Pension?

[foldingwings]

Originally Posted by 225Turbo

what exactly is a Resettlement Grant ?

You sure you're even serving??????

You really ought to talk to the Forces Pension Society if you are seriously that ignorant of the facts!

FW

[Where R We?]

Originally Posted by johnny99

Resettlement Grant:

Applicable to all ranks as shown below in a one-off payment

• Applicable to officers and other ranks who give full pay service on the Active List on or after 31st March 2006

• This grant is payable only to those who are leaving the service after 9 years service for officers and 12 years for other ranks.

• It does not apply to those members of the AFPS who are leaving on immediate pension terms and is not payable in addition to a pension

source: http://www.army.mod.uk/servingsoldie...pen_intro.html

So if I were to leave at my 38/16 point I would not be entitled, but if I PVR'd around my 44 point I would, is how I read it.

[johnny99]

Originally Posted by Where R We?

So if I were to leave at my 38/16 point I would not be entitled, but if I PVR'd around my 44 point I would, is how I read it.

My understanding: if you receive an immediate pension, you will not be entitled to a resettlement grant as well. The aim of the resettlement grant is to provide financial assistance to those not in receipt of any immediate pension entitlement. Believe this holds good under the new pension scheme as well. As with all things to do with pension entitlements- you are best to consult the experts. Its good practice to get a regular statement (every 2 years or so) of your entitlement from the pension department. They will provide written statements of entitlement based on various scenarios (exit point, pvr, med discharge etc). At best it keeps you informed and, should the future need arise, it provides some documentary evidence if things go awry.

[FFP]

On the pension forecasts . . . . . .

Am I right in thinking that the pension goes up every year ? To clarify, someone leaving this year may be due of a pension of say, £11,000. Someone leaving in 10 years time will get £11,000 + adjusted by inflation over the next 10 years, for arguments sake £13,000 ?

[JL3677]

I thought it was three times your salary and not three times your pension for the lump sum resettlement grant is this true?

[Danny_Boy]

Originally Posted by FFP

On the pension forecasts . . . . . .

Am I right in thinking that the pension goes up every year ? To clarify, someone leaving this year may be due of a pension of say, £11,000. Someone leaving in 10 years time will get £11,000 + adjusted by inflation over the next 10 years, for arguments sake £13,000 ?

FFP,

Yes the pension rates are adjusted each year due to inflation etc (NOTE - this means the rate for people leaving that financial year. If you are in receipt of a pension it remains exactly the same until age 55, when the index linking is backdated.)

Furthermore, how many years service you have completed is a factor. Someone leaving now (under AFPS75) would get a pension based on, say, 22 years service. If they left in 10 years time their pension would be based on 32 years service (pluss potentailly a higher rank).

Someone leaving on AFPS05 has a pension based on final salary. Notwithstanding inflation, unless a person is on the highest point within thir rank, and does not get promoted in 10 years, their basic salary should go up as well.

So, in essence, do not look at what your pension would be at todays rates, add 10x predicted inflation rates and expect that to be the pension rate for you in 10 years.

[Danny_Boy]

Originally Posted by JL3677

I thought it was three times your salary and not three times your pension for the lump sum resettlement grant is this true?

No, it is 3 times your annual pension.

If you have time - for a pension, I recommend making time - check out the following (all available on DII, I'm not clever enough to post links and/or infuriate home users for whom the links won't work):

AFPS 75: AFPS75, your pension scheme explained; AP3392 vol2 ch20

AFPS 05: AFPS05, your pension scheme explained; JSP764

[FFP]

Thanks DannyBoy, much appreciated !

[TMJ]

Originally Posted by Danny_Boy

No, it is 3 times your annual pension.

If you have time - for a pension, I recommend making time - check out the following (all available on DII, I'm not clever enough to post links and/or infuriate home users for whom the links won't work):

AFPS 75: AFPS75, your pension scheme explained; AP3392 vol2 ch20

AFPS 05: AFPS05, your pension scheme explained; JSP764

For them at home:

http://www.mod.uk/DefenceInternet/Ab...1975afps75.htm

http://www.mod.uk/DefenceInternet/Ab...2005afps05.htm