Police and Fire pension schemes

The Police Pension Schemes and Firefighters’ Pension Schemes are subject to increasingly complex rules; these schemes have their own regulations, statutory requirements and guidance making them distinct in many ways from the LGPS, other public service schemes and those in the private sector.

Unlike the LGPS and many private sector schemes which are funded, the Police Pension Schemes and Firefighters’ Pension Schemes are unfunded schemes where benefits are paid out of contributions and Government top-up grants.

Our specialist Actuarial Police and Fire team has over 40 years’ experience of advising Police and Fire Authorities in England & Wales and Scotland with a particular focus on providing accounting information. The team recognise the differences between the Police and Firefighters and other Public Service Pension Schemes and provide a tailored approach suited to these schemes.

Barnett Waddingham can support you in the following ways:

• Providing the necessary information for inclusion in your accounts in the form of IAS19 disclosures
• Advising on complex cases and events to be included in your accounts
• Advising on the differences between the different public service schemes
• Providing support on any change in regulations or accounting standards
• Answering queries from auditors.

Matthew Paton FFA, heads up our specialist Actuarial Police and Fire team.

In addition to our actuarial services we provide consultancy and support services for Benefits and Governance. Our Benefits and Governance team provide specialist support to Police and Fire Authorities in respect of the Police, Firefighters and LGPS Pension Schemes. This includes pensions tax awareness seminars and related support such as training for staff, calculations and one to ones, presentations and training on aspects of the pensions schemes and the governance of them, assistance with policies, procedures and so on.

Our team also provide services to local pension boards and their members, including providing support and training to meet and maintain their required levels of knowledge and understanding.

Please contact Matthew Paton to discuss if there is anything we can help you with.