Police: Workplace Pensions
The question
To ask the Secretary of State for the Home Department, what assessment she has made of the potential impact of the change to police pension commutation rates on officers (a) at and (b) near retirement; and what (i) notice and (ii) consultation was provided to affected officers prior to implementation.
Answered by Sarah Jones
There have been no changes to the rules which govern pension commutation in the 1987 police pension scheme. That scheme provides for actuarially neutral commutation, which is achieved using factors provided by the scheme actuary.
Public service pension schemes regularly review scheme factors when there is a change to assumptions used to value pension benefits.
The law is clear that any change in the commutation factors take effect from the date they are prepared and there is no statutory basis for delay.
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