New opportunity to give 4 years service for nothing
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New opportunity to give 4 years service for nothing
Anyone been sent the offer to transfer to the new 40/20 exit point vs 38/16? Sounds like a delightful offer for 4 more years of the same for little extra benefit on leaving (since extra 4 years would be on new pension).
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For those on AFPS 75 who won't qualify for the AFPS 15 immediate pension it allows you to sign up for up to four years extra service beyond your 16/38 point so that you can. Will add about £1500 on to your immediate pension, and then at 68 (or what ever the OAP point is by then) about £6000 onto your final pension.
All in all a waste of time. Be surprised if anyone signs up to it.
All in all a waste of time. Be surprised if anyone signs up to it.
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TBH, I will sign up to it because it promises to keep your original exit date as an option point. So if it's not working out you still have the chance to excape on that day without taking a hit.
HMG made a similar offer when they changed the police pension scheme from 30 to 35 years, so officers would work an extra 5 years albeit for lower monthly payments. I don't think that anyone moved from the old to the new scheme.
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Field,
If you want an annuity and try to reproduce AFPS, factor in good health, a 50% survivor's pension, payment escalating to keep pace with inflation and a guarantee for your partner for 10 years after you die, it could be a lot less than that right now. Having said that.. Things are looking up for the moment.
Four of top five annuity providers increase rates | The Actuary, official magazine of SIAS and The Actuarial Profession
If you want an annuity and try to reproduce AFPS, factor in good health, a 50% survivor's pension, payment escalating to keep pace with inflation and a guarantee for your partner for 10 years after you die, it could be a lot less than that right now. Having said that.. Things are looking up for the moment.
Four of top five annuity providers increase rates | The Actuary, official magazine of SIAS and The Actuarial Profession
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TBH, I will sign up to it because it promises to keep your original exit date as an option point. So if it's not working out you still have the chance to excape on that day without taking a hit.
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All in the letter you should have received if eligible. Signature on the paper by 31 Jan I believe.
As long as there are no hidden little tricks, such as removal of pvr terms before your original exit point, you have nothing to lose by signing it from the research I have done.
If anything, the scheme has been provided as the existing forced transfer on to 15, without an opportunity to meet an earliest qualification point, may not have been legal. By offering this, that issue goes away.
Having said that, I do wonder if refusal to accept the new terms would give you a defector exit point on 1 April 2015... In other words, one without a notified period!
Very much doubt they will let that happen!
As long as there are no hidden little tricks, such as removal of pvr terms before your original exit point, you have nothing to lose by signing it from the research I have done.
If anything, the scheme has been provided as the existing forced transfer on to 15, without an opportunity to meet an earliest qualification point, may not have been legal. By offering this, that issue goes away.
Having said that, I do wonder if refusal to accept the new terms would give you a defector exit point on 1 April 2015... In other words, one without a notified period!
Very much doubt they will let that happen!
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How does this change an offer to move to PAS? At the moment you can be granted an offer with 3 years to your exit date, but if your exit date moves 4 years the right then you could spend 4 years with out an increment(Lvl 9Flt Lt and enhanced rate flying pay), when you could have been moving up the PAS ladder..
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I don't yet have a PAS offer, but I would fully expect one when I reach 35/36. That would mean, under my current engagement, moving onto PAS pay scales and starting the RoS on my 38th birthday. But, if I sign the paper would that mean I wouldn't be able to move to PAS until my 20/40, which for me would be 42yrs old. In turn with the 5 yrs RoS for PAS, I wouldn't be able to leave until my 47th birthday.
I think I need to phone manning, to see if my assumption is correct. If it is then this is a sh@t deal. Which airline would touch you at 47!
I think I need to phone manning, to see if my assumption is correct. If it is then this is a sh@t deal. Which airline would touch you at 47!
fingureof8,
By all means check with manning, but I would recommend that you get a copy of their answer in writing, rather than just an opinion given by voice over the phone.
Hard copy of their answer to your query may come in very useful downstream if it all goes wrong and gets messy.
Best of luck.
By all means check with manning, but I would recommend that you get a copy of their answer in writing, rather than just an opinion given by voice over the phone.
Hard copy of their answer to your query may come in very useful downstream if it all goes wrong and gets messy.
Best of luck.
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Fingure - big assumption there; firstly that you will be offered PAS, and second that PAS will still be offered post NEM implementation. The brief I went to suggested 5 year, 10 year or full extensions will be offered in the future as required by the RAF (Service need) to ranks below Sqn Ldr.
If you have a long time left on your own initial pension scheme, what have you got to lose taking the offer? If you are due to leave soon after the AFPS15 implementation, what have you got to gain taking the extension if Manning can't give you an offer of your choosing?
If you have a long time left on your own initial pension scheme, what have you got to lose taking the offer? If you are due to leave soon after the AFPS15 implementation, what have you got to gain taking the extension if Manning can't give you an offer of your choosing?