Exit Points

These will be dealt with again in the specific pension sections but it is an important topic as the pension changes have changed the way pensions should be looked at in terms of leaving dates. There is no such thing as a full pension as accrual is open ended, which was not the case with the legacy schemes. Officers should know the exit points specific to their situation.

The earliest anyone can leave with an immediate pension is age 50 or over with 25 years pensionable service and then only the 1987 pension with the commutation capped at 2.25 times the gross pension with a higher residual pension as a result. If an officer reaches 25 years pensionable service before  50 and decides to leave the 1987 pension it will be deferred to 50.

The 2015 pension at this point and at any point before age 55 is deferred to the officer’s state pension age, there is the opportunity to take at  55 but with a close to 50% actuarial reduction.

The 2006 pension is not payable until age 55 and if an officer leaves before 55 is deferred to  65.  It can be taken at 55 but with a close to 50% actuarial reduction.

Thirty years’ pensionable service is still a milestone, if an officer is below age 55 it is the first time the full commutation factors are available in the 1987 scheme. The 2015 scheme would still be deferred as above if the officer is not  55.

At age 55 sees the first opportunity to take an immediate benefit from the 2006 scheme.

It is also the age that the 2015 can be taken immediately but with a 22% actuarial reduction. The reduction reduces the closer an officer gets to age 60, where it is zero. Working over  60  in the 2015 scheme sees an actuarial uplift.

At age 55 the 1987 pension is available with full commutation factors for all officers with any pensionable service except County Inspectors and above where the age for full commutation factors to be available with any pensionable service is 60. If an officer reaches 30 years pensionable service before  55 or 60 then the full factors are available from that point.