Hutton Pension Review
Message from the JBB Chairman
The Hutton review into public sector pensions has now been published. As with Winsor this is a very lengthy document which raised many questions.
Having scanned the document my interpretation is the following;
The existing Pension Schemes are to close, all benefits accrued up to the time of closure will be frozen.
Officers will have to work until they are 60 years of age to receive the full benefits of the new scheme (don't know what those benefits will be).
There does not appear to be any increase in the pension contribution for Police Officers contained within the report, however Hutton's interim report recommended a rise in contribution rates which the Chancellor is expected to endorse in the forthcoming budget.
Officers who have already completed 30 years pensionable service appear to be unaffected.
Recommendation 12 seems to suggest that the current "backed by Government Guarantee" will not exist for the new scheme, and therefore if the pension pot is not large enough to pay the pensions, then payment will no longer be guaranteed.
I must stress that these are my early observations and we will need to look at the detail and raise questions of Hutton to get the fuller picture. At this time we have no further details but when we have them we will let you know. Please keep checking the website at www.hampshirepolfed.org.uk for further information.
These are very difficult times, we will do all we can to keep you fully informed of the situation.
Hampshire Police Federation