Pension Question
I have a question that hopefully fellow retired military UK members of Pprune might be able to answer.
I am trying to establish the lifetime allowance I have used with my AFPS 75 pension but I am confused about the figures. If I do the Pension x 20 plus Gratuity calculation, I end up with about 54% LTA figure
My P60 statements however, speak about lifetime allowance used as about 25% and my letter on leaving the service also spoke about 25%
Is the P60 statement the definitive record of LTA or is it referring to something else and why is it so different from the pension x 20 calculation?
Is LTA calculated on the figure provided at retirement or does it change with CPI changes i.e. Inflation this year will likely raise Military pensions by some 10%, does this affect the LTA figure.
Before someone mentions it, I have written to the SPVA but don't know how long it will be before I get an answer and their response may still confuse me and yes, I am a member of the AFP Society
Grateful for any light that can be shed on these figures.