Yes Ginseng, it's very sad.
What's even worse is that the very senior wheels just let it happen - I still wonder if they understand what impact it will all have on the morale of their "middle management". But then again - what's new?
I have to admit that, for a time, I was quite excited by the prospect of AFPS 05 - I thought I'd won the jackpot. But then I saw the full horror of what happens if I elect to leave at any time before I'm 55!
.... and then I saw the new redundancy terms that I would automatically sign up to if I transfer to AFPS 05.
So the way I see it is:
If I join AFPS 05, I get a big increase in my pension when I retire at 55.
But if elect to leave even a couple of months before I'm 55, I loose 25% of my gratuity and 25% of my pension for 10 years. If I leave before I'm 50 I loose another 25% of my gratuity and 50% of my pension until I'm 55! But of course - it isn't really a pension is it - so that's OK then. [And another thought has just occured to me - As it's not a pension, I wonder how easily they can change the terms of the Early Departure Payment in the future?]
Mind you, if they choose to make me redundant, I loose on the redundancy payment as well!
I thought my decision about joining AFPS 05 would be easy - but now I'm not so sure. It appears to me that the overall impact of all of this is to make employment in the Armed Forces much less secure than it was.
Last edited by LFFC; 25th Jun 2005 at 10:27.