PPRuNe Forums - View Single Post - Pension Annual Allowance... exceeded?!?
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Old 28th Dec 2020, 10:30
  #17 (permalink)  
Lima Juliet
 
Join Date: May 2000
Location: UK
Posts: 4,336
Received 81 Likes on 33 Posts
heights good

Those figures are your pension input amounts (PIAs) and they will vary for various reasons - promotion and change of pension scheme would be a couple of factors. Have a read of this that explains PIAs reasonably simply: https://adviser.royallondon.com/tech...-amounts-2015/

So, the AFPS75, AFPS05 and AFPS15 all have different accrual rates that can affect the PIA in a given tax year (75 accrues at a variable rate (much faster at the start), AFPS05 at 1/70 and AFPS15 at 1/47). Also, your promotion and access to pay levels can have an effect too. Finally, with your PPruNe nickname, would it be right to assume you are a Commissioned Crewman? If so, there are some significant wage changes surrounding NCO to Commissioned Officer status if I recall correctly?

From my experience, these matters are rarely comparable from individual to the next. There are so very many variables in the calculation of PIA that 2 people that even entered the Services on the same day at the same rank are getting different treatment when it comes to Annual Allowance.

I think all the advice given so far is good. Use that link I shared with you. Work out your PIAs. Consider sporting ~£40 on the Forces’ Pension Society for some impartial and expert advice. Drop DBS a note at Glasgow if you don’t understand anything or you need to query it. Or try the Branch Advisors if you get really stuck. Sadly, you do have to put the work in on this (I’ve just spent an afternoon working out my complicated Life Time Allowance (LTA) situation to see how close I am getting to that - again, everyone is different and so there is no “pink” answer to crib!).

Good luck
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