Has anyone heard any rumours of compelling SP to transfer over to a new and revised pension contract?
Whether or not the MoD compels ‘voluntary’ new AFPS contributions (unlikely in the short term, given the existing abatement and G’ment unwillingness to give pay rises - which would have to be introduced to compensate for the (effectively) loss of abatement?), might it be that offer of promotion or new contract would be conditional on accepting transfer into the new pension contract?
My interest is professional; if anyone would prefer to contact me off board, I would be grateful for any insight. Finally, rather ominously maybe, The Armed Forces (Pensions and Compensation) Act 2004 was amended to read..
(1) The power of the Secretary of State to modify an armed forces pension scheme may not on any occasion be exercised in any manner which would or might adversely affect any entitlement, accrued rights or pension credit rights of any member of the scheme acquired before the power is exercised unless—
(a) the consent requirements are satisfied in respect of the exercise of the power on that occasion in that manner, or
(b) the scheme is modified in the prescribed manner.
(2) The consent requirements are those prescribed for the purpose of obtaining the consent of members of the scheme to its modification.