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25th August 2019
:: Blog | January 2009 (12 blogs) | Found: a pension scheme so valued by its members

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Found: a pension scheme so valued by its members 
Here's a classis example of where pension education has really worked: the Police Pension Scheme. Why? Well if there’s one topic guaranteed to start a lively argument, it’s the subject on what to do with public sector pensions. Only last night, after a tough couple of games of squash, I returned to the pub with two of my fellow competitors, both serving police officers. We were shortly joined by another, and in next-to-no-time the conversation turned to retirement.
You see, one of the officers retires at age 52 in 6-months time, the other at just under age 52 in 5-years time and the third has 12 years until she could take her pension at around the same age. To them, their pension and the ability to take it so early after full service entitlement was key to them having stayed in the job.
They fully grasped that their 11% employee contribution was well worth the price to achieve the goal of retirement with excellent pension benefits. The value that they placed on their final salary pension scheme couldn’t be understated. I have to admit that I was rather envious of them.
Perhaps if we had a debate about a nationalised defined benefit pension scheme with, dare I say a decent level of compulsory employee contributions, we could engender the same desire for retirement planning as my fellow squash players have about theirs. See:
Mike Jones,, 30th January 2009

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