Pension Benefits Information Statement?
Another question; I transferred from Regular to FTRS a few years ago from AFPS05. My pension was abated, though they never told me by how much, due to my FTRS salary taking me above my previous, full-time salary. A few years later and I am looking forward to proper retirement but I now really don't know whether the pension I currently receive will increase when I do retire or has the abatement vanished over the last 6 years? Not knowing how much my Regular service pension will be makes it difficult to plan financially for my retirement (I'm ignoring any McCloud outcomes for now).
Apologies if this is a dumb question.
Apologies if this is a dumb question.
All my colleagues who left FTRS has thier pensions returned to what it should have been. I'll caveat that with it was '75 not '05.
I PVR'ed on APFS 75 prior to age 55 to compete to stay in the same post (the only one I was willing to remain in the Service to do) on FTRS terms.
I won the competition for the post by default (other applicants all withdrew when they found I was competing) and - after taking what was then the 1-month mandatory time out - carried on as FTRS on RFPS 05 terms.
I subsequently PVR'ed from the FTRS post when circumstances at the base changed dramatically, along with a dumbing down of the future intent for the activity I was engaged in, all coincident with my opportunity to emigrate.
My full AFPS 75 pension was restored immediately and I was sent a letter informing me that I would be entitled to an additional amount earned on RFPS 05, at what age I could apply and how soon before the relevant birthday I could submit the necessary form.
The claim process went smoothly and, after the first RFPS 05 payment, future monthly payments for AFPS 75 + RFPS 05 were combined.
I won the competition for the post by default (other applicants all withdrew when they found I was competing) and - after taking what was then the 1-month mandatory time out - carried on as FTRS on RFPS 05 terms.
I subsequently PVR'ed from the FTRS post when circumstances at the base changed dramatically, along with a dumbing down of the future intent for the activity I was engaged in, all coincident with my opportunity to emigrate.
My full AFPS 75 pension was restored immediately and I was sent a letter informing me that I would be entitled to an additional amount earned on RFPS 05, at what age I could apply and how soon before the relevant birthday I could submit the necessary form.
The claim process went smoothly and, after the first RFPS 05 payment, future monthly payments for AFPS 75 + RFPS 05 were combined.
Another question; I transferred from Regular to FTRS a few years ago from AFPS05. My pension was abated, though they never told me by how much, due to my FTRS salary taking me above my previous, full-time salary. A few years later and I am looking forward to proper retirement but I now really don't know whether the pension I currently receive will increase when I do retire or has the abatement vanished over the last 6 years? Not knowing how much my Regular service pension will be makes it difficult to plan financially for my retirement (I'm ignoring any McCloud outcomes for now).
Apologies if this is a dumb question.
Apologies if this is a dumb question.
Pension Form 12
https://assets.publishing.service.go...PS_Form_12.pdf
This will give you a once yearly FREE pension forecast that should cover your Regular pension and also your new FTRS pension. Be aware, that the McCloud roll back is default for everyone and for some they are better off not rolling back. You’ll need to get the RSS statement to understand the roll back effects. This form is also available for electronic submission if you have a MODnet account. Expect it to take about a month to come back.
Pension Form 14
https://assets.publishing.service.go...PS_Form_14.pdf
This is for requesting a forecast of your preserved pension on retirement.
Good luck and check your sum carefully
The following users liked this post:
Shortly before I left the RAF at 55, as part of the resettlement service I sat down with a financial adviser to discuss, my pension forecast and my other bits and pieces to work out if I needed to work for a living or could actually retire. As I recall, it was a free assessment and gave me excellent advice. Having gone through my plans, my ins and outs the advice was I would be mad to work unless I really wanted to, and it was spot on.
I never had another job and I never worked so hard as I did after I retired, but doing the things I wanted to do. The trick is not to have expensive hobbies or to make your hobbies work for you.
I never had another job and I never worked so hard as I did after I retired, but doing the things I wanted to do. The trick is not to have expensive hobbies or to make your hobbies work for you.
The following 2 users liked this post by Ninthace:
I'm with you on this Ninthace. I took the government's Pension Wise offer and spent a very valuable 90mins with a completely unbiased professional. Rather than become "yesterday's man" I packed it in but not before re-hashing some old qualifications including a HGV licence. Since banging out I've done the sum total of c**k all but have never been so busy doing the things I want to do, including nine holidays in less than three years All this fun with no annual appraisals, no H&S assessments, no staff and minimal exposure to HMRC. Unless you've overstretched yourself why would you carry on in harness? Give it up and let the next guy in line have a go.
The following users liked this post:
You have 2 options:
Pension Form 12
https://assets.publishing.service.go...PS_Form_12.pdf
This will give you a once yearly FREE pension forecast that should cover your Regular pension and also your new FTRS pension. Be aware, that the McCloud roll back is default for everyone and for some they are better off not rolling back. You’ll need to get the RSS statement to understand the roll back effects. This form is also available for electronic submission if you have a MODnet account. Expect it to take about a month to come back.
Pension Form 14
https://assets.publishing.service.go...PS_Form_14.pdf
This is for requesting a forecast of your preserved pension on retirement.
Good luck and check your sum carefully
Pension Form 12
https://assets.publishing.service.go...PS_Form_12.pdf
This will give you a once yearly FREE pension forecast that should cover your Regular pension and also your new FTRS pension. Be aware, that the McCloud roll back is default for everyone and for some they are better off not rolling back. You’ll need to get the RSS statement to understand the roll back effects. This form is also available for electronic submission if you have a MODnet account. Expect it to take about a month to come back.
Pension Form 14
https://assets.publishing.service.go...PS_Form_14.pdf
This is for requesting a forecast of your preserved pension on retirement.
Good luck and check your sum carefully
I just received my Remediable Service Statement (RSS) for the Legacy period. I made my selection and sent it back the same day...does anyone know when I may see the loot?! Will it be a one-off bank payment or will it come with the monthly pension payment? (Mrs TR wants a new kitchen!)
Does it clearly break down the figures?
I left 8 years ago and it is a very clearly laid out document (IMHO). It explains what I have been missing in AFPS 75 terms since my pension has been in payment, but it is not clear on when or how I will receive the under payment!
The following users liked this post:
Thanks............only been out a year, so it'll be interesting to see when mine arrives.
The following users liked this post:
I’m in your boat downsizer - retiring just over a year ago, well over the age of 60 (on MEOS+) terms and still on a front-line flying squadron. Previously locked into AFPS 75, my pension effectively stopped from age 55 until everyone moved onto the new scheme in Apr 22. In my case, that is currently a big hole during which my income was all on top level PAS. Bottom line for me is in the order of a £10k pension uplift as soon as my RSS paperwork is finalised, hence I have a significant interest in this thread.
TR is the first fully retired person I’m aware of to receive an RSS and I wonder if they are starting from those who have been out longer? Either way, I’m still not expecting anything till April next year and I look forward to the lump sum offset (including interest added) to pay for next year’s holiday.
TR is the first fully retired person I’m aware of to receive an RSS and I wonder if they are starting from those who have been out longer? Either way, I’m still not expecting anything till April next year and I look forward to the lump sum offset (including interest added) to pay for next year’s holiday.
TR is the first fully retired person I’m aware of to receive an RSS and I wonder if they are starting from those who have been out longer? Either way, I’m still not expecting anything till April next year and I look forward to the lump sum offset (including interest added) to pay for next year’s holiday.
