Wikiposts
Search
Military Aviation A forum for the professionals who fly military hardware. Also for the backroom boys and girls who support the flying and maintain the equipment, and without whom nothing would ever leave the ground. All armies, navies and air forces of the world equally welcome here.

Pension?

Thread Tools
 
Search this Thread
 
Old 23rd Jul 2006, 20:30
  #1 (permalink)  
Thread Starter
 
Join Date: Jul 2006
Location: East Midlands
Age: 46
Posts: 36
Likes: 0
Received 0 Likes on 0 Posts
Pension?

If someone was to PVR after served 11.5 years whilst on a 22yr engagement, what would happen to the pension? is it transferrable?
225Turbo is offline  
Old 23rd Jul 2006, 20:40
  #2 (permalink)  
 
Join Date: Jan 2006
Location: UK
Posts: 734
Likes: 0
Received 0 Likes on 0 Posts
Believe you would get a tax-free lump sum that was the equivalent of 11.5/22nds of the max - possibly rounded down to 11.

As for instant - ie. monthly - pension, you would have to wait until age 55, whereupon I believe you would get the same 11.5/22nds of the going rate, which is index-linked.

The age old gamble is quit early with the potential to earn a real wage outside, no BS etc, versus playing safe, staying in and waiting for what is a very attractive pension in comparison to many other jobs. I opted for the latter, but the days can't go quick enough to 22.

At 11.5 yrs you simply have to ask yourself, can you stomach another 10.5 years of this?

...and in answer to your question:

You can normally transfer the pension to other arms of the military provided you're not in between for too long - think someone wrote 30 days between services in another forum. Otherwise I think the usual suspect careers - police, prison etc - let you carry it over. I'm sure the JPAC helpline will be able to provide assistance...



...by the time you get to 55
dallas is offline  
Old 23rd Jul 2006, 20:44
  #3 (permalink)  
Thread Starter
 
Join Date: Jul 2006
Location: East Midlands
Age: 46
Posts: 36
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by dallas
Believe you would get a tax-free lump sum that was the equivalent of 11.5/22nds of the max - possibly rounded down to 11.

As for instant - ie. monthly - pension, you would have to wait until age 55, whereupon I believe you would get the same 11.5/22nds of the going rate, which is index-linked.

The age old gamble is quit early with the potential to earn a real wage outside, no BS etc, versus playing safe, staying in and waiting for what is a very attractive pension in comparison to many other jobs. I opted for the latter, but the days can't go quick enough to 22.

At 11.5 yrs you simply have to ask yourself, can you stomach another 10.5 years of this?
no, i cant stomach it. to be honest, i cant stomach another day.

The RAF is a joke nowadays, and its the people at the top who are oblivious to this.
225Turbo is offline  
Old 23rd Jul 2006, 20:54
  #4 (permalink)  
Thread Starter
 
Join Date: Jul 2006
Location: East Midlands
Age: 46
Posts: 36
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by movadinkampa747
What trade are you 225? Do you know the PVR waiting times for your trade?
6 months PVR waiting time. just waiting for the right time to do it. got to make sure i have everything sorted before i push the button on JPA (which probably wont work)
225Turbo is offline  
Old 23rd Jul 2006, 20:56
  #5 (permalink)  
 
Join Date: Jan 2006
Location: UK
Posts: 734
Likes: 0
Received 0 Likes on 0 Posts
Then depending on your rank you'll get a bit of cash to leave with and nowadays you're entitled to resettlement.

As a rough guide the lump sum is 3x what would be your annual pension, which is slightly over 1/3rd of your current salary. SO if you're on, say, 24k, it'll be about 8k p.a. but you'll need to half that having done 11.5/22. So in this example you'd end up with 4-5k and index-linked 8k p.a. from age 55 - maybe 60?

Bottom line is if you're not happy now you may as well go. The pension is nice but not for another 10yrs of misery. In the mean time I suggest you have a think whether your issues can be addressed by a change of location/boss/job etc, or whether that won't make any difference.
dallas is offline  
Old 23rd Jul 2006, 20:59
  #6 (permalink)  
Thread Starter
 
Join Date: Jul 2006
Location: East Midlands
Age: 46
Posts: 36
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by movadinkampa747
What trade are you?

If you leave the Armed Forces to take up new employment where an occupational pension scheme is available, you can transfer your preserved pension benefits from the AFPS into that scheme, provided you do so before the age of 59. Alternatively, you can transfer your preserved pension rights into a personal pension scheme or an approved insurance scheme. Or you can simply leave your preserved benefits in the AFPS until they become payable at the age of 60.
not being funny or anything mate, but I dont want to divulge my trade at the mo. But i stayed on the old pension scheme AFPS 75 . any advice is greatly appreciated though.
225Turbo is offline  
Old 23rd Jul 2006, 21:01
  #7 (permalink)  
Thread Starter
 
Join Date: Jul 2006
Location: East Midlands
Age: 46
Posts: 36
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by movadinkampa747
Are you AFPS 75 or AFPS 05?
AFPS 75 scheme
225Turbo is offline  
Old 24th Jul 2006, 18:18
  #8 (permalink)  
Thread Starter
 
Join Date: Jul 2006
Location: East Midlands
Age: 46
Posts: 36
Likes: 0
Received 0 Likes on 0 Posts
any more advice?
225Turbo is offline  
Old 24th Jul 2006, 20:29
  #9 (permalink)  
Alba
 
Join Date: May 2006
Location: UK
Posts: 104
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by 225Turbo
any more advice?
As I believe, all you will get if you serve till the 12 year point is a gratuity of probably about £10 - £15k. You will be entitled to 11.5/37 pension payable at age 55 if you stayed on AFPS 75 if you only do 11.5 but I don't think you'll get a gratuity before 12. The advice I was given by a very knowledgable shiney WO was unless you are staying in till 55, AFPS 75 is by far the best option. Does that make any sense?
cooheed is offline  
Old 24th Jul 2006, 21:15
  #10 (permalink)  
 
Join Date: Feb 2004
Location: Wiltshire
Age: 59
Posts: 903
Likes: 0
Received 0 Likes on 0 Posts
Leave at 11.5 years and you miss out on the gratuity that is payable at 12 years.

So for an extra 6 months service you stand to get a few £,000. You will need to check with Admin though for the exact amount.
November4 is offline  
Old 24th Jul 2006, 22:48
  #11 (permalink)  
Alba
 
Join Date: May 2006
Location: UK
Posts: 104
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by November4
Leave at 11.5 years and you miss out on the gratuity that is payable at 12 years.

So for an extra 6 months service you stand to get a few £,000. You will need to check with Admin though for the exact amount.
Thats is the word
cooheed is offline  
Old 25th Jul 2006, 08:22
  #12 (permalink)  
 
Join Date: Mar 2006
Location: England
Posts: 39
Likes: 0
Received 0 Likes on 0 Posts
as of 31 Mar 05, the 'Resettlement Grant' for Airman leaving with between 12-22 years' reckonable service was £8687 (officers = £12,709). This is a flat rate and is not affected by rank or length of service (ie 12 years or 21 years - all the same).
Danny_Boy is offline  
Old 25th Jul 2006, 08:26
  #13 (permalink)  
 
Join Date: Jan 2006
Location: UK
Posts: 734
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by Danny_Boy
as of 31 Mar 05, the 'Resettlement Grant' for Airman leaving with between 12-22 years' reckonable service was £8687 (officers = £12,709). This is a flat rate and is not affected by rank or length of service (ie 12 years or 21 years - all the same).
Which is why you need to speak to the experts and not the armchair experts here. Didn't know about the flat rate Danny - thanks.
dallas is offline  
Old 25th Jul 2006, 09:25
  #14 (permalink)  
 
Join Date: May 2004
Location: Up North
Posts: 801
Likes: 0
Received 0 Likes on 0 Posts
I am sure that, under AFPS 75, the preserved pension and lump sum are payed at 60.

Also, the preserved pension age under AFPS 75 is 65 for all service after 6 April 2006 ie. the pension from years of service after 6/4/06 is payable from 65 onwards.

Incidentally, there is a Pensions Calculator:

http://83.138.137.164/pensioncalcula...isclaimer.aspx

It shows the comparison of AFPS75 and AFPS05.
JessTheDog is offline  
Old 25th Jul 2006, 11:40
  #15 (permalink)  

Inter Arma Enim Silentius Lex Legis
 
Join Date: May 2000
Location: England
Posts: 733
Likes: 0
Received 0 Likes on 0 Posts
Jess
You are correct, under AFPS 75 preserved pensions are payable at age 60.
TG
The Gorilla is offline  
Old 25th Jul 2006, 11:48
  #16 (permalink)  
 
Join Date: Feb 2004
Location: Angel N1
Posts: 372
Received 0 Likes on 0 Posts
Originally Posted by 225Turbo
no, i cant stomach it. to be honest, i cant stomach another day.

The RAF is a joke nowadays, and its the people at the top who are oblivious to this.
Sounds like a subversive to me - have you considered leaving?!
Aeronut is offline  
Old 25th Jul 2006, 13:33
  #17 (permalink)  
 
Join Date: Jan 2004
Location: NOTTINGHAM
Posts: 758
Likes: 0
Received 0 Likes on 0 Posts
Speak to the Forces Pension Society on 0207 820 9988
or go to:

http://www.forpen.co.uk

if you want the official line rather than possibly opinion on here.

They are extremely helpful and knowledgeable (it's their purpose) but you might have to become a member (£20 well spent!).

FW
foldingwings is offline  
Old 25th Jul 2006, 16:54
  #18 (permalink)  
Thread Starter
 
Join Date: Jul 2006
Location: East Midlands
Age: 46
Posts: 36
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by Aeronut
Sounds like a subversive to me - have you considered leaving?!
yep, deffo leaving, just waiting for the right time to do it, as its a 6month PVR waiting time for my trade, and I have a lot of stuff to square away.

but deffo doing it.
225Turbo is offline  
Old 25th Jul 2006, 19:10
  #19 (permalink)  
Thread Starter
 
Join Date: Jul 2006
Location: East Midlands
Age: 46
Posts: 36
Likes: 0
Received 0 Likes on 0 Posts
Originally Posted by Danny_Boy
as of 31 Mar 05, the 'Resettlement Grant' for Airman leaving with between 12-22 years' reckonable service was £8687 (officers = £12,709). This is a flat rate and is not affected by rank or length of service (ie 12 years or 21 years - all the same).
what exactly is a Resettlement Grant ?
225Turbo is offline  
Old 25th Jul 2006, 19:27
  #20 (permalink)  
 
Join Date: Jul 2006
Location: UK
Posts: 57
Likes: 0
Received 0 Likes on 0 Posts
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
johnny99 is offline  


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.