<img height="1" width="1" src="https://www.facebook.com/tr?id=584049588761194&amp;ev=PageView &amp;noscript=1">

Choices in your Police career that can set you up for life

Since 1893, Metfriendly has been dedicated to helping serving and retired UK Police and their relatives. For Officers and Staff, we're here for you from the moment you begin life in the Service, helping to improve your financial circumstances, through to when you leave and beyond, just like we were for this Officer.

Financial security comes from sensible choices made early

Jim is 56. He was in the job for 30 years and retired as a PC; 17 years in the Met and 13 years in Essex Police. Although retired from policing, Jim still works and is enjoying his new career.

Jim had Metfriendly plans throughout most of his career in the Police, finding out about Metfriendly early on while working for the Met, and continuing saving with them into his career with Essex Police. Metfriendly is not just for the Met!

A few years into the job, Jim's Sergeant at the time had given him some friendly advice about settling down and saving for family life. He opened his first 5 Year Savings Plan taking the salary deduction option, payments came straight out of his pay packet each month; it was as simple as that.

Keep the plans rolling for regular payouts 

He'd also selected the Rolling Plan option - that meant a new plan would automatically begin each year. After five years, the plans began to pay out every year. He found it was helping to pay for holidays away every year, so he kept on, and later started rolling 10 Year Savings Plans to lock the money in for that bit longer.

At age 50, as a smoker, Jim was no longer eligible to open a 10 Year Savings Plan, so instead started putting his money into a Monthly Savings ISA. In time, he found out he was getting better returns through his Monthly Savings ISA and continued saving into it, even in retirement, making his money work hard form him.

25 years in, 5 to go - time to think about options

Jim went to his first Metfriendly Options Retirement Seminar five years ago. A colleague had been and recommended it. He wanted to start making plans about his pension and what he was going to do after he left the Police. The 2015 Pension Scheme had also not long come in and he was a little confused, so he needed to know where he stood with his pension.

He went to Options again 10 months before he retired, as a refresher and to get the most up to date information. He wanted an updated forecast on his pension and to find out more about the process of retiring, what he would need to do to secure a new career - CVs and the like, and to get a refresher on legal stuff - wills, Power of Attorney and such. 

The time came to retire (from the Police anyway) 

Jim retired from the job in 2021, the last 10 months came and went in a flash. He was glad of the time he'd had since attending his first retirement seminar to prepare for his departure.

The final working day, Jim handed over his warrant card. Not feeling it in his pocket after carrying it for 30 years, was a very strange feeling. As was handing back the uniform and feeling a weight from his shoulders leave as he left the station for the last time. 

Time to buy that Aston Martin? 

The lump sum from Jim's pension arrived in his account the next working day after he retired. £150,000 - he could buy that Aston Martin he'd always dreamt about. Alas no, he decided to put £40,000 towards building work on the house and £10,000 on an extravagant holiday to remember.

Jim also decided on some sensible tax-free investing, opening two Lump Sum ISAs, one for himself and one for his wife, both with £20,000 each - the maximum annual ISA allowance. 

He gifted £8,000 to his elder daughter (aged 18) to put into a Metfriendly Lifetime ISA, £4,000 (the maximum for a LISA) for the next 2 years which would earn her an extra 25% (£2,000) of free money from the Government. He also put £8,000 into a Junior ISA for his younger daughter (age 15).

Of the remaining £44,000 Jim decided to keep £14,000 in an instant access account as an emergency fund, and to put £30,000 into a With-Profit Bond to access when he fully retires, figuring it was better to invest it now with the potential for some growth, rather than wait to invest it later in ISAs.

Sound familiar?

Jim made some sensible choices saving some of his hard earned Police Pay. Could you or your family members be doing something similar?

Why not take a look at our regular savings products like our Lifetime ISA, Monthly Savings ISA, 5 and 10 Year Savings Plans.

Saving regularly with Metfriendly

 

If you've got a lump sum to invest, take a look at our Lump Sum ISA and With-Profit Bond.

Special promotion - Invest or transfer £10,000 or more into a Metfriendly Lump Sum ISA before 30th June 2022 and we’ll give you an additional 1%*.

Invest a lump sum


For more information, visit our website or request a call back. You can also get in touch on 01689 891454 or info@metfriendly.org.uk and we’ll organise a call with you to talk through your options.

Promotion terms and conditions apply

Topics: Making the Most of your Money

Back to guides and tips

Subscribe to Email Updates