Automatic Extension of terms of service
I recently ran through the pension calculator and ran into a statement that would automatically extend my terms of service if I opted for AFPS05.
I reach my 38/16 point in Aug 2010 and having served less than 18 years I would be daft to transfer onto AFPS05. However, on reading the definition of EDP, I discovered that it states:
"If your current terms end at the earlier of age 37 (38) or 16 years service, you will automatically be given the opportunity to complete additional service to the new 18/40 point if and when you transfer to AFPS05 terms."
Having not noticed this anywhere else in the literature I ran the OTT people to clarify this point. They were also unaware or where this was clarified! The best they could offer was that I make sure that if I transfer I should ensure I get the offer to extend from my Desk Officer.
Can anyone help me out on this point, is it pukker gen?
Also, I am keen to be assimilated and two extra ACR's may help, however, even serving 18 years and retiring on AFPS05 this would apparently (according to the pension calculator) leave me a lot less well off in pension payments.
Many Thanks
WTN