All active members of the police pension scheme are now on the 2015 Police Pension Scheme also known as the CARE scheme and the reformed scheme for remedy purposes.

The members guide for the scheme gives details of the provisions of the scheme.

PPS_2015_Members__Guide.pdf (publishing.service.gov.uk)

The Police Federation of England and Wales has put together a guide for members to explain the benefits of the new 2015 CARE Scheme which can be found here:

Benefits of the Police Pension 2015 CARE Scheme

In this section we will deal with the highlights of the scheme and hopefully will be able to clear up some common myths about the pension.

Officers accrue 1/55.3 of their average pensionable pay into the 2015 scheme. For a top rate PC using the current pay scales that would equate to £833 being added to their 2015 pension amount this year. It would be added to the pension already accrued and then each April the whole accrual amount is enhanced by CPI from the previous September + 1.25%. It is a career average scheme.

In April 2024 the uprating saw a 7.95% increase, in April 2023 it was 11.35%.

Officers can commute a maximum of 35.7% of the 2015 pension at the rate of £12 for every £1 commuted. There is no tax implication on any amount taken in commutation under the 2015 scheme.

The earliest age that an immediate pension can be taken is at age 55 and because it is being taken before the Normal Pension Age of 60 there is an actuarial reduction of around 22%. The actuarial reduction reduces the closer you get to age 60 where it becomes zero.

Working beyond age 60 attracts an actuarial uplift. There is no compulsory retirement age with the 2015 pension and thus the police pension.

If an officer leaves before age 55 then the pension is deferred to their State Pension Age. There is an opportunity to take at 55 but with a close to 50% actuarial reduction. If an officer works to age 55 or over and then retires and opts not to take their 2015 pension it is deferred to their State Pension Age, the Home Office is currently looking at the fairness of this provision.

Actuarial reductions can be bought out – the information is below – this is only information and not advice.

2015_Police_EW_Early_Payment_Reduction_7May2015.pdf (publishing.service.gov.uk)

There is a death grant payable as part of the pension if an officer dies in service, this is three times average pensionable pay.