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Old 14th Aug 2021, 15:23
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Nil_Drift
 
Join Date: Apr 2020
Location: Inverness
Posts: 79
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Understanding the AFPS75/15 concern

I understand the concern of the person that LJ says is 'bonkers' because of the way that the RAF has been so unhelpful in the past. When the 05 offer was being touted with a very short period of time to decide, any questions that were asked were all met with "I'm not a Financial Advisor, it's your call". As it is standard these days to have better things replaced with not so good, and PR-led headlines but important things still obscured by small print, my immediate concern on seeing that all would be going onto 15 from Apr 22 was that there is no Lump Sum with 15 at age 60. Therefore, what happens to those of us who have been on 75 for 40 years and, in the last couple of months get switched, compulsorily, on to a scheme that does not give a lump sum at age 60?
The worst scenario to skilled aircrew who haven't been boning up on financial wizardry through our careers would be that some adminer would say, "Sorry Sir, no lump sum because you're on 15 now". Explaining how this 'bonkers' person would feel, perhaps the best thing is to go on 31 Mar 22 with my Lump Sum rather than chance it to my 60th birthday and then get conned. I thought that and the Pension Society has assured me, kindly, that that is not the case. So why isn't there a FAQ line somewhere to allay these fears/suspicions?
It is still interesting to know, if having received my Lump Sum, as I have been assured that it is safe despite the forced changeover, if I decide that as PAS it is better to go 75/15, will I have to pay back any of the Lump Sum as I will get that before the decision has been finalised?
So, in summary, less financially-astute personnel are not 'bonkers' just very cautious of the young thrusters who are changing too many things too quickly very rarely for the benefit of those who have given more than 2/3 of their life to Queen and country.

Last edited by Nil_Drift; 14th Aug 2021 at 16:43. Reason: Typo
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