I've been looking at FTRS pensions. I thought that the pension would only be payable at age 60, but having run the Armed Forces Pension Calculator it seems I can draw my pension from age 55 at a reduced rate:
If you are an RFPS member who qualifies for a deferred pension and lump sum payable at age 65 (including an accrued right to RFPS deferred pension following the AFPS15 transition) you may claim payment from age 55 onwards. If you choose this option, your pension and lump sum will be adjusted from the amount that would normally have been payable from age 65 using the appropriate actuarial early retirement reduction factor for your age as at the calculation date.
If you are an AFPS15 member with deferred pension payable at State Pension Age (including accrued rights members with deferred pension payable at an earlier age) you may claim actuarially reduced early payment of your AFPS15 benefits from age 55 onwards. If you choose this option, your pension and lump sum will be adjusted from the amount that would normally have been payable at State Pension Age using an appropriate actuarial early retirement reduction factor for your age as at the calculation date.
I've just run the figures and due to the accrual rate of AFPS15, it would appear that I am better off in pension terms going FTRS in my last 15 years than staying in the Regulars (even if I drop one rank!). Is this right?
CPL Clott