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FINANCIAL CONSIDERATIONS

There are several matters worth considering carefully when leaving the police service. Financial considerations include insurance, mortgages and other investments.

Insurances

During your time served you have no doubt made use of the various 'special rates' for police officers in the insurance, loans and mortgage fields, and possibly savings. These matters will probably need reviewing in the light of you leaving.

Many institutions require that they are informed when your employment changes such as banks, building societies, insurance companies (life, car and house etc).

The reasons for this in the case of an officer are that the 'risk' they are covering either increases or decreases. As a serving officer you are probably 'loaded' for insurance as regarding your life but discounted on the likes of car and house insurance. The companies providing this service need to be appraised to adjust the cover provided owing to your new circumstances.

In some cases it might be adjusted up and in others down, or there may be no difference. However, you must inform these companies as if you do not it may render void any cover you have.

Mortgages

It is also worth considering obtaining the new mortgage you need prior to leaving the service as the multiplier you require might exceed the amount of your income once you leave the service.

Investments and your Commutation

The decision as to the pros and cons of full pension verses an element of commutation is a complex one and depends on personal circumstances as much as pure financial guidance.

It goes without saying that the best people to seek advice from regarding lump sums and investments is an Independent Financial Advisor (IFA) from the regulated side of the industry.

It may be that your local Federation rep. can also help and possibly recommend 'approved' advisors in many fields of finance. This site contains a directory of IFA's searchable by County. To select one near you, choose your county form the drop-down list below. (then link through as per the bottom of the finance page on existing Off Duty

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