987’ Scheme) rising from 11% to 12.5% for those officers who are classed as ‘Tier [...]
Changes to Annual and Lifetime Allowances
In his most recent Autumn Statement, the Chancellor announced further changes to Annual and Lifetime Allowances in relation to pensions. These changes will come into effect from April 2014. The Annual Allowance will be reduced from £50,000 to £40,000 per year and the Lifetime Allowance will be reduced from £1.5m to £1.25m. As a general [...]
MPs Debate Police Pensions
The Chairman of the Home Affairs Committee Keith Vaz chaired a Westminster debate about police pensions on Wednesday 28th November 2012. Derek Barnett President of the PSAEW welcomed the debate saying: “I am pleased that Mr Vaz is highlighting what is a particularly pressing concern for police officers at a time when significant number of [...]
The Annual Allowance Tax Charge – Don’t Get Caught Out!
The Annual Allowance tax charge, which was revised in 2011, can give rise to members facing a tax bill if they undertake temporary or permanent promotion to the rank of ACC. In some cases this tax charge can be substantial. In essence a charge becomes payable if the size of a person’s pension ‘pot’ exceeds [...]
Announcement on Police Pensions
The Home Secretary has today made a Ministerial Statement on reform of the police pension schemes. The links below will take you to the following documents: Home Secretary’s letter to the Independent Chair of PNB Government Actuarial Department’s (GAD) Verification Report Reform Design Framework The Government is committed to reforming pensions across the entire public [...]
Reform of Police Pension Schemes
Reform of Police Pension Schemes discussed at Police Negotiating Board Meetings held in Cardiff on 24 July 2012 Developments that have taken place in respect of the reform of police pension schemes have been circulated to members recently via the Association’s e-bulletin. The Home Secretary agreed that discussions to achieve an ‘agreed framework’ could continue [...]
