Those Regulations are revoked by the Police Pensions (Supplementary Provisions) Regulations 1987 (S.I. You are also able to take out an entirely separate personal pension plan at the same time as you contribute to the 1987 Scheme. Police Pension Scheme 1987 (PPS 1987) > Your Contributions. You are able to increase your benefits by purchasing Added Years, although you may already be making Additional Voluntary Contribution (AVC) to buy additional benefits for yourself and/or your spouse through Standard Life. In PPS, members' contributions meet about a third of the estimated cost of providing pensions and other benefits (the remaining cost being met by employers' contributions and central government). This means that even existing contributors will NOT be able to increase their contributions, nor will you be able to transfer any other AVC benefits into your existing AVC fund. The Police Pension Scheme 1987 Page 7 Contributions are deducted from pay before it is assessed for income tax, so you will automatically receive full income tax relief at the highest rate you pay. These are set as a percentage of your 'pensionable pay'. This recognises the nature of a career in policing. These Regulations consolidate, with amendments, the Police Pensions Regulations 1973 and the regulations amending those Regulations. You can stop paying your death benefit contributions at any time, in which case your cover will cease. if you have been promoted or have taken up a more senior appointment. These are set as a percentage of your 'pensionable pay'. You will have to pay the full cost of the additional benefits. twice your pensionable pay, you will be aware that HM Revenue and Customs allow death benefit payments of up to 4 times final remuneration. Tier 1 is those on a basic annual salary of under £27,000. 1987/256), which also provide for the present Regulations to come into force on 1st April 1987 and contain transitional provisions. When you retire, you are able to use your AVC fund to: If you die before retirement, your AVC cannot be used to provide a pension, but the AVC fund will be paid to the Police Force. The you elect to pay regular contributions at any time while there are at least 2 years between your next birthday and your compulsory retirement age. At their discretion, the fund will then be paid to your surviving spouse or civil partner or, in the absence of such a person, to your Estate. You have a choice of investment funds available for the investment of your AVC Fund, which can be changed at any time. HM Revenue and Customs place overall limits on pension contributions which are tax-deductible, but these limits are quite generous. These are set as a percentage of your pensionable pay. Accrued service in the 1987 Scheme, plus increased benefits purchased within the scheme, cannot exceed 40/60ths i.e. As with any insurance, you will not receive a refund of the contributions already made. If you retire before your planned date of retirement, or leave the 1987 Scheme, you will be credited with the appropriate proportion of the increased benefits that you were purchasing. This means that even existing contributors will NOT be able to increase their contributions, nor will you be able to transfer any other AVC benefits into your existing AVC fund. You may choose to increase your pension benefits under the 1987 Scheme, particularly if you are unable to build up 30 years’ pensionable service before your intended retirement age. Police Pension Scheme 1987 Scheme … PPS1987, unless they opted out of the scheme. Police Pension Scheme 1987 (PPS 1987) > Your Contributions: You pay contributions towards the cost of your pension benefits. If you die or retire on ill-health grounds and have bought or are buying added years, you will be credited with the total added years you originally elected to buy. PPS1987 is a ‘final salary’ scheme, which means that your pension is calculated as a proportion of your final average pensionable pay. In addition, as the scheme is contracted-out of the State Second Pension arrangements, you pay a lower rate of National Insurance contributions. Note that the AVC arrangement closed to new contributors from 1 October 2010. You pay contributions towards the cost of your pension benefits. Disclaimer: While every care has been taken to ensure that all information is accurate and up to date, the Dyfed Pension Fund cannot guarantee that inaccuracies will not occur, nor will it be held responsible for any loss, damage or inconvenience caused as a result of any inaccuracy or error within these pages. If you have elected to pay death benefit contributions to provide life cover above the level provided by the 1987 Scheme for death in service i.e. Police officers contribution rates range between 12.2 and 15.05% of their pay. This will be more expensive than the normal contribution rate because the Police Force will NOT contribute. purchase an annuity with Standard Life, or with another provider on the open market; take up to 25% of the value of the fund as tax-free cash and purchase an annuity with the remainder.


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