Climebear,
Not a generalisation about 55 I'm afraid.
To gain the optimum benefit from AFPS 05 scheme from Apr 2005, you still need to serve to 55 ("normal retirement age")... i.e. those that have joined since Apr this year! You can no longer retire on a pension below the age of 37. Hence EDP and income (as opposed to pension from 18/40).
Individuals who elect to transfer from AFPS 75 will carry over some additional service eg complete years service from day of joining from 16 - 18 and 55 + to a max of 40 years = 1.6667% increase in PP. There may well be some real crusty's on life support machines who qual.
PA Spine / PES (A) qual persons will benefit (enhanced daily pay with IDD, incorporating flying pay at the time of transfer to the spine = film star annual wage, therefore 50% calculated for IP) providing they; time qualify for PA /PES (A) and are 55 or over.
55 is still the gotcha even on cross over. Hence my amber caption!
If you are; 40 + with 18 years service and considering an alternative career that will offer a second pension scheme and comfortable wages (e.g. airlines). It may be worth looking at transfer to AFPS 05, taking EDP with lump sum, knowing you have a tax free savings scheme in place, with lump sums at 55 and PP at 65. EDP is after a "retention pull through" (as quoted in the JSP 764).
The in service death and child benefits et al, are self funding from the reductions in PP until 65, incremental EDP etc. The AFPS 2005 is to be cost neutral.
If you cannot guarantee to hit the big 55/35, take a look at calculating benefits under AFPS 75, taking any Resettlement / Life commutations, Terminal grant and buying additional death benefit (as recommended by the AFPS on thier visit to our station) if you want to provide for the ball and chain
But once again I recommend the AFPS.