A quick question for PA brethren – Pension supplements.
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A quick question for PA brethren – Pension supplements.
Chaps,
I spent some considerable time today trying to find out how much the daily pension supplement is for PA as I’m planning a 5 year point bang out. I’ve looked in the intranet version of AP 3392, spoken to a PD Clerk, the Chief Clerk and W.O. PSF. None of them no anything about it and the only reference I can find to it is the paperwork we all received when the RAF was first talking about setting up the system. They advised me to write to the pension people at Binsworth because apparently, they won’t deal on the phone or by email
Do any of you know how much it is or if not, where I can find the gen
Thanks
MOG
I spent some considerable time today trying to find out how much the daily pension supplement is for PA as I’m planning a 5 year point bang out. I’ve looked in the intranet version of AP 3392, spoken to a PD Clerk, the Chief Clerk and W.O. PSF. None of them no anything about it and the only reference I can find to it is the paperwork we all received when the RAF was first talking about setting up the system. They advised me to write to the pension people at Binsworth because apparently, they won’t deal on the phone or by email
Do any of you know how much it is or if not, where I can find the gen
Thanks
MOG
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I'm a bit confused - must be the beer at happy hour! You sound as though you've elected to stay on the AFPS 75. Being on the PA spine, I'd have thought that you would have elected to move across to AFPS 05. If you've done the latter, then there is no pension suppliment.
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I don't know if there are supplements on the new scheme. Anyway, I’m still on AFPS 75, it made sense as I intend to PVR and when I did the calcs it turned out that I was better off staying on AFPS75.
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I didn't think there was a PA pension increment for PA in the first 5 years under AFPS75. I think the theory was (didn't last long though did it!) that you'd had an FRI to keep you sweet for the first 5 years.
From what I remember, having done the 5 years (as you seem to plan to do) the increment then trips in at a level that makes up the daily increment over the 5 year period. For a PA Sqn Ldr it is worth approx 1k (50ish p per day), while for Flt Lts it is more like 1.6k. I'm surprised you didn't find the figures in AP3392 Vol2. I've got a note here that they were in Leaflet 2002 Annex B.
From what I remember, having done the 5 years (as you seem to plan to do) the increment then trips in at a level that makes up the daily increment over the 5 year period. For a PA Sqn Ldr it is worth approx 1k (50ish p per day), while for Flt Lts it is more like 1.6k. I'm surprised you didn't find the figures in AP3392 Vol2. I've got a note here that they were in Leaflet 2002 Annex B.
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Exactly. But the question remains. He was on the PA Spine. Chose to stay on AFPS75 and then whacked in the PVR. So, did he win the lottery? And, if he is that clever to ignore AFPS05 and bang out early, then why then question about the daily supplement?
Just doesnt add up........bit like his pension really
Just doesnt add up........bit like his pension really
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Errr.. sorry to get back to the thread. It may not be much help, MOG but the last time I saw the rate published was in a pensions Z-card from 2003 and the pilot rate was .667 pence/day.
I have seen nothing since then but presume it increases at the same rate as the annual pay rise (?). Surely the pensions folk at Glasgow or wherever they are now could tell you more - by phone hopefully! Mind you, last time I did phone them, a phrase with the words 't1ts' and 'goldfish' sprang to mind.
Oh, and southside, please STFU - he may be better off on AFPS75 if he leaves at the 5 yr point.
I have seen nothing since then but presume it increases at the same rate as the annual pay rise (?). Surely the pensions folk at Glasgow or wherever they are now could tell you more - by phone hopefully! Mind you, last time I did phone them, a phrase with the words 't1ts' and 'goldfish' sprang to mind.
Oh, and southside, please STFU - he may be better off on AFPS75 if he leaves at the 5 yr point.
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southside,
Which pension scheme we chose was up to each of us, and wholly dependent on circumstances.
For everyone else,
Before we get into another southside slagex, the figures as I understand them.
The supplements per day (2005/6 figures as I don't think 2006/7 once have been announced yet) are:
Pilots: Flt Lt £0.707, Sqn Ldr £0.705
Nav: Flt Lt £0.523, Sqn Ldr £0.521
Rear Crew: Flt Lt £0.449, Sqn Ldr £0.447
If you leave before completing 5 years on PA with AFPS75 then you lose the supplement. As a Flt Lt you get the basic Spec Aircrew pension, as a Sqn Ldr you get the basic CS Sqn Ldr. If you leave after 5 years then you get the supplement on top of the pension.
I'm sure Ginseng will correct me if I'm wrong here.
The figures are published as a "Directed Letter" each year. I used to be able to find them on the intranet, but now they have reorganised everything I can't find anything!
Hope this helps.
D4R
Which pension scheme we chose was up to each of us, and wholly dependent on circumstances.
For everyone else,
Before we get into another southside slagex, the figures as I understand them.
The supplements per day (2005/6 figures as I don't think 2006/7 once have been announced yet) are:
Pilots: Flt Lt £0.707, Sqn Ldr £0.705
Nav: Flt Lt £0.523, Sqn Ldr £0.521
Rear Crew: Flt Lt £0.449, Sqn Ldr £0.447
If you leave before completing 5 years on PA with AFPS75 then you lose the supplement. As a Flt Lt you get the basic Spec Aircrew pension, as a Sqn Ldr you get the basic CS Sqn Ldr. If you leave after 5 years then you get the supplement on top of the pension.
I'm sure Ginseng will correct me if I'm wrong here.
The figures are published as a "Directed Letter" each year. I used to be able to find them on the intranet, but now they have reorganised everything I can't find anything!
Hope this helps.
D4R
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Southside,
Guess it all depends on his personal circumstances - and I'm certainly not going to ask. But as a PAS guy, and being in a very similar position, I chose AFPS05 because it gives me a MUCH bigger pension when I'm aged 65. Even if I PVR soon, my EDP (under AFPS05) will be much about the same as what I would have got as a pension under AFPS75.
PS. Glad you agree with me on something!
Guess it all depends on his personal circumstances - and I'm certainly not going to ask. But as a PAS guy, and being in a very similar position, I chose AFPS05 because it gives me a MUCH bigger pension when I'm aged 65. Even if I PVR soon, my EDP (under AFPS05) will be much about the same as what I would have got as a pension under AFPS75.
PS. Glad you agree with me on something!
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Believe it or not punters: some combinations of age / rank / joining date etc.... actually make AFPS 75 MORE beneficial for PAS. So until you know all the issues pertinent to ALL individuals, you might want to loose the opinionation....
As someone who has asked the same question ("what is the daily incremental supplement....?") I asked the Pensions Hot Line - a phone number easily obtainable. The chap that tried to answer the querie (I believe they have a contractual remit to get a response in xxx hours / days - whatever...)...anyway they couldn't answer, but put me onto some supervisor who gave the standard party line that questions like this need to be in writing. Wrote said letter - simple English will suffice.... on Toilet Paper will also suffice. Got a reply stating something like 70p per day. BUT the answer was based on info over 12 months old (ie: don't expect your contractual 'rights' to be adhered to) - you obviously are aware that the treasury is required to state said supplement on a regular basis....
Like you SHQ had no idea. As you can also gather, other lads also do not have a clue....
Now for those who think AFPS 05 is (Was........ - too late to make a difference now) better than AFPS 75: For some - a PVR will throw a cat amongst the proverbial. Retirement packages on PVR today may be better than those you get in 7-10 years from now..
Southside - please leave your financial advice for those 7 year olds participating. A Question on PAS & Pension schemes is deadly serious.
As someone who has asked the same question ("what is the daily incremental supplement....?") I asked the Pensions Hot Line - a phone number easily obtainable. The chap that tried to answer the querie (I believe they have a contractual remit to get a response in xxx hours / days - whatever...)...anyway they couldn't answer, but put me onto some supervisor who gave the standard party line that questions like this need to be in writing. Wrote said letter - simple English will suffice.... on Toilet Paper will also suffice. Got a reply stating something like 70p per day. BUT the answer was based on info over 12 months old (ie: don't expect your contractual 'rights' to be adhered to) - you obviously are aware that the treasury is required to state said supplement on a regular basis....
Like you SHQ had no idea. As you can also gather, other lads also do not have a clue....
Now for those who think AFPS 05 is (Was........ - too late to make a difference now) better than AFPS 75: For some - a PVR will throw a cat amongst the proverbial. Retirement packages on PVR today may be better than those you get in 7-10 years from now..
Southside - please leave your financial advice for those 7 year olds participating. A Question on PAS & Pension schemes is deadly serious.
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D 4 R, thanks for the numbers.
Some facts which I include for those who don’t know the system:
1. Pension supplements are calculated on days served as PA, but you may only receive them if you serve for at least 5 years from entering the PA spine. Leave one day early and you get nada.
2. I will only PVR once I have secured the supplements.
3. LJR is correct; it’s all about your personal circumstances. I stayed on the old scheme as I would receive a lower pension if I switched to the new one and PVR’d, which I’m sure you might have guessed by now I mean to do.
Thank you all
It’s late, I’m old and grumpy, goodnight
MOG
Some facts which I include for those who don’t know the system:
1. Pension supplements are calculated on days served as PA, but you may only receive them if you serve for at least 5 years from entering the PA spine. Leave one day early and you get nada.
2. I will only PVR once I have secured the supplements.
3. LJR is correct; it’s all about your personal circumstances. I stayed on the old scheme as I would receive a lower pension if I switched to the new one and PVR’d, which I’m sure you might have guessed by now I mean to do.
Thank you all
It’s late, I’m old and grumpy, goodnight
MOG
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MOG,
Did you try the RAF Pensions Calculator?
http://83.138.137.164/pensioncalcula...isclaimer.aspx
I gave it a go and it came out with a bunch of figures for both schemes ... I know it's not exactly what you asked for, but more gen equals greater confusion !!
Did you try the RAF Pensions Calculator?
http://83.138.137.164/pensioncalcula...isclaimer.aspx
I gave it a go and it came out with a bunch of figures for both schemes ... I know it's not exactly what you asked for, but more gen equals greater confusion !!
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MOG
D4RPs figures are correct for 05/06, and are the increments for each day served on the PAS. Those for 06/07 are not out yet - it would be prudent to expect a change of no more than 3%, but possibly less. In combination with the five year minimum rule, you now have the informatiion you need.
Did you take into account the fact that, as there is no daily increment, and hence no 5 year rule, for PAS in AFPS05, you would have nothing to lose on that score from PVR before 5 years in AFPS05? It may not change your mind, but take a look just in case. You can still change your pension election, if you get the letter in to the OTT Centre by 31 Mar.
Regards
Ginseng
Did you take into account the fact that, as there is no daily increment, and hence no 5 year rule, for PAS in AFPS05, you would have nothing to lose on that score from PVR before 5 years in AFPS05? It may not change your mind, but take a look just in case. You can still change your pension election, if you get the letter in to the OTT Centre by 31 Mar.
Regards
Ginseng
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It suited me as I had a retention bonus to amortise at the same time.
Thanks for all the advice, got to go Grobing – up diddly up, down diddly down and wipe the cadet’s sick off my legs.
Ahh, the joys of AEF flying.
Thanks for all the advice, got to go Grobing – up diddly up, down diddly down and wipe the cadet’s sick off my legs.
Ahh, the joys of AEF flying.
