Home Office introduces trial benefit scheme
UK - Police officers with 30 or more years service are to gain access to a trial phased-in retirement local authority scheme introduced by the Home Office.
The move is an attempt to retain experienced staff, rather than see them opt for full retirement.
Those interested in taking part will be required to apply for selection and if chosen, will be given a tax-free retirement lump sum, followed by reappointment at their former pay level with access to a personal pension.
The scheme will be piloted in Avon and Somerset, Metropolitan Police Service, North Wales, West Mercia and West Midlands.
According to the Home Office, the scheme will ease possible recruitment shortfalls and help police numbers rise while retaining “much needed skills and experience in the service”.
The announcement follows vocal support for phased-in retirement from the work and pensions secretary Andrew Smith and the NAPF.
Current pensions regulations mean employees taking pension benefits from an occupational pension scheme are prohibited from continuing to work for that employer in the same capacity.
Latest stories
PRI toughens up climate risk reporting for UK schemes
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT launches education pension scheme as teachers face contribution rate hike
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension reveals plans to cut fees with move to banded structure
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Akash Rooprai appointed as ITM head of client management
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.
Most read
