Police Pension Scheme 2015 (PPS 2015)
The following information relates to those with at least two years Qualifying Service. If you have at least two years Qualifying Service and you are an Active Member of the 2015 Scheme you will be able to retire from age 60 with an immediate pension or from age 55 but your benefits will be subject to an early retirement reduction. An Active Member who intends to retire must claim payment of the pension, giving written notice of at least one month.
Qualifying Service means the calendar length of any continuous period of pensionable service under the 2015 Scheme (not including any gap in service, any career break or any other period of unpaid leave), plus any previous pensionable service or employment which you have transferred into the 2015 Scheme and, if applicable, your period of pensionable service under the 1987 Scheme or the 2006 Scheme.
Basic salary, London weighting, increase in pay on temporary promotion, temporary salary (Competency Related Threshold Payments was pensionable until it was phased out in April 2016). Allowances are not pensionable.
For each Scheme Year during which you are an Active Member of the 2015 Scheme the amount of earned pension you accrue is 1/55.3th of your Pensionable Earnings for that year. This goes into your pot of earned pension, which builds up each year as more earned pension is added. The amount of accrued earned pension in the pension pot is uprated each year in line with CPI + 1.25% whilst you are still an Active Member and in line with CPI after you leave the 2015 Scheme. The retirement earned pension payable to you from the 2015 Scheme is calculated based on the amount of accrued earned pension in the pension pot when you retire.
Option to commute part of the pension for a lump sum
If you wish to exercise this option to commute some of your pension for a lump sum you will have to provide written notice to your Police Pension Authority. Please note that the decision to commute your pension to lump sum will have to be taken before the date of your retirement.
Please see the examples tab above for an example of how your pension benefits will be calculated.