I don’t trust the state pension to exist when I’m 67 (or early 70’s). I’m currently 29. Should I set up a SIPP?

[newlysavedgirl]

@loverintruth When I started in NHS my pension age was 60, it's now 67. Policing is a very different job physically and in terms of personal risk, so pension age should stay at 60(?) but I wouldn't count on it. By the time you get there state pension age could well be in the 70s

Retiring at 60, will you still have a mortgage and other financial commitments, eg, child at university?

Retiring at 67, how much good active healthy life do you have left?

If you can pay into another pension or savings for retirement, do it, it gives you freedom and options. Especially if you can't, or don't want to be a police officer in the future.

Get some independent financial advice.

 

[loverintruth]

@newlysavedgirl Sound advice and yes, 60 is still the pension age. Ideally I’m looking at earlier retirement like 55.

But aye you’re right. I’m going to speak to some sort of professional and get advice

 

[lalpulamte]

@loverintruth How long have you been in the police scheme and how much do you earn?

You may find that your projected police pension is pretty good even without the state pension. Thats not to put you off using a SIPP by the way.

 

[loverintruth]

@lalpulamte The projected pension is decent but I also don’t want to also spend a large chunk of my working - never know what the future holds.

I like the idea of relying on my S&S > SIPP >
Work pension > state

 

[lalpulamte]

@loverintruth Depending on how much you earn you might find that SIPPs are not the only or best route to look at. What is the age when you can claim full pension? Is it still 60?

 

[mirandaf]

@lalpulamte For Police CARE scheme, retirement is 60 years old.