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Police Medical Retirement Formula:
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The Police Medical Retirement Calculator determines the annual pension amount for police officers retiring on medical grounds, incorporating enhancement based on disablement percentage and final pensionable pay.
The calculator uses the police medical retirement formula:
Where:
Explanation: The enhanced percentage reflects the level of disablement and determines the proportion of final pay awarded as pension.
Details: Accurate pension calculation is essential for police officers retiring due to medical conditions, ensuring they receive the correct financial compensation based on their service and disablement level.
Tips: Enter the enhanced percentage (based on ill health tier) and final pensionable pay in GBP. Both values must be positive numbers.
Q1: What is enhanced percentage based on?
A: The enhanced percentage is determined by the ill health tier assessment, which evaluates the degree of disablement preventing continued police service.
Q2: How is final pay calculated?
A: Final pay typically refers to the pensionable earnings in the last year of service, or the best of the last three years, depending on the pension scheme rules.
Q3: Are there different tiers for medical retirement?
A: Yes, police medical retirement typically has different tiers (such as Tier 1 and Tier 2) with varying enhancement percentages based on the level of disablement.
Q4: Can this calculator be used for all police forces?
A: While the basic formula is standard, specific rules may vary between different police pension schemes. Always consult your force's pension administrator for precise calculations.
Q5: Is the pension amount taxable?
A: Police pensions are subject to income tax, but certain enhancements and lump sums may have specific tax treatments. Consult a financial advisor for detailed tax advice.