Tim Corfield is an experienced man when it comes to figures, working for Shrewsbury based Licensed Insolvency Practitioners Griffin & King.
He recently went to a dinner party a few weeks ago and I chatted to a police sergeant, who had taken redundancy under the budget cuts.
The police sergeant told him:
• He had served in the force for around 30 years.
• He was around 52 years old.
• A lump sum of £165,000 was to be paid.
• An annual pension of £25,000 was to be paid for the rest of his life.
• His present salary was around £50,000.
Tim says: "Ignoring the cost of borrowing, it would take around 6.5 years before there would be any financial savings.
"That’s also assuming that there would be no cost whatsoever in carrying out the work formally done by John or put another way, John’s experience in the force had no value.
"Under the cuts police forces are required to save £1.5bn by 2014-15. The National Audit Office (NAO) has recently reported that most forces have not identified sufficient savings (shortfall of £500m) – I’m not surprised!
"It concerns me that the quality of the police service must inevitably decline when we are getting rid of such experienced coppers, especially at such a high cost.
"But John is very excited about his retirement – he’s paying off his mortgage and going on holiday!"
If you want to discuss your finances, call Griffin & King on 01743 491239.
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