Originally Posted by
Party Animal
Those who signed on to the age of 60 whilst fully on AFPS 75. That’s because the pension stopped at the age of 55 and that would be 5 years of nothing if you left at 60. Now, they should get 5 years of the 15 pension.
Not strictly true Party Animal, but there's some truth in it because the AFPS 75 tops out after 34 years reckonable (typically from age 21) service (not necessarily at the age of 55). In my case I joined at the age of 24 and had expected to retire at 55 (the week before last in fact), so was not switched to AFPS 15. However, I have now extended to 60 and would have reached the top of the AFPS 75 scheme at the age of 58. At that point I would have stopped earning any additional levels on the scheme, so that I would have spent the last 2 years of my service marking time (apart from the expected annual CPI-based increases).
On the face of it, this seems a bit unfair, but I knew that when I accepted the offer - and I also knew that I could pull the yellow and black at 58 without penalty (ET carries no penalty at that point)..
What appears to be about to be offered will potentially prevent me getting to the top of the AFPS 75 scale, but I will at least have the potential to earn on the new scheme to age 60. The difference being that I presume the 15 scheme will not pay out until I am 67(?). There is risk attached to this of course, and it is one I would rather not take thank you.
I am cynical by nature and have always taken the view that any change to our pension arrangements would OVERALL (and therefore ON AVERAGE) lead to us receiving less financial benefit than staying on an existing scheme. Talking to colleagues at work, there seemed to be an expectation that those who had (unlawfully) been moved onto the AFPS 15 would simply be able to move back and that would be an end to it. I guess that's not quite the case.