Shoul I stay, or should I go?

[garybaldi]

I have just been offered a job flying civvy hardware. I will have to PVR and repay my FRI. With just under 4 years to my 38/16 point, am I commiting financial suicide? The job I am going to has a starting salary of £37000

[totalwar]

£37k....Can you afford to take that big a pay drop? if you can and the wife n kids don't mind dipping out of the skiing hols and the villa in Florida then you may have to go

[Decent in Descent]

Surely it's more than just a question of money.

Without being too idealistic (I hope), if it's what you want to do, then go. If you're going to be happier in the long run then you'll find a way to make the finances work.

I have to say, though, it's a brave move if you do. AND I hope the Command chain take note... (chances of that....)

[DP Harvey]

I refer you to the string about maths.

Only you know the financial effect this would have, so we cannot give you an accurate answer on that particular issue.

Regarding quality of life, etc, etc, versus money, well its another question that only you can work out. If you're seeking some kind of confirmation that life is so bad in the RAf that you have to get out, then you probabaly won't get unaminous support. Different jobs, different parts of the country, different pay scales all lead to different opinions.

[An Teallach]

Yes you are! Think pension laddie!

[Blacksheep]

I'm a mender not a bender, but when faced with the choice between pension and and a long-term career I chose to exit.

I suffered a huge drop in income at first but was back up to speed with civvy licences and all that under my belt within 18 months. 3 years after leaving my salary was double the military salary and I was enjoying a new lifestyle. 37 thou is the starting pay, but it will undoubtedly go much higher than that - if you're any good as a pilot that is. Only you know the risks, but moonlighting as a mini-cab driver for a couple of years isn't too bad. I had a few interesting and amusing experiences doing that and my family didn't starve. As to pensions, I will still get my "preserved pension" at the age of sixty, whatever that turns out to be worth.

My advice would be to go for it. Are you a man or a wage slave?You have a life to live, make your own choices.

[garybaldi]

Thanks for your opinions!

[Mosspigs]

At your particular age and with such a short time left to go, IMHO you'd be better off riding the storm and then breaking into the civvy market with a half pension under your belt.

Had you been a few years younger (not that you are old) things would have been different. One assumes though that you have ALL of the quals to enter the market??

If there's any doubt - theres no doubt!!

[brit bus driver]

Couple of good friends have elected to go with around 3 years to do to their (sqn ldr) pension, and have never looked back. happy as pigs in the proverbial. Guess it all depends what the next 4 years has in store for you, how long you will have to wait for an exit date, and whether or not there is a wealthy Mrs Garybaldi to prop up the finances!!

How long is the PVR wait? Have you asked? Horses for courses...

[jayteeto]

I got the pension first and now earn a similar wage. 4 more years will earn you a minimum extra 10 grand a year taxed. 6 grand in the hand buys a lot of beer and pies.

[D-IFF_ident]

I have around the same time left to serve and have been watching the recruitment scene pick-up. I've decided to stick it out for the last few years, take gratuity and pension and then go.

If there is not a major incident over the next few years then there's no reason why recruitment won't continue to pick-up and the civvie market prosper.

However, if you jump ship and there is a major incident in the next few years then you could face the problem of 'last in = first out'.

It's a decision to take a number of sleepless nights over.

[Always_broken_in_wilts]

And as I recall "JT" you can, and regularly did consume plenty of both:E

all spelling mistakes are "df" alcohol induced

[Bismark]

An Actuary would tell you that it would cost you at least £350,000 to replace the pension you will lose by going 3/4 years early (ie before 38).

[jayteeto]

ABIW, how could you!! I only ate a lot of the pies, not all them. I dont drink beer at all these days!

[N Arslow]

No easy decisions. I know people who have left and gone back in and left and stayed out - some happy, some not so happy. Ultimately it is you with your family to decide. Money isn't everything. Happiness counts a lot. I miss the friendships, the banter and being part of something that was worth being proud of. But overall I am happier outside working where more often than not I have a say in what I do... that is pretty lucky of course. Good luck with the sleepless nights weighing the options...:ok:

[Stan Bydike]

garybaldi,

I believe that you can transfer your pension rights to a company scheme. So although you would't qualify for an immediate pension by PVRing I suspect that the nominal pot that you have built up would give you a cracking start in a company pension.

Speak to the Pensions people in Glasgow. Phone number should be available from your P staffs or someone on here may know it.

The folk in Glasgow are very helpful. And of course, as Blacksheep mentioned earlier if you can't, or don't wish to transfer your pension rights then there is the preserved pension. Again glasgow should advise you on that.

[MrBernoulli]

I stayed the full 16 years because I thought the pension was important. I still think that.

Admittedly, I am older than my peers as the RAF was my 'second' air force. I guess that influenced my decision. The gratuity and immediate pension, and the opportunity for commutation, are valuable things to have, IMHO.

[luke77]

I went at 34 and transferred my deferred pension over to a good company scheme and got 8.5 years worth.
I'll do 21 years, I've been paying accruals of 45ths so IF the pension bucket still exists then I'll retire at 55 with 2/3 final captains salary.

So, go if:

1.You can transfer your pension to a good scheme
2.You do not mind the risk that the scheme collapses before you retire

or

3.You join someone like emirates and get an early command, suffer living abroad but you'll get loads of tax-free dosh and benefits

Of course, all of the above is money and there is more to life but I hope this helps.

[flipster]

Mr B and Stan are quite correct and I echo their remarks.

Only YOU know the value to your family of your mil pension and this must be carefully weighed against your predicted future earnings. However, the HMG pension is a b......y good one and the gratuity/commutation possibilities can be a big boost to your finnances. I suspect that most people would hang on in until their 38/16 point - an insurance policy sort of thing.

However, if you are inclined to go and Glasgow say you can tranfer the 'pension pot' that you have acculmulated (as I think you are entitled to do), then take good advice as to what sort of pension to which it is transferred. Tho' I left just after my 38/16 pt, I was advised not to tranfer my pension but to keep the HMG one going in addition to my new company pension.

If you do decide to 'go'(whether it be sooner or later), take heart in the fact that the civ market is still flourishing - this despite high fuel prices and wars various. Remember, however, civ life is very unlike the Forces' life - but it is only what YOU make of it. Be confident, embrace the opportunity to do something different and enjoy more time at home/with family and friends.

Best of British

[buoy15]

Gari

Oh Dear! Very sad! Never mind!

A bit naughty really

You gladly accepted the FRI but moan when you have to repay the "Queen's shilling"

"Let them eat cake" and Loyalty springs to mind!