Armed Forces pension
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Thanks for the correction - still great value.
I also stand by to be corrected on this technical aspect about gratuities ('75), but I believe that in order to qualify for one, someone had to have completed at least one year in service and that in the opinion of the Defence Council, that service was completed 'to a satisfactory level'.
Amazing - I qualified on both counts.
I also stand by to be corrected on this technical aspect about gratuities ('75), but I believe that in order to qualify for one, someone had to have completed at least one year in service and that in the opinion of the Defence Council, that service was completed 'to a satisfactory level'.
Amazing - I qualified on both counts.
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IBN on Armed Forces Pension Scheme Reform went up on our scrolling news today. One of the key points that caught my eye:
My message to anybody from the Government, the MOD, the RAF or perhaps more importantly, the press. Get fcuked. Stick your moving terms and conditions - in which we have no say - up your backside. From now until exit, I am no longer on your side and am here to take everything I can get and give you fcuk all back.
The Government has proposed additional protection for those within 10 years of their Normal Pension Age, meaning they will be unaffected by the changes. The precise implications for the Armed Forces of this additional protection has not yet been fully explored.
So it's not even agreed yet - we have to wait and sweat to see if they decide to shaft us. Anybody who is past their IP reading this .... be prepared to hit the 7-click PVR button and go with what you have before they fcuk us over.My message to anybody from the Government, the MOD, the RAF or perhaps more importantly, the press. Get fcuked. Stick your moving terms and conditions - in which we have no say - up your backside. From now until exit, I am no longer on your side and am here to take everything I can get and give you fcuk all back.
Sideways
That's exactly what I did...shouted "Bank" and was out in 3 months
And I got more than the top figure as a tax free lump sum! Now earning another new pension from HM Paymaster
Q. The best way to protect your accrued pension before they mess with it?
A. "Bank!"
LJ
That's exactly what I did...shouted "Bank" and was out in 3 months
And I got more than the top figure as a tax free lump sum! Now earning another new pension from HM Paymaster
Q. The best way to protect your accrued pension before they mess with it?
A. "Bank!"
LJ
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At last, a spot of better news for Service pensioners (at least for the time being). Despite George Osborne's enthusiasm for the idea, the Govt has decided it is really too difficult to combine Income Tax and National Insurance into a single tax any time soon. Some commentators had suggested that a new single income tax rate would include tax and NI together which would imply a basic rate of circa 32% which could be bad news for pensioners. In the paper released today on the HM Treasury website, the Govt confirms that they have no plans to charge NI on Pension income. Phew!!!
F.O.D
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I think that the gov has been very clever with the 10yr rule. It effectively takes the wind out of the sails of all those with the biggest voice! Leaving all those younger people to get shafted by their seniors, who maintain their better deal [and won't want to rock the boat]. A masterful tactical move!
I was also hoping that the 10yr rule would include the 38 IPP, as I fully intend to leave at that point and that was what I did all my financial planning on. This is all a very dirty trick of changing our pay and conditions without cause for recourse. When treated like this our loyalty has to wain!
2017 IPP, or PVR pre changes... standby the pensions calculator!
I was also hoping that the 10yr rule would include the 38 IPP, as I fully intend to leave at that point and that was what I did all my financial planning on. This is all a very dirty trick of changing our pay and conditions without cause for recourse. When treated like this our loyalty has to wain!
2017 IPP, or PVR pre changes... standby the pensions calculator!
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My message to anybody from the Government, the MOD, the RAF or perhaps more importantly, the press. Get fcuked. Stick your moving terms and conditions - in which we have no say - up your backside. From now until exit, I am no longer on your side and am here to take everything I can get and give you fcuk all back.
Anyone on FTRS and reading this web-page [RFPS Guidance] and looking at "The 2010 amendments to the Reserve Forces Pension Scheme 2005 regulations", don't worry. It's actually for Full Time Reserve Service Pension Scheme 1997 (not RFPS05 as the link states). Nearly gave myself an early heart attack reading it last night and then realising it doesn't apply!
The interesting one for FTRS is that service to 65 is now open with a preserved pension (RFPS05) for those that leave <60 years old at age 65, or an immediate pension (RFPS05) at 60 years and onwards. I wonder if AFPS15 ( or whatever it will be called) will follow the same thinking?
Service to 65...starting to think of Dad's Army - can I be Cpl Jones? Or Captain Mainwaring?
LJ
The interesting one for FTRS is that service to 65 is now open with a preserved pension (RFPS05) for those that leave <60 years old at age 65, or an immediate pension (RFPS05) at 60 years and onwards. I wonder if AFPS15 ( or whatever it will be called) will follow the same thinking?
Service to 65...starting to think of Dad's Army - can I be Cpl Jones? Or Captain Mainwaring?
LJ
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Another shifty move by the UK Gov - pension RPI increase petition-please si
Guys,
Received this the other day from an ex colleague. I was completely unaware of this as I'm out of the UK but seems like this is yet another attempt to reduce the pension bill and it will affect you. Please use the embedded link and sign the petition:
In November 2010, Theresa May's aide, David Beckingham, wrote to me on Theresa's behalf, "the Government believes the CPI provides a more appropriate measure of pension recipients' inflation experiences and is also consistent with the measure of inflation used by the Bank of England." Two weeks ago I asked the Bank of England, on the telephone, which inflation index was going to be used in 2011 to increase Bank of England and Court pensions. The pensions are increased in July. They refused to answer on the phone so I submitted a Freedom of Information request. Yesterday I received a letter from the Deputy Secretary of the Bank of England which was the Bank's reply to my pension increase FOI question. The Deputy Secretary wrote: "The RPI will be used for calculating increases in 2011. "It may come as a surprise to learn that Bank of England and Court pensions will be increased in 2011 by the RPI, a measure which is not consistent with the inflation measure used by the Bank of England! You couldn't make it up. If you draw a Service Pension take note. The recent Forces Pension Society newsletter tells of an RPI/CPI e-petition which has been established, hoping to reverse the Government's decision to link pension increases to CPI instead of RPI. The Government will debate e-petitions that achieve 100,000 signatures, so please can you pass on the following link to ex-servicemen that you know in the hope that they'll sign it, as it affects all of us. The link is:
https://submissions.epetitions.direct.gov.uk/petitions/1535/signature/new Public & Private Pension Increases - change from RPI to CPI.
Responsible department: Department for Work and Pensions. Many workers in the Public and Private Sector have contributed to their pensions on the understanding that on retirement these Pensions would be increased each April by the preceding September's Retail Price Index (RPI) rate. From April 2011 the Government has transferred these increases to the Consumer Price Index (CPI) measure which in the Treasury's own words "...is designed to take account of the fact that consumers tend to shop around, switching to cheaper alternatives when prices of similar goods change." This change, which has been introduced in most cases without any prior consultation, will mean a steady reduction in spending power for pensioners as they progress into their retirement. Given the promises that have previously been made, the RPI measure should be reintroduced without delay to ensure that the spending power of these Public and Private pensioners is maintained. NB The change from RPI to CPI as a measure of general inflation was, of course, introduced to the UK by that well-known financial genius, Gordon Brown MP. His reason? Purely and simply to reduce government expenditure. While there isn't (and won't ever be) a single, universal and accurate measure of inflation, the CPI has consistently run at around 0.5 to 1.5% per annum less than the RPI. They look to be tiny figures, but CPI won't half reduce the real value of your pension, in double-quick time. Don't let Osborne get away with it! Sign up now, and forward to all your serving and ex-Service mates.
Leaky
Received this the other day from an ex colleague. I was completely unaware of this as I'm out of the UK but seems like this is yet another attempt to reduce the pension bill and it will affect you. Please use the embedded link and sign the petition:
In November 2010, Theresa May's aide, David Beckingham, wrote to me on Theresa's behalf, "the Government believes the CPI provides a more appropriate measure of pension recipients' inflation experiences and is also consistent with the measure of inflation used by the Bank of England." Two weeks ago I asked the Bank of England, on the telephone, which inflation index was going to be used in 2011 to increase Bank of England and Court pensions. The pensions are increased in July. They refused to answer on the phone so I submitted a Freedom of Information request. Yesterday I received a letter from the Deputy Secretary of the Bank of England which was the Bank's reply to my pension increase FOI question. The Deputy Secretary wrote: "The RPI will be used for calculating increases in 2011. "It may come as a surprise to learn that Bank of England and Court pensions will be increased in 2011 by the RPI, a measure which is not consistent with the inflation measure used by the Bank of England! You couldn't make it up. If you draw a Service Pension take note. The recent Forces Pension Society newsletter tells of an RPI/CPI e-petition which has been established, hoping to reverse the Government's decision to link pension increases to CPI instead of RPI. The Government will debate e-petitions that achieve 100,000 signatures, so please can you pass on the following link to ex-servicemen that you know in the hope that they'll sign it, as it affects all of us. The link is:
https://submissions.epetitions.direct.gov.uk/petitions/1535/signature/new Public & Private Pension Increases - change from RPI to CPI.
Responsible department: Department for Work and Pensions. Many workers in the Public and Private Sector have contributed to their pensions on the understanding that on retirement these Pensions would be increased each April by the preceding September's Retail Price Index (RPI) rate. From April 2011 the Government has transferred these increases to the Consumer Price Index (CPI) measure which in the Treasury's own words "...is designed to take account of the fact that consumers tend to shop around, switching to cheaper alternatives when prices of similar goods change." This change, which has been introduced in most cases without any prior consultation, will mean a steady reduction in spending power for pensioners as they progress into their retirement. Given the promises that have previously been made, the RPI measure should be reintroduced without delay to ensure that the spending power of these Public and Private pensioners is maintained. NB The change from RPI to CPI as a measure of general inflation was, of course, introduced to the UK by that well-known financial genius, Gordon Brown MP. His reason? Purely and simply to reduce government expenditure. While there isn't (and won't ever be) a single, universal and accurate measure of inflation, the CPI has consistently run at around 0.5 to 1.5% per annum less than the RPI. They look to be tiny figures, but CPI won't half reduce the real value of your pension, in double-quick time. Don't let Osborne get away with it! Sign up now, and forward to all your serving and ex-Service mates.
Leaky
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AFPS 75:
If you serve for 16 yrs from age 21 as an officer or 22yrs from age 18 as an OR you get your pension immediately. If you leave before these points, your pension is preserved. Preserved pensions are paid out at age 60 in respect of pensions built up prior to 6 April 2006 and 65 for pensions built up from that date onwards. You can ask for any pension due at 65 to be paid as early as 60 but it will be reduced by 5% for every year it is paid early and the lump sum will be reduced by 3% for each year it is paid early.
AFPS 05:
If you serve until 55 you pension is paid straight away. If you leave before that age it is preserved for you until you are 65. You can ask to have it paid as early as 55 but it will be reduced as described above.
If you serve for 16 yrs from age 21 as an officer or 22yrs from age 18 as an OR you get your pension immediately. If you leave before these points, your pension is preserved. Preserved pensions are paid out at age 60 in respect of pensions built up prior to 6 April 2006 and 65 for pensions built up from that date onwards. You can ask for any pension due at 65 to be paid as early as 60 but it will be reduced by 5% for every year it is paid early and the lump sum will be reduced by 3% for each year it is paid early.
AFPS 05:
If you serve until 55 you pension is paid straight away. If you leave before that age it is preserved for you until you are 65. You can ask to have it paid as early as 55 but it will be reduced as described above.
Voxpop,
While your comments regarding AFPS05 are "technically correct", you massively mispaint the situation.
On AFPS05 if you have done the correct number of years to qualify for an immediate pension, but leave before your 55 point, then you do get paid a monthly sum immediately. Yes you are correct that it is not a "pension" as such - it is called an Early Departure Payment (EDP) is a certain % of your final pension depending on how many years you have done. To a certain extent it looks like a pension, walks like a pension and squawks like a pension - it just wasn't allowed to be called one, by law I believe.
My brief description is still well short of describing the intricacies of AFPS05, but your implication that you get nothing on AFPS05 if you have qualified but leave before 55 is well short of the mark!
While your comments regarding AFPS05 are "technically correct", you massively mispaint the situation.
On AFPS05 if you have done the correct number of years to qualify for an immediate pension, but leave before your 55 point, then you do get paid a monthly sum immediately. Yes you are correct that it is not a "pension" as such - it is called an Early Departure Payment (EDP) is a certain % of your final pension depending on how many years you have done. To a certain extent it looks like a pension, walks like a pension and squawks like a pension - it just wasn't allowed to be called one, by law I believe.
My brief description is still well short of describing the intricacies of AFPS05, but your implication that you get nothing on AFPS05 if you have qualified but leave before 55 is well short of the mark!
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Here's more to worry about!
Will the Chancellor demolish pension tax breaks?
Best get that gratuity in the bank fast!
Will the Chancellor demolish pension tax breaks?
Chancellor George Osbourne may target top-rate tax relief and tax-free lump sum withdrawals in the Autumn Statement.
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But many pension experts reckon it is too delicate an issue to axe higher-rate relief and it will turn away a large swath of voters. They say that if Mr Osborne tinkers with anything on the pension front it will be tax-free lump sums.
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But many pension experts reckon it is too delicate an issue to axe higher-rate relief and it will turn away a large swath of voters. They say that if Mr Osborne tinkers with anything on the pension front it will be tax-free lump sums.
LFFC ... I don't see the problem. After all, we're all in this together. Right? Aren't we????? 
The last time I saw anyone acting like Dave and George, it was in a WW2 film and the Captain was scuttling his ship. This really is totally incoherent short termism in the extreme. On the one hand they want the country to plan for its financial future, but on the other hand they do everything in their power to make that impossible by moving goal posts and robbing us blind. The answer is that nobody will plan for the future and as a result we will all be reliant on the State in one form or another in our old age - I won't say retirement because that will have gone as a concept by the next election - in complete contrast to what they state they are trying to achieve.
I do hope that the Conservatives aren't thinking past 2015 ..... they are going to be out of power for a very very long time after the next election having single handedly alienated every sector of society who might have voted for them at one time, whilst increasing the levels of animosity felt by the left of society to levels that I can't remember since the Thatcher era. And frankly, good riddance (and I'm saying that as a conservative by instinct!)
The last time I saw anyone acting like Dave and George, it was in a WW2 film and the Captain was scuttling his ship. This really is totally incoherent short termism in the extreme. On the one hand they want the country to plan for its financial future, but on the other hand they do everything in their power to make that impossible by moving goal posts and robbing us blind. The answer is that nobody will plan for the future and as a result we will all be reliant on the State in one form or another in our old age - I won't say retirement because that will have gone as a concept by the next election - in complete contrast to what they state they are trying to achieve.
I do hope that the Conservatives aren't thinking past 2015 ..... they are going to be out of power for a very very long time after the next election having single handedly alienated every sector of society who might have voted for them at one time, whilst increasing the levels of animosity felt by the left of society to levels that I can't remember since the Thatcher era. And frankly, good riddance (and I'm saying that as a conservative by instinct!)
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Where would one stand wrt a Return Of Service if 'they' changed your pension substantially? Would you be able to argue that the circumstances were exceptional and that you would have never accepted the ROS under the new scheme...therefore allowing you to depart the fix before the blood letting started?
Orca
Spot on. When there are significant changes to our allowances, we sit back, unable to do a alot about it. When they change the pension from RPI to CPI, we seem unable to change this ( E petition aside) BUT when the change is that dramatic, that potentially the lump sum promised and the IPP of 38 is taken away, that would be enough for most I would suspect.
For me, like others, it is the ONLY thing that is retaining my services.
I just wonder how much the MPs have voted to reduces their pensions and allowances. Oh, that's right.
Spot on. When there are significant changes to our allowances, we sit back, unable to do a alot about it. When they change the pension from RPI to CPI, we seem unable to change this ( E petition aside) BUT when the change is that dramatic, that potentially the lump sum promised and the IPP of 38 is taken away, that would be enough for most I would suspect.
For me, like others, it is the ONLY thing that is retaining my services.
I just wonder how much the MPs have voted to reduces their pensions and allowances. Oh, that's right.