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Old 5th Mar 2015, 20:37
  #41 (permalink)  
Backwards PLT
 
Join Date: Aug 2006
Location: Belgium
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JAJ


I'm not an expert as it didn't apply to me, but a few years ago, when the new pension scheme was announced, those with less than 10 years to go were given "preserved rights" ie they will not transfer to AFPS15 on 1 Apr this year as everyone else will. I think this was seen as a good thing at the time, and I believe it still is if you leave at 55.


However one aspect of the 75 pension (not certain about 05) is that you stop accruing pension after 55. This doesn't matter unless you work beyond 55 - which NEM is introducing - making it far less attractive - the figures in my earlier post just won't be anywhere near right for someone in that position. When NEM was announced it was emphasised that those on "preserved rights" could not change to AFPS 15 even if they wanted to.


Hope that helps a little - some of the details above will hopefully be corrected by someone shortly, but the general gist is right.
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