Pensions Calculator, Pensions Advice ref 16/38 point
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Pensions Calculator, Pensions Advice ref 16/38 point
Was wondering if anyone knew about any recent changes to Pensions TOS that could permit those of us on 16/38 engagements (AFPS 75) to leave slightly earlier than expected?
It could be an error in the pensions calculator, BUT, I was expecting to leave the service on my 38th birthday, after the 2015 pensions changeover. It appears, according to the pensions calculator, that I no longer have to serve to my 38th birthday, but can in fact leave after 16 years service (approximately 12 months earlier) and still receive the same gratuity and a slightly smaller pension at 65 (as I have accrued as much as I could accrue under the 75 scheme up to 2015).
Now, seeing as it proves no point whatsoever staying in on the chicken sh*t pension scheme that those on grandfather rights negotiated for the rest of the minions, what I would like to know is whether the pensions calculator is in fact correct and I can get out of dodge a full year early, or whether I have to suck it up for a year on a sh*t pension scheme accruing very little to receive my gratuity and qualify for immediate pension?
I hear musings over EU legislation regarding age discrimination forcing this change, but am not aware as to DIN notifying of these changes or MOD propaganda central that would confirm this change to minimum TOS? For those of us who joined prior to our 22nd birthday, it would be useful to know either way.
It could be an error in the pensions calculator, BUT, I was expecting to leave the service on my 38th birthday, after the 2015 pensions changeover. It appears, according to the pensions calculator, that I no longer have to serve to my 38th birthday, but can in fact leave after 16 years service (approximately 12 months earlier) and still receive the same gratuity and a slightly smaller pension at 65 (as I have accrued as much as I could accrue under the 75 scheme up to 2015).
Now, seeing as it proves no point whatsoever staying in on the chicken sh*t pension scheme that those on grandfather rights negotiated for the rest of the minions, what I would like to know is whether the pensions calculator is in fact correct and I can get out of dodge a full year early, or whether I have to suck it up for a year on a sh*t pension scheme accruing very little to receive my gratuity and qualify for immediate pension?
I hear musings over EU legislation regarding age discrimination forcing this change, but am not aware as to DIN notifying of these changes or MOD propaganda central that would confirm this change to minimum TOS? For those of us who joined prior to our 22nd birthday, it would be useful to know either way.
Last edited by VinRouge; 24th Oct 2013 at 15:31.
For officers the AFPS75 pension has always kicked in at 16 years reckonable service. So if you were serving from age 21 this would equate to age 37. In the RAF the ToS provided an exit point at age 38 but you could PVR earlier and still qualify for pension (albeit at the PVR abated rate). I understand that the Army ToS was 16/37 but not sure what the RN used.
And there certainly used to be an arrangement whereby you could leave up to 6 months early if you had a job to go to.
As for pension advice I would very much recommend joining the Forces Pension Society. They have been very helpful - considerably better than PSF or SPVA/JPAC (and some inputs on here!)
As for pension advice I would very much recommend joining the Forces Pension Society. They have been very helpful - considerably better than PSF or SPVA/JPAC (and some inputs on here!)
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Also, if selected for redundancy, officers with 18 years service from age 18 can qualify for an IP; ie, an officer who joined at 18 and who has completed 18 years service will be eligible for an IP one year earlier (ie; at age 36 rather than 37) than an officer who joined at 21 and who has served for 16 years. There are some RAF and RN dental and medical officers exposed in the 2014 tranche, unless that has quietly changed?
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Have sent this question to the FPS, but if someone here knows the answer it'll save me the suspense !
Let's say you have someone who joins as a direct entrant at 20, turns 21 during officer training and graduates a few months later. AFPS 75 says you need 16 years reckonable service from turning 21 as an officer to qualify for the immediate pension.
In this instance, our subject will have 16 years of service from the age of 21 at their 37th birthday.......but is it 16 years of service from the day they graduate their training and therefore a few months later that they have to wait to get an immediate pension ?
In short, their time before 21 doesn't count towards their pension but does their time after turning 21 count towards their 16 years if they are still in training ?
Let's say you have someone who joins as a direct entrant at 20, turns 21 during officer training and graduates a few months later. AFPS 75 says you need 16 years reckonable service from turning 21 as an officer to qualify for the immediate pension.
In this instance, our subject will have 16 years of service from the age of 21 at their 37th birthday.......but is it 16 years of service from the day they graduate their training and therefore a few months later that they have to wait to get an immediate pension ?
In short, their time before 21 doesn't count towards their pension but does their time after turning 21 count towards their 16 years if they are still in training ?
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Yes. Paid service from age 21 counts as reckonable for an officer's pension. Regarding reaching the immediate pension point, you need to take a look at what you have committed to serve. You can leave having done 16 yrs but, depending upon your commitment, it could be at the PVR rate or the compulsory rate. I am certain David Marsh will be in touch shortly and, having your service details in front of him, will be able to spell out your position for you.
