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£23m pension blackhole

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Published Date: 30 November 2009
TAXPAYERS have paid more than £22.3 million over three years to plug a blackhole in South Yorkshire Police's pension fund.
Figures released by the Government show the Home Office is having to spend more on bailing out the force's pension pot, raising questions about its long term viability.

They show that last year the Home Office paid a special grant of £10.6 million
to fill a gap in the funding of the South Yorkshire Police pension scheme, up from £8.7 million in 2007/08 and £3.1 million in 2006/07.

The Government contribution is now worth eight per cent of the total annual payments made into the scheme.

Nationwide, the amount has risen from £201 million in 2006/07 to £482 million last year.

Liberal Democrat Treasury spokesman, Lord Oakeshott, who obtained the figures said: "We have paid twice for police pensions in the last three years - first through council tax and then through income tax too.

"Getting a grip on ballooning public sector pension costs will be the acid test of any government's credibility and the shaky credit rating over the next five years."

He urged the Government to set up an independent review into public sector pension costs "to make them fair and affordable for public and private sector workers".

Police officers who joined prior to the April 2006 reforms can retire on a full pension after 30 years service, regardless of their age, or after 25 years service when they are over 55.

Officers who joined after 2006 can retire on a full index-linked pension plus a lump sum equal to four years pension after 35 years service once they have reached 55 years of age.

Policing Minister David Hanson said: "Entitlement to a police pension is a key element of the remuneration of police officers to enable them to undertake their role with confidence, and in recognition of the demanding nature of police work."

Bill Wilkinson, chief executive to the South Yorkshire Police Authority, said: "The Police Authority understands that the sustainability of police pension schemes needs to be addressed.

"We are committed to meeting existing pension commitments and any scheme must try to achieve a balance between fairness to police officers, legal commitments and the effective management of public funds."

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  • Last Updated: 30 November 2009 6:45 AM
  • Source: Sheffield Star
  • Location: Sheffield
 
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2009Blade,

Sheffield 30/11/2009 08:44:05
The problem here is the higher ranking officers who are draining the system. The pension is two thirds of their salary so a Chief Supt who retires would get say £50k p.a. if his salary was £60k. Yet the constables who retire would get just £15k p.a. based on their final pay. Chief Supt's would also get a lump sum of £160k -£200k tax free which is like winning the lottery. Perhaps it is time to put a limit on pensions so that the high ranking officers get the same as constables. When you look at it the constables spend 30 years out on the streets taking all the risks yet get so little on retirement compared to the high ranks who spend most of their service sat in a nice warm office on 9 till 5 on massive salaries then retire to milk the pension pot.
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2009Blade,

Sheffield 30/11/2009 08:46:33
Before anyone points it out I meant to say if a Chief Supt was on 75k not 60k.
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all seeing eye,

30/11/2009 08:50:58
What about the rest of us who's pensions have suffered?
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hotfootcomp1,

Sheffield 30/11/2009 10:06:33
Hang on Hang on after 30 years of doing a job like that I think that a decent pension is a basic entitlement. Especially since a massive proportion of it is paid for by the officers themselves out of their monthly earnings. The Sheffield Star has scant regard for how their stories effects the lives of others and the unrest and general malaise they generate. Instead of being negative about the police service and all its staff why can't they for once get on board and help make a difference. Oh wait I guess that wouldn't be as newsworthy. These are difficult times and many people in the UK are suffering, my sypathies are with anyone in financial difficulty and it will not be this government that sorts it out. Oh and don't forget that Police Officers pay as much tax as the next working man or woman so in fact that fund some of their own wages and then pay into their pensions, so if there has been a top up no doubt they will have paid twice.
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Browneee,

30/11/2009 10:55:26
Frontline Police Officers work shifts that are very unsociable, including bank holidays like Xmas day when most people are with their families. They can also be recalled to duty at any time having holidays and days off cancelled with no notice. They knew this when they signed up and dont complain as they know they have a pension that they make large contributions to when they retire. The police deserve their pensions.
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2009Blade,

Sheffield 30/11/2009 10:57:55
Well said hotfootcomp1. The Star are good at making stories by distorting the facts - in this case they fail to say that a cop works for 30 years paying massive amounts of their salary into the pension fund and they then have to live on £15k a year. Some families are getting the equivalent on benefits and never worked. This story is hardly the same as MP's fiddling millions on expenses and then getting gold plated pensions. I notice no Star reported has dared to put their name to this report. By the way is the Editor at the Star in line for more than £15k a year pension? Probably more than double.
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Jed Crank,

Brightside 30/11/2009 10:58:34
As one beat bobby said to me on his retirement at 50 well it has been paid for out of my salary my pension I deserve it
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2009Blade,

Sheffield 30/11/2009 11:02:02
Perhaps the South Yorkshire Police should put a 'Stop' to all their press releases on serious incidents. Then what will the Star write about? Just carrying on with the usual boring rubbish and making stuff up I suspect.
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MallyMon,

30/11/2009 12:08:19
Well, if this is true,I don't think it's fair. Police joining up KNOW what the job entails. It is hard, it is dirty and it is stressful, I agree but they go in with their eyes wide open. My place of work, akin to a Dickens tale, has NO pension scheme at all so it's a private one or nothing for me. At the end of the day, we are all still entitled to a state pension so please remember the one the public has paid into for the coppers is IN ADDITION.
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hotfootcomp1,

Sheffield 30/11/2009 12:40:25
When officers join up their eyes are wide open, the ones that don't like it leave! I imagine that you also had your eyes open when you entered your place of employment? Please remember that the police scheme is paid into heavily by officers just like a private scheme. If so much money wasn't wasted on the benefit culture that has been created then most likely we wouldn't even be having this conversation. A real cost issue in this country is the huge beneift culture, which is often badly abused.
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