FJ2ME,
I think I'm probably in a similar boat to you i.e. the middle ground straddling both schemes. And you're not the only one currently scratching their head. I think - hope - a new calculator will come out in September when they make the final announcement.
However, from what I can gather, the following seems to apply if you reach your 16/38 point before the new scheme kicks in:
2014: Melchett reaches 16/38 point, qualifies for IP + lump sum (AFPS 75)
2015: Transfer to new scheme. All previous benefits earned to date remain payable as normal
2020: Melchett pulls yellow and black, leaving after 22 years service. Draws an IP + lump sum for service up to 2015 under AFPS 75 plus an EDP for service between 2015 - 2020 under new scheme.
2040: Melchett stunned to have made retirement age. All previous payments now uprated in line with CPI and residual element of the new pension scheme earned between 2015-2020 is paid out.
I think that's it as I understand, unless I've got completely the wrong end of the stick - which wouldn't be the first time. That said, there's a little gremlin working away at the back of my mind that says I might even be better off at retirement by transfering to the new scheme than had I remained on the 75 scheme because of the higher accrual rates coupled with the fact that as far as the new career average scheme is concerned, my starting salary will be based on what I am earning at the time of transition and then going forward rather than what I was earning as a Plt Off going through Cranwell in the 90s.
Whether my patience lasts long enough to accrue a full pension is, however, a very different matter.
Last edited by Melchett01; 31st Jul 2012 at 20:47.