Joining the Police Pension Scheme 2015
When you take up a post as a police officer in Scotland, you'll be automatically enrolled into the Police Pension Scheme 2015.
You may also join the 2015 scheme if you return to the Police having previously been a member of the Police Pension Scheme 1987 or the New Police Pension Scheme 2006 - or you may be transitioned to the 2015 scheme following a period of protection in one of the earlier schemes. You can find out more information about this here.
A valuable benefit
Membership of the Police Pension Scheme 2015 is a valuable benefit. It’s a defined benefit scheme and, after 2 years of qualifying service, you’ll be entitled to receive a pension payable for life when you retire.
Both you and your employer contribute towards the cost of your pension. Deductions are taken directly from your salary and you receive tax relief on your contributions.
How the scheme works
The Police Pension Scheme 2015 is a 'Career Average Re-valued Earnings' scheme which allows you to accumulate 1/56.1th of your pensionable earnings each year you’re a member of the scheme. That amount is then revalued each year until you retire using the Consumer Price Index plus 1.25%. The normal retirement age for the scheme is 60.
The scheme also offers a number of other benefits for qualifying members, including:
- the option to give up some of your pension for a tax-free lump sum in retirement
- a range of benefits for your dependants should you die
- early retirement options should you become too ill to work
- cover for injury on duty award from the day your employment begins
- the flexibility to exercise an Early Retirement Reduction Buy Out option if you're entitled to an immediate payment of a full retirement pension but you're not yet 60.
Topping up your pension and transferring in
The Police Pension Scheme 2015 also offers a number of ways to increase the value of the pension you’ll receive in retirement.
- the ability to transfer in previous pension rights
- the option to purchase Additional Pension.
Although new members are automatically enrolled, you can opt out of the Police Pension Scheme 2015 – see here for further information. Note that if you do decide to leave the scheme, you will be re-enrolled automatically every three years.