If you are not possession of the current value of your 2015 pension pot we will estimate the value using 1/55.3 per year based on your current annual salary. You can change your cookie settings at any time. Additionally, we continue to discuss the logistics of the implementation of the Remedy with the Police Scheme Advisory Board. There are some variables that officers themselves can choose to vary when using the calculator, for example: The date when they retire Whether they work part-time at any point. Police & Fire. If they havent already, officers will have to individually register to use MSS in order to view their statement. . google_ad_height = 600; The Remedy applies to all who were members of a legacy public service pension scheme (or eligible to be) immediately prior to 1 April 2012 and have a period of service after 31 March 2015 during which they were members of a legacy or reformed scheme. Please contact xps administration directly with. In order to assist members in doing this there are More Info boxes provided alongside many of the questions. GAD's retirement calculator will project and illustrate the benefits people would receive under each scheme when they reach retirement age, with members providing basic detail and the calculator accounting for pay rises and working patterns to produce its result. The calculator makes an assumption about the continuing rate of CPI movement and also uses the currently applicable early and late retirement factors in the CARE 2015 Scheme where appropriate, and the current commutation factors for the PPS 1987. It will assumed that any periods of employment not entered are full time. This member's guide gives information about the 2015 scheme, including: main features and pension benefits. We adjust your April pension for the 10 days we pay your April pension at the old rate. The legislation and processes required to offer members the choice between legacy and CARE scheme benefits will be in place from 1 October 2023. One set of results reflects the actual projected figures, and the other reflects what those figures are worth in todays terms, making allowances for future inflation. Dont worry we wont send you spam or share your email address with anyone. Get started by telling us some basic details. Following extensive lobbying by us, the Home Office (HO) commissioned the Government Actuarys Department (GAD) to produce a pension calculator for use by police officers, in order to provide them with an illustration of the retirement benefits they might expect to receive from the police pension schemes, when they choose to retire. For the best experience, we advise members to use the Microsoft Edge or Google Chrome web browsers when accessing the calculator. This police pension calculator is for illustration purposes only. XPS Administration PO Box 485 Middlesbrough TS1 9EE www.myownpension.co.uk www.xpsgroup.com. Dont worry we wont send you spam or share your email address with anyone. This includes members who left but returned within 5 years to the same or another public service pension scheme. Police Pension - Frequently Asked Questions Guidance on using the Police Pension Calculator. The site is based on current scheme rules that apply. Enter the date that you transferred to the PPS 2015. November 2021 Immediate Detriment Guidance withdrawn. Please ensure that you have selected the correct pension type - This is an ordinary pension of at least 25 but less than 30 years' pensionable service to give a maximum lump sum of no more than 2.25 times your gross annual pension - i.e. Note that the Microsoft Excel file type may not be compatible with devices that don't support Microsoft products and may not work if you don't have access to an application that can read this type of file. They are more likely to be referred to by their programs, such as "401 (k)," the "457 plan," or IRA, etc. We apologise for the inconvenience this may cause members affected and we will provide an update once this functionality becomes available. Received a letter with your Activation Key Sign Up Without Letter Log In Already registered? 01642 030692 penmail@xpsgroup.com. JavaScript is required for the best user experience. Enter all periods of part time working and the hours per week worked (out of 40). Check the ScamSmart website or call 0800 111 6768 to see if the firm you are dealing with is . This calculator will provide an illustration of your pension at a chosen retirement age. Toopen the calculator,please ensure that you are using either Microsoft Edge or Google Chrome. Police Advisory Board and information on other governance arrangements: Benefits of the police pension scheme 2015 added to collection page. The revaluation figure for the police stands at 4.35 per cent, at 4.6 per cent for the NHS and at 4.7 per cent for . Already a member? You can find Q and As with more information here. The deferred choice underpin will be implemented by October 2023. MSS Support. A calculator is available for the NHS, Teachers, Police and Fire schemes. PK !l9.. mimetypeapplication/vnd.oasis.opendocument.spreadsheetPK !B ; styles.xml] OUA' ~c YJTj k . This calculator will allow protected members to continue to accrue benefits in their legacy scheme after 31 March 2022, which is no longer permitted. Please make sure you are aware of the rules of your pension scheme and always contact your force Pension departmentfor a personal illustration before making any decisions around your retirement and pension. The calculator can provide you with an illustration of your pension entitlement and shows the impact of the 2015 remedy on your legacy and reformed scheme benefits. There are many possible variables so for a definitive accuracy you must check your tax code with your tax office and always contact your force Pension department for a personal illustration before making any decisions around your retirement and pension. If you do find errors in our calculation we would be pleased to hear from you. September 2022 Letter from the seven UK Staff Associations to the Home Office. Use our pension calculator to find out your pension forecast! When you take your Police Pension you will be given the option of being able to take up to 25% of your pension fund as a tax-free lump sum payment, known as commutation. As you will know, to implement remedy in full, both primary and secondary legislation are required, as well as administration work (at local Force level) to implement the changes. This file may not be suitable for users of assistive technology. version of this document in a more accessible format, please email, Check benefits and financial support you can get, Find out about the Energy Bills Support Scheme, New State Pension: if you've been contracted-out of additional State Pension. Added "Public service pension schemes consultation response guidance". Following further discussions between HMT and HMRC, on 29 November 2021 the Home Office withdrew its informal and non-statutory Immediate Detriment Guidance, stating that in the light of uncertainty around the legal position and the risk of generating unintended tax consequences for members such cases should not be processed prior to the relevant legislation being put in place.