Pension?
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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
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
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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?
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?
The RAF is a joke nowadays, and its the people at the top who are oblivious to this.
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Originally Posted by movadinkampa747
What trade are you 225? Do you know the PVR waiting times for your trade?
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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.
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.
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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.
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.
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Originally Posted by 225Turbo
any more advice?
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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.
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.
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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.
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.
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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).
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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).
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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.
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.
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.
The RAF is a joke nowadays, and its the people at the top who are oblivious to this.
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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
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
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Originally Posted by Aeronut
Sounds like a subversive to me - have you considered leaving?!
but deffo doing it.
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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).
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Resettlement Grant:
Applicable to all ranks as shown below in a one-off payment
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