Pension Question
Scotch B,
You are quite correct, a WO1 or WO2 on PES(A) is better off than a Major and a Major on PES(A) is better off than a full Colonel. I could baffle you with the maths....actually I was baffled but the final figures can not lie. They are spitting feathers at the apparant oversight of someoone being better off than them. There are some hoops that have to be jumped through for the WO's to proff and the cynic in me will watch the with interest if they are allowed to complete their final tranche of LSL(A) to qualify. I hope they do as the little earner I (and others) was hoping for was cruelly and vindictively taken from me by the very people who are supposed to look after my interests. LE commission post 22 years service in the ranks, the PES(A) door is closed. Stay in the ranks on LSL(A) and the PES(A) door is open. LE is better off up to a point at about 52 years then the LSL(A) man proffs. Bu**er.
You are quite correct, a WO1 or WO2 on PES(A) is better off than a Major and a Major on PES(A) is better off than a full Colonel. I could baffle you with the maths....actually I was baffled but the final figures can not lie. They are spitting feathers at the apparant oversight of someoone being better off than them. There are some hoops that have to be jumped through for the WO's to proff and the cynic in me will watch the with interest if they are allowed to complete their final tranche of LSL(A) to qualify. I hope they do as the little earner I (and others) was hoping for was cruelly and vindictively taken from me by the very people who are supposed to look after my interests. LE commission post 22 years service in the ranks, the PES(A) door is closed. Stay in the ranks on LSL(A) and the PES(A) door is open. LE is better off up to a point at about 52 years then the LSL(A) man proffs. Bu**er.
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Comparing the old and new pension schemes is complicated, but the decision isn't. If you are absolutely certain that you will serve to age 55 then go for the new scheme. If you know you won’t, or are uncertain, then stick with the old. At least that’s my take on it. Do your research and let me know if you agree or otherwise-
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I have just lifted this from the FAQs on the MOD website,
Will those on enhanced pay spines, ie medical/dental officers and Professional Aviators, receive a pension based on their individual pensionable pay rate?
Yes. All pensionable pay will be used when calculating the final pensionable salary. It is only Additional Pay, such as flying pay, submarine pay etc, which is not pensionable and is not therefore included.
Nice!
Will those on enhanced pay spines, ie medical/dental officers and Professional Aviators, receive a pension based on their individual pensionable pay rate?
Yes. All pensionable pay will be used when calculating the final pensionable salary. It is only Additional Pay, such as flying pay, submarine pay etc, which is not pensionable and is not therefore included.
Nice!
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JessThe Dog - I made no comment about "worth", no doubt there are those that are and those that are not, same as every walk of life. What I was referring to was that some bleat on about how poor the pay and conditions are etc. and that it is a "contributory" pension scheme etc etc. It is clearly a very generous package when one costs the pension quoted for the same terms and RPI inflation the fund required is £750,000 according to some actuarial tables. Very few would be able to achieve such a fund without MASSIVE personal contributions. Assuming equal over say 30 years that is £25000 per annum. Does anyone still wish to complain about poor pay when pension contribution is about the same as the annual salary?
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Changing the topic slightly. Does anyone know the impact of redundancy on the new pension scheme? As a FE the prospect of another 20 years in my job is in the balance. Should I sign on to the new pension scheme (where it appears it's only beneficial to do so if you are going to stay to 55) and get made redundant would they treat the years I WOULD have served as pensionable or would I be shafted???
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To K1RB5
Mate,
If you opt for the new pension and then become redundant in the existing program, you will have the right to revert to the old scheme upon exit, thus getting an immediate pension if you had completed the standard 22 yrs.
Interestingly, discussions are happening now in the Pay and Pensions Policy dept, about how redundancies beyond the existing program will effect personnel who accepted the new pension in Apr 06. As an FE you are right to be concerned that you might be royally shafted in the future when you are no longer required to fly.
Its my own belief that anyone who accepts the new pension who is signed on to age 55 at the time of transfer will be protected. Giving individuals the right to revert now, while a known redundancy scheme is in operation, sets the precedent for any unknown future scheme to do the same.
If you opt for the new pension and then become redundant in the existing program, you will have the right to revert to the old scheme upon exit, thus getting an immediate pension if you had completed the standard 22 yrs.
Interestingly, discussions are happening now in the Pay and Pensions Policy dept, about how redundancies beyond the existing program will effect personnel who accepted the new pension in Apr 06. As an FE you are right to be concerned that you might be royally shafted in the future when you are no longer required to fly.
Its my own belief that anyone who accepts the new pension who is signed on to age 55 at the time of transfer will be protected. Giving individuals the right to revert now, while a known redundancy scheme is in operation, sets the precedent for any unknown future scheme to do the same.
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k1rb5
Information so far is that if you chose to trnasfer, but were then made redundant later, you would be allowed to revert to the current scheme prior to redundancy if it would be to your advantage. I will presume this refers only to compulsory redundancy notified after your intitial election to transfer, until I see it categorically stated otherwise. Hope that helps.
Ginseng
D**n, DPH got there first!
It is still worth saying once again that all the certain information published so far should be read as applying only to new entrants from 1 Apr 05. What transfer terms will be offered to the rest of us from 1 Apr 06 we still have to see. Count your chickens if you will, but write the answer in pencil and keep a rubber (eraser!) handy.
Who called me a cynical old b*****d?!
Ginseng
D**n, DPH got there first!
It is still worth saying once again that all the certain information published so far should be read as applying only to new entrants from 1 Apr 05. What transfer terms will be offered to the rest of us from 1 Apr 06 we still have to see. Count your chickens if you will, but write the answer in pencil and keep a rubber (eraser!) handy.
Who called me a cynical old b*****d?!
