AFPS 75 and NEM
Forgive me Al, where is the future first and second class state pension on present politics? I am aware that I (and my wife now) have to all wait to age 67 (that is £50,000 she has lost by that age if I die before, a gross change since we planned our retirement) and, the qualifying years have risen to 35...GITS! Yes, bus passes, winter fuel payments etc will be means tested soon but, have they announced means testing for the basic state pension? They will, before 2015 IMO!
OAP
OAP
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If you're approaching your state retirement age, an inconsistency based on age (the difference could be as few as a day or so seperating retirees) will drag on for years - pensions apartheid used to refer to defined benefit and defined contribution schemes.
The state saves close to £100 millions each year by not having to means test - aside from that, would it announce means testing for the basic benefit before 2015? I think they would be insane to want to do that. Oh, hang on.
Ian Cowie writes with admirable venon about pension apartheid.
pensions apartheid ? Telegraph Blogs
If you're approaching your state retirement age, an inconsistency based on age (the difference could be as few as a day or so seperating retirees) will drag on for years - pensions apartheid used to refer to defined benefit and defined contribution schemes.
The state saves close to £100 millions each year by not having to means test - aside from that, would it announce means testing for the basic benefit before 2015? I think they would be insane to want to do that. Oh, hang on.
Ian Cowie writes with admirable venon about pension apartheid.
pensions apartheid ? Telegraph Blogs
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No. The last update was this one from December last year.
https://www.gov.uk/new-employment-model
I would not be surprised if all was not well in NEM-land, given the paucity of comms and the fact the Defence Board have considered NEM since the December update but with no resulting announcements. The link mentions consultation in 'summer 2013' which gives plenty of wriggle room.
https://www.gov.uk/new-employment-model
I would not be surprised if all was not well in NEM-land, given the paucity of comms and the fact the Defence Board have considered NEM since the December update but with no resulting announcements. The link mentions consultation in 'summer 2013' which gives plenty of wriggle room.
Here is an update from the .Gov website dated 20 May 13:
The bit in bold is the only bit I didn't know.
LJ
PS link is https://www.gov.uk/government/polici...vice-personnel
The New Employment Model for service personnel
The New Employment Model (NEM) signifies the government’s commitment to provide a modernised terms and conditions of service ‘offer’. It will be designed to meet the expectations of a generation that has yet to join, but will be designed in a way that continues to support and motivate existing Service personnel. It will, necessarily, be a long-term, incremental change programme. Although not part of the NEM, the Future Armed Forces Pension Scheme is linked to its development.
When the Strategic Defence and Security Review (SDSR) was published in October 2010, the Government made a commitment in respect of Service personnel to:
- ensure that service in the Armed Forces remains an attractive choice in a rapidly evolving employment market
- better balance the demands placed on our people and their families, providing greater domestic stability while continuing to support mobility where this is essential to defence requirements
We have completed Stage I (Concept Development) of the NEM programme and the concept has been approved by the Defence Board. We have now started the second stage, which involves designing the policy in detail. This stage will continue until April 2014.
We will start to introduce the new employment model by no later than April 2015, although it may be possible to introduce certain components beforehand. Full implementation is not expected before 2020.
The New Employment Model (NEM) signifies the government’s commitment to provide a modernised terms and conditions of service ‘offer’. It will be designed to meet the expectations of a generation that has yet to join, but will be designed in a way that continues to support and motivate existing Service personnel. It will, necessarily, be a long-term, incremental change programme. Although not part of the NEM, the Future Armed Forces Pension Scheme is linked to its development.
When the Strategic Defence and Security Review (SDSR) was published in October 2010, the Government made a commitment in respect of Service personnel to:
- ensure that service in the Armed Forces remains an attractive choice in a rapidly evolving employment market
- better balance the demands placed on our people and their families, providing greater domestic stability while continuing to support mobility where this is essential to defence requirements
We have completed Stage I (Concept Development) of the NEM programme and the concept has been approved by the Defence Board. We have now started the second stage, which involves designing the policy in detail. This stage will continue until April 2014.
We will start to introduce the new employment model by no later than April 2015, although it may be possible to introduce certain components beforehand. Full implementation is not expected before 2020.
LJ
PS link is https://www.gov.uk/government/polici...vice-personnel
Last edited by Lima Juliet; 22nd May 2013 at 18:48.
OK buddy, it definately says "updated 20 May 13" in the link - I wonder what they updated then? 
Anyway, with 6.5 years to run to 2020 and final consultations expected to finish the best part of a year away, I suspect we won't hear much in the short term.
LJ
Anyway, with 6.5 years to run to 2020 and final consultations expected to finish the best part of a year away, I suspect we won't hear much in the short term.
LJ
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NEM comms update due out in June. DIB, briefing given by chain of command, shortly followed by the start of the consultation until Sep 13. Stage 2 outcomes to DB in Apr 14. NEM is long term so expect phased roll out to coincide with JPA change windows.
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It's defence-wide. The original basic concept was to produce a common framework across all 3 services, but within which each service could have their own variations to meet particular needs, if justified. How this will pan out in the final version I have no idea.
DD, that sounds pretty bad.
To be honest I am having difficulty in understanding where the new (beta) calculator gets its figures from and I am concerned that it will give unreliable figures in some cases when it goes live in the next few days.
I do not think producing a calculator with heavy caveats over accuracy is good enough. Where else are we supposed to get decision-quality, formal and legally supportable advice from?
To be honest I am having difficulty in understanding where the new (beta) calculator gets its figures from and I am concerned that it will give unreliable figures in some cases when it goes live in the next few days.
I do not think producing a calculator with heavy caveats over accuracy is good enough. Where else are we supposed to get decision-quality, formal and legally supportable advice from?
The Armed Forces Pension and Annual Allowance Calculator is for guidance purposes only. It is not intended to provide you with financial advice. If you require financial advice, you should contact an independent financial adviser. Your unit administration staff have a list of Services Insurance and Investment Advisory Panel (SIIAP) approved independent financial advisers, although you are free to use any independent financial adviser that you wish.
The calculator does not show dependants benefits, ill-health benefits, Reserve Forces, MPGS, AVCs, transfers in or pension sharing figures. In addition, the AFPAAC cannot give a forecast projection when qualifying service is different to reckonable service. The calculator will initially ask you to confirm which pension scheme you are in. The forecasts that the calculator provides are based on 2013 pension codes (for AFPS 75 members) and 2013 pay rates (for AFPS 05 members).
What will the calculator provide?
Transitional Protection
The Government has offered Transitional Protection for those who were within ten years of their respective scheme’s Normal Pension Age (NPA) on 1 April 2012. The Armed Forces Pension Scheme 1975 (AFPS 75) or Armed Forces Pension Scheme 2005 (AFPS 05) both have an NPA of 55. This means if you were aged 45 or over on 1 April 2012, you will stay on your current pension scheme and your benefits will be unaffected.
The new Armed Forces Pension and Annual Allowance Calculator (AFPAAC) will continue to provide a guide to the pension benefits you could expect to receive under AFPS 75 or AFPS 05.
Break in service
If you have any break in service prior to the 6 April 2006 and are entitled to a preserved pension, your forecast will be inaccurate and you will need to contact SPVA Mail Point 480, Kentigern House, 65 Brown Street, Glasgow, G2 8EX for a written forecast. Please note that this may also affect Annual Allowance calculation.
Armed Forces Pension Scheme 2015 and Accrued Rights to existing pension benefits
If you do not have Transitional Protection you will automatically transfer to the Armed Forces Pension Scheme 2015 (AFPS 15) on 1 April 2015. AFPS 15 that is based on a Career Average Revalued Earnings (CARE) pension (from 1 April 2015) rather than on final rank or salary. However, you will also have rights to pension benefits accrued as a result of your membership in AFPS 75 or AFPS 05. This means pension benefits already earned in current schemes, up to the implementation date of the new scheme, will be guaranteed. Service personnel will be able to draw these benefits at the same age as now (in accordance with current schemes' rules) and they will be linked to the final rank/pensionable salary at the date of leaving the Services - not the rank/salary at the time of transfer to the new scheme - thereby maintaining their final rank/salary link.(see DIN 2012 01-063, DIN 2012 01-175, DIN 2012 01-249 and DIN 2013 01-086 which include worked examples).
The new Armed Forces Pension and Annual Allowance Calculator (AFPAAC) will provide a guide to the pension benefits you could expect to receive under AFPS 75 or AFPS 05 and AFPS 15. Presently, the calculator cannot project a forecast for MODOs who are members of AFPS 05. Once the policy has been defined the calculator will be updated to provide forecasts.
Pension Tax - Annual Allowance
If you hold the rank of OF3 and above there is also an option to calculate your Annual Allowance (AA) and any unused allowance from previous years that you may be entitled to carry forward. The AA is the amount that an individual's pension savings can grow each year without being taxed and the current AA limit is £50,000. If you have exceeded the AA, SPVA will write to you with a statement. The calculator can only give an estimate on a complete tax year. Scheme Pays pension reduction is indexed linked and will increase each April in line with the Consumer Price Index.
Qualification for AFPS 15 Early Departure Payment
All continuous paid service in AFPS 75 and AFPS 05 will qualify towards an AFPS 15 EDP.
Aggregation of Previous Armed Forces Preserved Pension Awards
If you have rejoined the Armed Forces and have a preserved pension award you are entitled to aggregate your most recent previous preserved pension award with your current service. (This will only count for pension purposes, not for Resettlement Grant or Early Departure Payment (EDP).) However, you must apply to do so in writing, to SPVA, Pensions Division (Aggregation), Mail Point 480, Kentigern House, 65 Brown Street, Glasgow, G2 8EX before terminating your service. (page 21 of the Service Leavers Guide refers).
Aggregation of previous AFPS 75 service with a current period of AFPS 75 service
If you are a member of AFPS75, have insufficient service on your current engagement and have not opted to aggregate your previous preserved pension award with your current service you may not qualify for immediately payable pension benefits. You will only be entitled to a second preserved pension award.
Aggregation of previous AFPS 05 service with a current period of AFPS 05 service
If you are a member of AFPS 05 and are aged 55 or over on the date you leave service, and have not opted to aggregate your previous AFPS 05 preserved pension with your current service, your immediate pension at age 55 or over will be based on your current period of service only and your earlier deferred pension will be paid to you as a preserved pension at age 65. However, if you have opted to aggregate your previous AFPS 05 preserved pension with your current service, your immediate pension payable at age 55 or over will be based on your current period of service and your earlier deferred pension. If you leave service before the age of 55 with insufficient 'relevant service' for an Early Departure Payment, your previous preserved pension and current awards will be deferred until you are age 65.
Aggregation of previous AFPS 75 service with current period of AFPS 05 service
If you are a member of AFPS 05 and are aged 55 or over on the date you leave service, and have not opted to aggregate your previous AFPS 75 preserved pension with your current service, your immediate pension at age 55 or over will be based on your current period of service only and your earlier deferred pension will be paid to you as a preserved pension at age 65 (any service given prior to 6 April 2006 will be paid at age 60).
If you are a member of AFPS 05 and are aged 55 or over on the date you leave service, and have opted to aggregate your previous AFPS 75 preserved pension with your current service, your immediate pension at age 55 or over will be based on your current period of service and your earlier deferred pension and paid at age 55.
If you leave service before the age of 55 with insufficient 'relevant service' for an Early Departure Payment, your previous preserved pension and current award will be deferred until you are age 65. Please note that even if you aggregate a preserved pension awarded under the AFPS 75 with your current AFPS 05 service this is for pension purposes only.
Please note that, any previous service given before 6 April 2005 does not qualify as 'Relevant Service' and does not therefore count towards the Resettlement Grant or Early Departure Payments.
Resettlement Grants
Resettlement Grants are NOT being reviewed as part of the changes to the new pension scheme and there will be NO changes to the current Resettlement Grant system as a result of the transition to the new pension scheme.
Resettlement Grants are for all Regular Service personnel. Eligibility for a Resettlement Grant depends upon the date of joining the Regular Armed Forces as follows:
Those who joined on or after 6 April 2005
All Ranks need to have 12 years' relevant service (from date of entry). All service which has not been transferred under the OTT is excluded.
Those who joined before 6 April 2005 and took the Offer to Transfer to the Armed Forces Pension Scheme 2005 (AFPS 05) Terms of Service
All Ranks need to have 12 years' relevant service (from date of entry).
Those who joined before 6 April 2005 and did NOT take the Offer to Transfer to AFPS 05 Terms of Service
Officers - to have at least 2 years' Commissioned service and have 9 relevant years of reckonable service from age 21.
Other Ranks - to have 12 relevant years of reckonable service from age 18.
Opted Out AFPS 75 or AFPS 05
If you have opted out of AFPS 75 or 05 in favour of your own private pension arrangements, no pension benefits will be due under AFPS 75 or AFPS 05.
Disclaimer
Although every effort has been made to ensure that the information provided is as accurate as possible, no representation or warranty, express or implied, is given as to its accuracy and the MOD does not accept any liability for error or omission. The MOD shall not be liable for any loss or damage arising from the use of, or inability to use, the Pension and Annual Allowance Calculator, or any material contained in it, or from any action or decision taken as a result of using the Pension and Annual Allowance Calculator or any such material.
If you have Transitional Protection or are excluded from using the calculator you may contact SPVA in writing for one free a forecast per annum at the following address: SPVA Mail Point 480, Kentigern House, 65 Brown Street, Glasgow, G2 8EX
Acceptance
You cannot use the calculator unless you accept these terms and conditions by checking the ‘accept’ box below.
The calculator does not show dependants benefits, ill-health benefits, Reserve Forces, MPGS, AVCs, transfers in or pension sharing figures. In addition, the AFPAAC cannot give a forecast projection when qualifying service is different to reckonable service. The calculator will initially ask you to confirm which pension scheme you are in. The forecasts that the calculator provides are based on 2013 pension codes (for AFPS 75 members) and 2013 pay rates (for AFPS 05 members).
What will the calculator provide?
Transitional Protection
The Government has offered Transitional Protection for those who were within ten years of their respective scheme’s Normal Pension Age (NPA) on 1 April 2012. The Armed Forces Pension Scheme 1975 (AFPS 75) or Armed Forces Pension Scheme 2005 (AFPS 05) both have an NPA of 55. This means if you were aged 45 or over on 1 April 2012, you will stay on your current pension scheme and your benefits will be unaffected.
The new Armed Forces Pension and Annual Allowance Calculator (AFPAAC) will continue to provide a guide to the pension benefits you could expect to receive under AFPS 75 or AFPS 05.
Break in service
If you have any break in service prior to the 6 April 2006 and are entitled to a preserved pension, your forecast will be inaccurate and you will need to contact SPVA Mail Point 480, Kentigern House, 65 Brown Street, Glasgow, G2 8EX for a written forecast. Please note that this may also affect Annual Allowance calculation.
Armed Forces Pension Scheme 2015 and Accrued Rights to existing pension benefits
If you do not have Transitional Protection you will automatically transfer to the Armed Forces Pension Scheme 2015 (AFPS 15) on 1 April 2015. AFPS 15 that is based on a Career Average Revalued Earnings (CARE) pension (from 1 April 2015) rather than on final rank or salary. However, you will also have rights to pension benefits accrued as a result of your membership in AFPS 75 or AFPS 05. This means pension benefits already earned in current schemes, up to the implementation date of the new scheme, will be guaranteed. Service personnel will be able to draw these benefits at the same age as now (in accordance with current schemes' rules) and they will be linked to the final rank/pensionable salary at the date of leaving the Services - not the rank/salary at the time of transfer to the new scheme - thereby maintaining their final rank/salary link.(see DIN 2012 01-063, DIN 2012 01-175, DIN 2012 01-249 and DIN 2013 01-086 which include worked examples).
The new Armed Forces Pension and Annual Allowance Calculator (AFPAAC) will provide a guide to the pension benefits you could expect to receive under AFPS 75 or AFPS 05 and AFPS 15. Presently, the calculator cannot project a forecast for MODOs who are members of AFPS 05. Once the policy has been defined the calculator will be updated to provide forecasts.
Pension Tax - Annual Allowance
If you hold the rank of OF3 and above there is also an option to calculate your Annual Allowance (AA) and any unused allowance from previous years that you may be entitled to carry forward. The AA is the amount that an individual's pension savings can grow each year without being taxed and the current AA limit is £50,000. If you have exceeded the AA, SPVA will write to you with a statement. The calculator can only give an estimate on a complete tax year. Scheme Pays pension reduction is indexed linked and will increase each April in line with the Consumer Price Index.
Qualification for AFPS 15 Early Departure Payment
All continuous paid service in AFPS 75 and AFPS 05 will qualify towards an AFPS 15 EDP.
Aggregation of Previous Armed Forces Preserved Pension Awards
If you have rejoined the Armed Forces and have a preserved pension award you are entitled to aggregate your most recent previous preserved pension award with your current service. (This will only count for pension purposes, not for Resettlement Grant or Early Departure Payment (EDP).) However, you must apply to do so in writing, to SPVA, Pensions Division (Aggregation), Mail Point 480, Kentigern House, 65 Brown Street, Glasgow, G2 8EX before terminating your service. (page 21 of the Service Leavers Guide refers).
Aggregation of previous AFPS 75 service with a current period of AFPS 75 service
If you are a member of AFPS75, have insufficient service on your current engagement and have not opted to aggregate your previous preserved pension award with your current service you may not qualify for immediately payable pension benefits. You will only be entitled to a second preserved pension award.
Aggregation of previous AFPS 05 service with a current period of AFPS 05 service
If you are a member of AFPS 05 and are aged 55 or over on the date you leave service, and have not opted to aggregate your previous AFPS 05 preserved pension with your current service, your immediate pension at age 55 or over will be based on your current period of service only and your earlier deferred pension will be paid to you as a preserved pension at age 65. However, if you have opted to aggregate your previous AFPS 05 preserved pension with your current service, your immediate pension payable at age 55 or over will be based on your current period of service and your earlier deferred pension. If you leave service before the age of 55 with insufficient 'relevant service' for an Early Departure Payment, your previous preserved pension and current awards will be deferred until you are age 65.
Aggregation of previous AFPS 75 service with current period of AFPS 05 service
If you are a member of AFPS 05 and are aged 55 or over on the date you leave service, and have not opted to aggregate your previous AFPS 75 preserved pension with your current service, your immediate pension at age 55 or over will be based on your current period of service only and your earlier deferred pension will be paid to you as a preserved pension at age 65 (any service given prior to 6 April 2006 will be paid at age 60).
If you are a member of AFPS 05 and are aged 55 or over on the date you leave service, and have opted to aggregate your previous AFPS 75 preserved pension with your current service, your immediate pension at age 55 or over will be based on your current period of service and your earlier deferred pension and paid at age 55.
If you leave service before the age of 55 with insufficient 'relevant service' for an Early Departure Payment, your previous preserved pension and current award will be deferred until you are age 65. Please note that even if you aggregate a preserved pension awarded under the AFPS 75 with your current AFPS 05 service this is for pension purposes only.
Please note that, any previous service given before 6 April 2005 does not qualify as 'Relevant Service' and does not therefore count towards the Resettlement Grant or Early Departure Payments.
Resettlement Grants
Resettlement Grants are NOT being reviewed as part of the changes to the new pension scheme and there will be NO changes to the current Resettlement Grant system as a result of the transition to the new pension scheme.
Resettlement Grants are for all Regular Service personnel. Eligibility for a Resettlement Grant depends upon the date of joining the Regular Armed Forces as follows:
Those who joined on or after 6 April 2005
All Ranks need to have 12 years' relevant service (from date of entry). All service which has not been transferred under the OTT is excluded.
Those who joined before 6 April 2005 and took the Offer to Transfer to the Armed Forces Pension Scheme 2005 (AFPS 05) Terms of Service
All Ranks need to have 12 years' relevant service (from date of entry).
Those who joined before 6 April 2005 and did NOT take the Offer to Transfer to AFPS 05 Terms of Service
Officers - to have at least 2 years' Commissioned service and have 9 relevant years of reckonable service from age 21.
Other Ranks - to have 12 relevant years of reckonable service from age 18.
Opted Out AFPS 75 or AFPS 05
If you have opted out of AFPS 75 or 05 in favour of your own private pension arrangements, no pension benefits will be due under AFPS 75 or AFPS 05.
Disclaimer
Although every effort has been made to ensure that the information provided is as accurate as possible, no representation or warranty, express or implied, is given as to its accuracy and the MOD does not accept any liability for error or omission. The MOD shall not be liable for any loss or damage arising from the use of, or inability to use, the Pension and Annual Allowance Calculator, or any material contained in it, or from any action or decision taken as a result of using the Pension and Annual Allowance Calculator or any such material.
If you have Transitional Protection or are excluded from using the calculator you may contact SPVA in writing for one free a forecast per annum at the following address: SPVA Mail Point 480, Kentigern House, 65 Brown Street, Glasgow, G2 8EX
Acceptance
You cannot use the calculator unless you accept these terms and conditions by checking the ‘accept’ box below.
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Looks like the 2015 calculator is on the net already
http://164.177.142.72
585/WizPersonalDetails.aspx
Have fun chaps
http://164.177.142.72
585/WizPersonalDetails.aspxHave fun chaps
Last edited by Fire 'n' Forget; 30th May 2013 at 20:46. Reason: Wrong link
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I said;
The government has just released details of the cost cap mechanism which seem to be set to be reviewed in 5 years or so. As expected, the fallbacks and potential impact is pretty much as expected.
https://www.gov.uk/government/upload...ons_130314.pdf
"Costs may be rebalanced by amending scheme benefits for future accruals to alter the overall cost of the scheme, or by altering the level of employee contributions so that a higher or lower level of employer contributions is required. Scheme regulations will set out a process for agreeing the necessary action with stakeholders, and a default action to be taken if agreement cannot be reached within a reasonable time limit."
This might mean that the '15 scheme accrual rate (1/47) is amended in keeping with the Act to keep costs down. In English, this means that the way that your income is delivered isn't changed and the age that you get it isn't changed.. but the pace that your 'pot' grows does slow down.
I was thinking how Reservists are now part of the same scheme as Regulars. Could a convenient consequence of that be that in 'x' years, more and more people are transferred to the Reserves (à la USAF) so that furthers savings are made and for scheme membership to be maintained?
.. and the consequences of the scheme cost cap being breached remain a worry.
https://www.gov.uk/government/upload...ons_130314.pdf
"Costs may be rebalanced by amending scheme benefits for future accruals to alter the overall cost of the scheme, or by altering the level of employee contributions so that a higher or lower level of employer contributions is required. Scheme regulations will set out a process for agreeing the necessary action with stakeholders, and a default action to be taken if agreement cannot be reached within a reasonable time limit."
This might mean that the '15 scheme accrual rate (1/47) is amended in keeping with the Act to keep costs down. In English, this means that the way that your income is delivered isn't changed and the age that you get it isn't changed.. but the pace that your 'pot' grows does slow down.
I was thinking how Reservists are now part of the same scheme as Regulars. Could a convenient consequence of that be that in 'x' years, more and more people are transferred to the Reserves (à la USAF) so that furthers savings are made and for scheme membership to be maintained?
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The latest Brief I have seen includes this little nugget.
"Abolition of abatement if you return to the Services after retirement
Under pension / EDP regulation if an individual is in receipt of either a pension or EDP and they re-join, their monthly earnings are capped and therefore they can lose some of either their income stream or lump sum. This will be abolished in AFPS 15 so the will be no upper earning limit for AFPS 15 payments"
Could someone clarify that this means when I rejoined after retiring and they stopped my pension and clawed back my commutation , I am going to get my pension back.
If so, then jumping ship before April 15 doesnt look so attractive.
"Abolition of abatement if you return to the Services after retirement
Under pension / EDP regulation if an individual is in receipt of either a pension or EDP and they re-join, their monthly earnings are capped and therefore they can lose some of either their income stream or lump sum. This will be abolished in AFPS 15 so the will be no upper earning limit for AFPS 15 payments"
Could someone clarify that this means when I rejoined after retiring and they stopped my pension and clawed back my commutation , I am going to get my pension back.
If so, then jumping ship before April 15 doesnt look so attractive.
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If an AFPS 15 member leaves with an AFPS 15 pension (so age 60 or ill health) and return to Armed Forces service, they get paid and keep their pension. I fancy that it will be unlikely that at age 60+ folks will return to service and, with a Tier 2 or 3 equivalent ill health condition, I would be surprised if individuals could meet minimum health requirements.