Pension Calculator Question

[Roger Sofarover]

Does anybody know if there is a pensions calculator/info sites that will give me my forecast pension in 6 years time. I have been receiving my Military pension now for 11 years, and of course in 6 years it catches up, index linked for the previous 17. Any ideas thanks?

[Tiger_mate]

ARMED FORCES BENEFITS CALCULATOR – INTRODUCTION



Terms and Conditions
The Armed Forces’ Benefits Calculator will provide you with an indication of the value of the total benefits you receive as a member of the Armed Forces. It will do this by calculating the financial value of your remuneration and allowances package, together with an indicative value for the other benefits you receive in return for military service, which will indicate what these benefits might cost were you to replicate them in the civilian sector.

With this in mind, you should note that the Armed Forces’ Benefits Calculator is for guidance purposes only. It is not intended to provide you with financial advice. If you require financial advice, you should contact an independent financial adviser. The Armed Forces’ Benefits Calculator provides a guide to your total benefits package using 2009 rates of pay and allowances, and does not take into account future pay rises or the effects of inflation. Please note, however, that the Calculator currently uses 2008 pay rates for Medical and Dental personnel; these will be updated once the 2009 rates are announced.

Although every effort has been made to ensure that the information provided is as accurate as possible, no representation or warranty, express or implied, is given as to its accuracy and the MOD does not accept any liability for error or omission. The MOD shall not be liable for any loss or damage arising from the use of, or inability to use, the Armed Forces’ Benefits Calculator, or any material contained in it, or from any action or decision taken as a result of using the Armed Forces’ Benefits Calculator or any such material.

Link: Armed Forces Benefits & Pension Calculator (http://www.mod-abc.co.uk/WizTrsDisclaimer.aspx)

Also check out: Ministry of Defence | About Defence | What we do | Personnel | Pensions | Armed Forces Pensions | Pensions Calculator (http://www.mod.uk/DefenceInternet/AboutDefence/WhatWeDo/Personnel/Pensions/ArmedForcesPensions/PensionsCalc/PensionsCalculator.htm)

[Wrathmonk]

Roger

The only thing I can offer is the September inflation rate which should have been "applied" to the pensions and which you will play 'catch up' on at age 55.

2000 - 3.3%
2001 - 1.7%
2002 - 1.7%
2003 - 2.8%
2004 - 3.1%
2005 - 2.7%
2006 - 3.6%
2007 - 3.9%
2008 - 5.0%

All you need to do is some O level maths.

And yes I did get the figures from the correct inflation table! To double check perhaps BEags could publish his pension figure for each year since he retired (as he was so proud to post his Apr 09 figure) and you should be able to double check the % rise :E

Of course what will happen this year if the figure in September is a negative figure ....

[Roger Sofarover]

Tigermate, Wrathmonk

Thanks a lot.

[Wrathmonk]

Roger

Just reread your original post - misread it as the last six years. To get data back to 1948 (!) click here (http://www.statistics.gov.uk/downloads/theme_economy/Focus_on_CPI_March_09.pdf) and scroll down to Table 4.2 (or page 41 of 92).

[cazatou]

The State Old Age Pension will be increased by September RPI or 2.5% whichever is higher - not that I'm that old.

:{

[SirToppamHat]

Of course things are never as simple as they seem - witness Tiger_mate's preamble above.

If it's important for you to get an accurate figure, I would give these guys a call:

Forces Pension Society (http://www.forpen.org/pensions-explained/afps75/)

Regards

STH

[mrmrsmith]

The best thing to do is write to "Armed Force Pension Scheme" for a forecast, I did last sept and I had a forecast with in the week. Your aloud a forecast each year. The address is

Mail Point 480
Kentigern House
65 Brown Street
Glasgow G2 8EX