Those who made a move to AFPS05 on the basis that would be serving to 55 are in for a rude awakening. Their offers to transfer would have shown them that the pension they would receive at the 55 point would, on either scheme, be about the same. However, the AFPS05 scheme added a few sweeteners, such as 4 time D-I-S, so looked like the best move. However, the new scheme stops them from making their 55 point on AFPS05 so all the disadvantages of the EDP now kick in.
Examples for 2 identical wg cdrs who were both on AFPRS75 till the O-T-T (I've used the figures in the DIN):
27 years of pensionable service at the point of transition to the Future AFPS. He leaves the Armed Forces after 34 years of pensionable service at the age of 55.
Bloke who stayed on AFPS75:
He will be entitled to receive, as his accrued AFPS 75 rights, a taxable Full Career Pension of around £32,000 per annum. He will also be entitled to a tax free lump sum of around £96,000.
Bloke who moved to AFPS05:
He will be entitled to receive, as his accrued AFPS 05 rights, a taxable Pension of around £28,500 per annum. He will also be entitled to a tax free lump sum of around £85,500.
In both cases they will be entitled to pension benefits for the 7 years of pensionable service under the Future AFPS in accordance with the rules of that scheme. The rules of the new scheme, including when pensions will be paid, are under development.
So for changing to a pension scheme that evaporated 9 years later the AFPS05 bloke takes a spanking. If he stay on the old scheme he would have been ok; if the new scheme had seen him to retirement he would have been ok. But moving from 75 to 05 then forced to AFPS15 is a major kicking.
Wonder if anyone will challenge their Offer To Transfer paperwork...