Normal Pension Age for FTRS?

[Grumpy106]

The Normal Pension Age (NPA) for AFPS15 is (I believe) 60; however, I was informed a couple of days ago that this does not apply to FTRS as they can currently work to age 65 and so that is the FTRS NPA. I cannot find anything in the AFPS15 literature that distinguishes between Regular and FTRS NPA and, at the moment, the Online Pension Calculator states that I will receive my AFPS15 pension at age 60, although if the age 65 NPA for FTRS is correct then I will not. Can anyone shed any light on this please as it will hugely affect my retirement plans. Many thanks.

[Wyler]

I did 3 years FTRS and will receive my pension at age 60.
Not sure about the pension numbers etc but not aware of any change in the last few years.

[Lima Juliet]

From the AFPS15 FAQs:

My current Terms of Service do not allow me to serve to age 55, will I get 10 years transitional protection working back from my retirement date?
No. Transitional protection is tied to your pension scheme’s Normal Pension Age (NPA), not your personal retirement age. While you may have an earlier Normal Retirement Age (NRA), the Armed Forces pension schemes have a Normal Pension Age of 55 for Regulars and FTRS(FC), and 60 for all other Reservists who belong to a pension scheme. The setting of the NRA is based on operational requirements for each Service or specialism, and forms part of the ToS.

Source: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/403164/20131112_FAQs_V140.pdf

Seems cut and dry to me...?

LJ

[Lima Juliet]

PS. You can also now take your pension earlier if you want it actuarialy reduced as well as long as you are over 55 as I understand it. If you opt to receive your preserved or deferred pension (for RFPS before age 65 and on or after the age of 55, for AFPS15 before the State Pension Age (SPA) and on or after the age of 55), the pension and lump sum values would be actuarially reduced depending on at what age you may wish to take them. The AFPS pension calculator allows you to work this out.

[Shadwell the old]

I did 5 years and 3 months as FTRS(FC) and retired in February 2006. The Squadron wanted me to do an additional spell, especially as I was an AEO Captain and T cat. I would have been delighted to stay. However, manning said no. Could it be that I was approaching 55 at which point they would have had to pay my FTRS pension immediately on leaving. So I had to go a few months before I was 55 and had to wait until I was 60 to get the pension.

[Voxpop]

AFPS 15 does not differentiate between types of service.

For AFPS 15 the normal pension age is 60 (ie. if you serve to age 60 or beyond, your pension is paid immediately when you leave). If you do not, it is deferred until your state pension age.

You can ask for your deferred pension early but, if you do, the actuary will reduce it to take into account the fact that it is in payment for longer.

[Grumpy106]

Thanks everyone, 60 it is then. That sets my mind at ease somewhat. I'll have to look into the actuarial option as well in case I can't stick with it until then.

[charliegolf]

Thanks everyone, 60 it is then. That sets my mind at ease somewhat. I'll have to look into the actuarial option as well in case I can't stick with it until then.

As a guide, I took an actuarial hit on my teachers' pension and the cost was about 4% per year short of 60.

CG