Redundancy
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Redundancy
Here is a link - redundancies cannot be far off. It even mentions reduction of the Armed Forces in it!
The Armed Forces (Redundancy, Resettlement and Gratuity Earnings Schemes) Order 2010 No. 345
The Armed Forces (Redundancy, Resettlement and Gratuity Earnings Schemes) Order 2010 No. 345
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A quick scan and comparison with the old AFRS 75 Scheme makes pretty unpleasant reading. Under the old scheme once you'd accrued 12 pensionable years (but less than 16) you'd get a pro-rata immediate pension, not any more. Where previously once past your immediate pension point you could get up to 18 months salary as a redundancy payment (with 5 or more years left of your engagement) that will now be a max of 9 months salary and in 2013 will go down to a paltry 3 months salary max!
MB
MB
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I must admit having lacked the will to do any staff work, and remaining on AFPS'75, I think I'm ok. Be nice if it was written in plain English methinks, or could the intention be to confuse.
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Sadly for those on AFPS 05, "the revised redundancy terms for AFPS 75 will provide benefits broadly reflecting those for AFPS 05".
Checkout the DIN on the MOD's website that spelt out the planned changes nearly 4 years ago.
Checkout the DIN on the MOD's website that spelt out the planned changes nearly 4 years ago.
I'm on AFPS75 and I'm still on a winner until Mar 13 when compared to AFPS05.
Redundancy right now on AFPS75 is approx £150k tax free and £19k immediate pension until 55 and then about £23k (index linked).
Rendundancy right now on AFPS05 is approx £120k tax free and £10k immediate pension until 55 then £15k (index linked) and then £19k at 65 (index linked) plus another £60k.
I reckon that I would be about £100k better off if I live to 70 on AFPS75.
After Mar 2013, then AFPS75 lump sums are about the same but I still get an extra £9k per year until 55 and then another £4k per year without the final £60k that AFPS05 gives you - I guess this is getting close to break even?
A sh!tty deal for what I was once on
- maybe we should go on strike with the civil serpants (only kidding!).
The B Word
Redundancy right now on AFPS75 is approx £150k tax free and £19k immediate pension until 55 and then about £23k (index linked).
Rendundancy right now on AFPS05 is approx £120k tax free and £10k immediate pension until 55 then £15k (index linked) and then £19k at 65 (index linked) plus another £60k.
I reckon that I would be about £100k better off if I live to 70 on AFPS75.
After Mar 2013, then AFPS75 lump sums are about the same but I still get an extra £9k per year until 55 and then another £4k per year without the final £60k that AFPS05 gives you - I guess this is getting close to break even?
A sh!tty deal for what I was once on
- maybe we should go on strike with the civil serpants (only kidding!).The B Word
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Did it slightly different in my day. We paid them, whether we liked it or not.
I had no intention of purchasing my discharge when I was up in front of the flight commander for some minor infringement in January 1968. Never even entered my mind. I am quite sure that he raised it as a suggestion, and I must have nodded or something because next minute he had the application forms out of his desk drawer and ready to go. I was aware that it was considered insubordination if a person attempted to back out once it was being "discussed". So I was trapped. Two weeks later I was out, on the dole in Hull in the middle of Winter. Not a happy person at all.
Sometimes wonder whether he didn't have a "quota" of "redundancies" to meet. Wouldn't surprise me as I have heard of others being similarly disposed of about the same time.
I had no intention of purchasing my discharge when I was up in front of the flight commander for some minor infringement in January 1968. Never even entered my mind. I am quite sure that he raised it as a suggestion, and I must have nodded or something because next minute he had the application forms out of his desk drawer and ready to go. I was aware that it was considered insubordination if a person attempted to back out once it was being "discussed". So I was trapped. Two weeks later I was out, on the dole in Hull in the middle of Winter. Not a happy person at all.
Sometimes wonder whether he didn't have a "quota" of "redundancies" to meet. Wouldn't surprise me as I have heard of others being similarly disposed of about the same time.
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LFFC
The DIN you refer to expired 31 March 08. Does anyone have a link to the current DIN which stipulates any changes affecting AFPS 05?
For someone past their IPP and with more than 5 years to run, do we still get 12 mths basic salary as redundancy?
Rgds
Ginge
The DIN you refer to expired 31 March 08. Does anyone have a link to the current DIN which stipulates any changes affecting AFPS 05?
For someone past their IPP and with more than 5 years to run, do we still get 12 mths basic salary as redundancy?
Rgds
Ginge
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I might have missed something here, but I reckon the JSP, AP and DIN references to redundancy (certainly in plain speak) are still "work in progress". The last time I looked at the links on def net that's what it said. Of course, this sort of legislation may well be brought in under the radar, irrespective of the crazy logic to that.......but I am guessing that the end result will certainly not be better, nor as good, just simply worse than the last tranche of redundancies in 94..........lets face it, we are broke! there is no way they will review it to give more financial incentive, they are banking on people seeing the writing on the wall to help manning make the books balance.
Batten doon the hatches and standby for unsettling times!
Still proud to be Light Blue, just sad to see us going under like this when redundancy terms are the subject of speculation already.
Batten doon the hatches and standby for unsettling times!
Still proud to be Light Blue, just sad to see us going under like this when redundancy terms are the subject of speculation already.
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I know it's still in the initial stages but a more user-friendly version is required. Echoing Mahogany Bomber's comments, the removal of the IP from the 12-15.9 year reckonable service types is a blow. I am assuming that for those with less than 16 years, the pension is preserved to 55. (and having just looked at the pension calculator, that's a lot of money to lose if redundancy is taken)
look foward to the Fisher Price guide
look foward to the Fisher Price guide
