ChatterBank0 min ago
How Can They Take A Policeman's Pension Away?
34 Answers
related to a thread in news, ok they can fire a policeman but surely if he's paid into a pension they cannot take that away?? By what mechanism is that possible?
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The withdrawal of pension rights is covered in Regulation K (5) which, condensed, says that if an officer is fired, commits treason or brings the force into disrepute, that officer's pension rights are forfeited. One would assume that all police officer's are more than aware of this when they enlist.
What if the bank goes Bankrupt. or the pension is underfunded, due to poor management. Poor investment returns .Think in the present circumstances nothing is Guaranteed. Often think of those workers who were employed by Phillip Green and were looking forward to their Pensions. Could well be nothing left in the pot when it comes to ones turn.
that happened to Daily Mirror employees, didn't it gulliver ... what a family, those Maxwells.
But yes ... I imagine the thinking behind the police confiscating your pension is that you've caused damage to the force that outweighs the value of the money they've put into your pension, so it's a sort of damages award to themselves.
But yes ... I imagine the thinking behind the police confiscating your pension is that you've caused damage to the force that outweighs the value of the money they've put into your pension, so it's a sort of damages award to themselves.
gulliver- I think this may help correct any misunderstanding
you may get some answers here. There are some quite valuable protections.
https:/
If your employer goes bust:
Defined contribution pensions are usually run by pension providers, not employers. You will not lose your pension pot if your employer goes bust.
Some extracts here are relevant:
You’re usually protected by the Pension Protection Fund if your employer goes bust and cannot pay your pension
If your pension provider goes bust:
If the pension provider was authorised by the Financial Conduct Authority and cannot pay you, you can get compensation from the Financial Services Compensation Scheme (FSCS).
Fraud, theft or bad management
If there’s a shortfall in your company’s pension fund because of fraud or theft, you may be eligible for compensation from the Fraud Compensation Fund.
None of this is relevant to the OP though- just to gulliver's post
you may get some answers here. There are some quite valuable protections.
https:/
If your employer goes bust:
Defined contribution pensions are usually run by pension providers, not employers. You will not lose your pension pot if your employer goes bust.
Some extracts here are relevant:
You’re usually protected by the Pension Protection Fund if your employer goes bust and cannot pay your pension
If your pension provider goes bust:
If the pension provider was authorised by the Financial Conduct Authority and cannot pay you, you can get compensation from the Financial Services Compensation Scheme (FSCS).
Fraud, theft or bad management
If there’s a shortfall in your company’s pension fund because of fraud or theft, you may be eligible for compensation from the Fraud Compensation Fund.
None of this is relevant to the OP though- just to gulliver's post
And to put Gulliver's mind at rest over the BHS and Arcadia Group pensions. Philip Green was forced to pay hundreds of millions of his personal funds into the pots.
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I know it's an available sanction but I've always found it to be outrageous. I don't know if it's ever been challenged in a court or tribunal but if not it needs to be. The fact that it is in the regulations and so effectively provides a condition in the contract of employment does not make it legal. An employer cannot impose an unfair contract term and that's exactly what this is - unfair.
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