How to save pivot point with free transform tool?

Have you tried recording the Transform operation into an action?  I see that some information is stored about the center in there...

-Noel

I had the same issue....found nothing in forums but devised this.

I don't think that's possible. Best you can do is to put guides on the pivot point before you confirm it, so you can reset it when you open the transform again.

Doug's method is very good. A couple of variations - you can use a rectangle rather than a circle. The transform bounding box will change size with each rotation, but will always be centered on the pivot point. Whether circle or rectangle, you can combine step 1 and step 2 by dragging a marquee "out from center" from the desired pivot point so that it just encloses the object.

You could also do this without an additional layer, by filling the selection on the same layer as the object with 1% opacity, using the Behind mode. This could cause problems if you wanted to se a different pivot point later, though.

You could even set up several possible pivot points. Select your object and the desired "Pivot Layer", and do your rotation. Then, for each other Pivot Layer, Edit > Transform > Again.

I Know the OP is over four years old, but I had some fun making this (very rough) puppet with the above method.

Cool!