Police Pension Explained | 2015 Scheme
Channel: Financial Madness
Date: 10/04/2023

Police Pension Explained | 2015 Scheme
In the UK, police pensions are governed by a complex set of regulations that can be confusing to navigate. But understanding how police pensions work is crucial for both serving officers and those who have retired or are planning to retire from the police service.
In this video, we will provide an overview of police pensions in the UK, including the different types of pensions available, how they are calculated, and what benefits they offer. 

Police pensions are retirement plans specifically designed for police officers. These pensions like any other pension, are designed to provide financial security when these individuals seek out retirement. 
There are three types of Police Pension Schemes; you have the 1987, 2006, and 2015 schemes. 

I cover how can you increase the amount of Pension Benefits you can earn from your Police Pension. 
So you can opt to make added pension payments in order to increase your retirement benefits for a certain period.  If you go ahead with doing so you have the option to make this additional payment in a lump sum amount or in monthly installments.

Chapter Information (Police Pension Explained | 2015 Scheme):
0:00 Introduction
0:40 What are Police Pensions
1:29 How to Apply?
4:48 How to Calculate Your Pension Benefits?
7:30 When do you Retire?
8:19 Additional Benefits
9:40 Adding More to Your Police Pension (AVC)?

🔹 Police Pension Benefits Calculator: https://docs.google.com/spreadsheets/d/1BmpnfyS6FO7HcfHCZdty_m-8M9Nl6G0mIBha27AOy_4/edit?usp=sharing

🔹 Additional Pension Calculator: https://pensions.gov.scot/nhs/your-membership/calculators/additional-pension-calculator

🔹 Croneri - Police Pension: https://app.croneri.co.uk/topics/police-pensions/indepth

🔹Gov.Uk: https://www.gov.uk/government/publications/member-contribution-rates-for-police-pensions/report-to-parliament-in-respect-of-collecting-the-current-member-contribution-rates-for-the-police-pensioans-regulations-2015-accessible#current-and-proposed-member-contribution-rates

🔹Ill Health: https://www.peninsulapensions.org.uk/members/police/retirement/compulsory-ill-health-retirement-and-early-payment-of-deferred-pension-on-ill-health-grounds/

🔹 Gov.uk - Register for Self Assessment
https://www.gov.uk/register-for-self-assessment

🔹Members Guide: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/658720/PPS_2015_Members__Guide.pdf

DISCLAIMER: Any advice or statements perceived to be advice given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice. 
You are fully responsible for your financial decisions. If you are in need of any Financial Advice, please seek out a professional advisor. If you are unsure of how to do this, please feel free to reach out to me and I am more than happy to guide

#policepension #policeuk