Transferring Mil pension funds into Civilian Police fund

Discussion in 'Armed Forces Pension Scheme' started by blasebloke, Feb 4, 2008.

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  1. Any pension/finance black belts out there?

    I am leaving after having eight years Svc, with something like three of those years paying in AVC.

    My question is whether it is worth me transferring my fund (in the small window I have once out) into my new employers pension (Civ Pol). I know both pensions are good Govt backed options, is it worth me bunging it all into the Civ Pol one, or simply let it sit where it is until retirement age?

    I thought I would moot this subject here first before I try independent financial advice.
  2. maninblack

    maninblack LE Book Reviewer

    An opinion based on only my own view.

    Your pension from the MOD is frozen but secure. It cannot be taken away.

    You are startiing a new pension with the police. Should you be daft enough to get yourself in major bother whilst a policeman they sometime dismiss with loss of pension.

    Keep the old one safe where it is then that is one less threat they can wave at you.
    • Like Like x 1
  3. I think I am with Maninblack on this one, but you will need to take your own advice here; get independent financial advice.

    Your adviser should compare your potential pensions at retirement both separate and combined. It is possible that the combined pension may be higher or even visa versa, depending on the basic pension rules. Once you know the potential cost of either decision, you will have a better handle on the issue.

    That said the chance of loosing your police pension is not great, you have to be a really naughty boy, (tried, convicted and diciplined for a major breach of rules/law), however as the cost of public sector pensions rise, maybe the goverment of the day will lower the bar for loss of pension to save money.
  4. Thanks maninblack, like your idea there, although I now feel worried by your comment 'major bother'... You have seen me out drinking haven't you?!

    Anybody out there actually been through this predicament?
  5. Thanks Jeremy, sound advice.
  6. elovabloke

    elovabloke LE Moderator

    I go with MIB, however:

    a. Take Independant Financial Advice
    b. If my memory serves me right you will have to wait until 60 and then contact MOD and remind them that they owe you a pension
  7. Herr Blasebloke.

    Several years ago I grant you, but after 15 yrs with the Redcaps I went to civvy bill. I got 11 yrs 'reckonable' service with them for my 15 yrs Army service. Reason being Plod pensions are higher ergo more expensive.

    However, after 5 yrs woth Old Bill decided it was too much like hard work and joined up again. By this time, 11 plus 5 became 16 years pension service and the RAF gave me 19 years on transferring my pension back to the MOD. Apart from some pfaffing about when the RAF would not recognise pre-21 year old service, I did OK.

    But as the opthers said, get independent advice, and also speak to the Old Bill county you are going to. They were very helpful in my case.
  8. Just had another thought. If your Army pensionable time is 5 years it will be worth transferring into the Old Bill system because lets face it a 5 year service pension is not going to be much wheras you can get a hed start with your Police one.
  9. many thanks Arrsers! Interesting stuff. I had considered the possibility of using my Army pension fund as the 'head start' for bought years into the Police pension, as I am getting on a little now (over 30), and my career transition wouldn't allow me to get a full pension from the Police without some sort of a helping hand due to the Police retirement age. I guess my next move is an Independent Financial Advisor.

    Keep up the good work fellas!
  10. This is what my old man along with a few others did ( with a bit more pension though ). I would look into both sides as the Plod is now a 35 yr job not a 30 yr one. So, with a few years less to serve you can only be better off.

    Lets face it - 5 years Service Pension aint exactly a small fortune is it?
  11. Not sure where this five year thing has come from. Eight years service, and three of those paying AVC.

  12. Ahhh roger. My mistake. But still its not going to pay the way is it. I'm no pension Guru just going off how my old man did it and he managed to shave a few years off the end of his and is retiring with hair (No not even grey).
  13. Sure BC, I get your drift. I guess I'll just have to see what a Financial Advisor makes of the Pro's/Con's of making a transfer.

    For all those that may benefit from this topic, there is a doc avail via the Mil Intranet in the pensions area called 'Transferring Benefits MMP/129', it has been useful for me.
  14. May be worth finding out if your pension is 'contracted in' or 'contracted out' - one cannot be transferred to the another if they are different. Not exactly sure about the details of transferring across, just a problem I encountered when I left civvie police some years ago.

    I'd speak to an financial advisor, but in the meantime the pay office at the constabulary you are joining may be able to shed some light onto the matter.
  15. Pit bull, according to that pension booklet I reffered to earlier, AFPS 75 is contracted out of S2P, so, I'll speak with the Constabulary to see if they can shed any light.