Monkeyman
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Armed Forces Pension and Annual Allowance Calculator (AFPAAC)
For the new pension scheme there are a few surprises in store, as far as I can see:
1. Employer cost cap - is this a way for another snivelling pencil neck to fiddle with our pensions inside 25 years?
2. Members transferring between public service schemes to be treated as having continuous Service; Members rejoining after a period of deferment of less than 5 years can link new Service with previous Service - does this mean no more retiring and going FTRS? If it does, it makes a mockery out of the new "no abatement" rule!
3. 1/47th accrual rate is far better than current AFPS05 1/70th rate - however, you need to factor in the £1 pension surrendered to £12 raised in tax free lump sum. When you look at them both I get a 1/56th accrual rate for AFPS05, so the new scheme appears to be better.
4. Early retirements from age 55, with benefits to be actuarially reduced - does this apply to everyone? At present those on Reserve Forces Pensions Scheme need to retire at 60 to get a pension or it is deffered to age 65.
LJ
PS - here's a link about CARE from Echelon Wealthcare...
Future Armed Forces Pension Scheme (F-AFPS) CARE.