Originally Posted by
Party Animal
So let me get this right....
I can use the Pension Calculator from the end of October 21 to work out reasonably accurately (one hopes) what is the best deal for me to be on should I choose to leave next year.
However, there is no guarantee that I would get the best deal until the legislation is resolved after October 23!!
It could be like getting the Retention Bonus all over again for Christmas 23.
I think you have got this wrong…
You can leave whenever you like and get the payout that you are entitled to. The date of Oct 23 is to get
everything in place, including future legislation, pension calculators, changes to JPA, QRs/JSPs/APs amended (some of which secondary legislation) and other triv. The main McCloud process
means that towards the end of your career, for the 7 year ‘remedy period’ (1 Apr 15 – 31 Mar 22 or your retirement date if earlier) you will be able to choose between the pension benefits offered by your legacy (AFPS 75 or 05) scheme or the reformed (AFPS 15) scheme - that will not need any change as all three bits of pension legislation exist to enact that. I would expect to see pay outs well before Oct 23 for many as for some it will be simple switch to the 2022 AFPS75 Pension Codes when they are released.
Interestingly enough, I have still done my own calculations and at age 60, my planned retirement age, I will still be better off on AFPS75/15 than I would be on plain old AFPS75 - to the tune of about £9.5K per year for the rest of my life. The reason being that my Career Average on transfer in 2015 is way higher than normal and also that it accrues way faster than AFPS75 on its own (also on AFPS75 I can only claim 34 of my 38 years served). That is why the calculator is key here and I suspect that a whole bunch of us will be pleasantly surprised 