Pension changes from 05 to 15
I was curious to see what effect joining under 15 terms would have on my pension compared with 05. When 05 was introduced I had been PAS for a few years and was mighty pleased to change from 75 to 05! The, in my opinion, overly generous pension terms offered to early leavers under 75 was replaced by a system that seemed to be an attempt to retain experience by offering a good pension to those to chose to see out their full service. Certainly there was a feeling among my contemporaries that we could put up with the ever burgeoning regulation and parsimonious Ts and Cs for the pension. So I was shocked to find that my pension under 15 would be barely 2/3rds of what I received under 05. It looks as though the Service is going to struggle to retain experience with this new pension, which quite frankly, gives the individual very little incentive to stay the course.
I'd be interested to hear from those serving how they feel about the pension, and what their experience is like compared with their contemporaries in civvy street.