Oh Dear!
The tangled web gets even worse.
From the new AFCS booklet "Your Compensation Scheme Explained".
Page 16 - Bereavement Grant. ....... "If you die in service, the following provisions apply, reflecting the different levels of death-in-service benefits paid under the two pension schemes. " (Italics mine).
Page 30 - Comparison of benefits payable on death due to service - Attributable benefits under AFPS 75 and WPS. Death-in-service lump sum of up to approx 3 times pensionable pay. Note 6. The lump sum is increased to approx 3 times pensionable pay with effect from April 2006.
So perhaps it is 3 times rather than 4 times, and from April 06 rather than now. And what does "approx 3 times" mean? And what did the SofS actually say? What did he think he said? What was he reported as having said?
Does anyone know what is going on?
Oh dear, oh dear, oh dear. What a shambles!
Ginseng
Here's a thought. Perhaps it all means that the Death-in-Service Benefit in AFPS 75 remains at 1 to 1.5 times until Apr 06, but in the meantime they will actually pay 4 times (to equal AFPS 05), until transfer day in Apr 06, when those transfering to AFPS 05 will keep their 4 times, but those who don't and remain in AFPS 75 revert to AFPS 75, which on the same day has been raised to 3 times, so in effect they see a drop from 4 times to 3 times, which is still better than 1 to 1.5 times and its all their fault for not accepting the offer of transfer anyway.
I think my brain has just exploded!
Ginseng
PS: What would all that mean for our AVCs?
Last edited by Ginseng; 8th Apr 2005 at 22:21.