R-Day!!!
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Except in the Help Station on the right-hand side it states:
Final Pensionable Salary
Your final pensionable earnings are the greatest amount of pensionable earnings that has been earned in 365 consecutive days falling within the last three years. This calculator does not take this into account and assumes your final pensionable pay is the pay level you have input. See JSP 764, Part 1, para 0305 for more detail.
Your final pensionable earnings are the greatest amount of pensionable earnings that has been earned in 365 consecutive days falling within the last three years. This calculator does not take this into account and assumes your final pensionable pay is the pay level you have input. See JSP 764, Part 1, para 0305 for more detail.
Here's a little snippet hidden away in today's Daily Mail:
Pension pots being 'silently stolen' as inflation leaps to 5.2% | Mail Online
Read the article carefully. Note that come April 5th 2012 your Index Linked Pension (55 or over) should get the automatically capped 5% increase (before tax). Yet this Government is now frightened by the cost to the Exchequer & may now be craftily plotting to reduce that 5% cap on Public Pension Increases.
They are playing with dynamite here & a good indicator of how this will go down will be the Commons debate on Monday 24th with regard to an EU Referendum........
Pension pots being 'silently stolen' as inflation leaps to 5.2% | Mail Online
Read the article carefully. Note that come April 5th 2012 your Index Linked Pension (55 or over) should get the automatically capped 5% increase (before tax). Yet this Government is now frightened by the cost to the Exchequer & may now be craftily plotting to reduce that 5% cap on Public Pension Increases.
They are playing with dynamite here & a good indicator of how this will go down will be the Commons debate on Monday 24th with regard to an EU Referendum........
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I have had some enlightening correspondence with both SPVA and the Forces Pension Society (FPS). Even after the Sep 11 CPI figure (due to be used in FY12/13) was announced in Oct 11, SPVA confirmed to me that it would not be worth getting another Pension Forecast until Apr 12. The reason for this is explained in the following info from the FPS:
FPS also confirmed the information reference Final Relevant Earnings (FRE) in my previous post. Note that FRE only applies to those on AFPS05.
For those thinking of volunteering for Tranche 2, given the recent pay freeze the 'Dynamising' effect of FRE will be of a similar benefit to you as it is to those of us who were Tranche 1 Compulsory redundees. As the FPS explained it for my circumstances:
So if you are Tranche 2 volunteer, who will presumably exit on 12 Dec 12, if your pay has been static for the last couple of years, your salary will be increased in a similar manner to the example in quotes above. The FRE that is calculated, which drives both your Compensation Lump Sum and your pension, should hopefully give you a pleasant surprise!
Anyone on AFPS05 who is thinking of PVRing could also benefit from the same 'Dynamising' effect on your pension.
I suspect the reason why the 5.2% has not been used in your forecast is that it is not effective until 9th April 2012 and SPVA will not use 'potential' rates, only rates in place on the date the forecast was made.
For those thinking of volunteering for Tranche 2, given the recent pay freeze the 'Dynamising' effect of FRE will be of a similar benefit to you as it is to those of us who were Tranche 1 Compulsory redundees. As the FPS explained it for my circumstances:
Both CPI figures will feature in your pension award calculations. For days of salary paid between 31st August 2009 and 30th August 2010 the increase will be both the 3.1% and 5.2% compound (i.e. 8.4612%). For days of salary paid between 31st August 2010 and 30th August 2011 the increase will be by 5.2%.
Anyone on AFPS05 who is thinking of PVRing could also benefit from the same 'Dynamising' effect on your pension.
Last edited by zedder; 7th Feb 2012 at 06:57.
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Note that FRE only applies to those on AFPS05.
I'm AFPS10, the 365 consecutive doesn't apply, according to the financial brief I went to t'other week anyhoo.
The chap did say that there were significant problems with the '05 calculator.
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Willard,
I assume you mean you are covered by AFRS 10 being a member of AFPS75?
I assume you mean you are covered by AFRS 10 being a member of AFPS75?
There are 2 redundancy schemes for personnel leaving the Service under this redundancy programme as follows:
a. The Armed Forces Redundancy Scheme 2006 (AFRS 06) for AFPS 05 members.
b. The Armed Forces Redundancy Scheme 10 (AFRS 10) for AFPS 75 members.
a. The Armed Forces Redundancy Scheme 2006 (AFRS 06) for AFPS 05 members.
b. The Armed Forces Redundancy Scheme 10 (AFRS 10) for AFPS 75 members.
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Resettlement & redundancy
Hello,
I'm a member of Labour Friends of the Forces, an organisation campaigning on behalf of the Forces community. We are currently running a consultation on the resettlement process and how it could be improved and will publish a report with recommended changes which we hope the Government will take into consideration. You can read more about it here:Resettlement consultation | Labour Friends of the Forces. Please let me know what you think.
It would be a big help if as many service men and women who have gone through the resettlement process took part or even just left a comment about their experiences.
Thanks,
Sarah B
I'm a member of Labour Friends of the Forces, an organisation campaigning on behalf of the Forces community. We are currently running a consultation on the resettlement process and how it could be improved and will publish a report with recommended changes which we hope the Government will take into consideration. You can read more about it here:Resettlement consultation | Labour Friends of the Forces. Please let me know what you think.
It would be a big help if as many service men and women who have gone through the resettlement process took part or even just left a comment about their experiences.
Thanks,
Sarah B
Sarah H (or Sarah B ?)
The best thing Labour, or rather the utterly despicable nuLabor, could do to prove that it might actually be a 'Friend of the Forces' would be to insist that the lying little toad Bliar faced up to his responsiblities for involving our Armed Forces in illegal wars at the behest of Gee Dubya Bush.
Then explain why you blew the entire defence budget without ensuring sustainability.
The present government has been driven to take unprecedented action to recover from the profligate spending of Bliar and Incapability Brown - why anyone would ever trust anything Labour promised in opposition would be a mystery to me.
nuLabor ruined this country - suggest you take that message back to the Millibenders.
Sorry to 'shoot the messenger', but More Labour = More Lies.
The best thing Labour, or rather the utterly despicable nuLabor, could do to prove that it might actually be a 'Friend of the Forces' would be to insist that the lying little toad Bliar faced up to his responsiblities for involving our Armed Forces in illegal wars at the behest of Gee Dubya Bush.
Then explain why you blew the entire defence budget without ensuring sustainability.
The present government has been driven to take unprecedented action to recover from the profligate spending of Bliar and Incapability Brown - why anyone would ever trust anything Labour promised in opposition would be a mystery to me.
nuLabor ruined this country - suggest you take that message back to the Millibenders.
Sorry to 'shoot the messenger', but More Labour = More Lies.
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BEagle, I couldn't agree with you more. IMHO from past history Labour are only interested in the matter because they see it as a potential club with which to beat the Govt.
Sadly, I don't think we can ever deny that Labour make a much better opposition than the Conservatives ever did as Labour spend their whole time sniping at absolutely everything that the Government do whereas the Conservatives seemed to ignore daily opportunities to put the Labour Governments of Blair and Brown firmly into the cesspit that they so rightly belonged.
Still, enough of this labour luvfest 'thing' and back to the important subject of the thread and our soon to be/recently parted colleagues, all of whom I wish for only the best and hope that they have good luck in whatever they choose to do on leaving HM's security firm.
Sadly, I don't think we can ever deny that Labour make a much better opposition than the Conservatives ever did as Labour spend their whole time sniping at absolutely everything that the Government do whereas the Conservatives seemed to ignore daily opportunities to put the Labour Governments of Blair and Brown firmly into the cesspit that they so rightly belonged.
Still, enough of this labour luvfest 'thing' and back to the important subject of the thread and our soon to be/recently parted colleagues, all of whom I wish for only the best and hope that they have good luck in whatever they choose to do on leaving HM's security firm.
