NEM Conditions
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Join Date: Mar 2002
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NEM Conditions
Does anyone have the full SP on the conditions attached to NEM for those in their last few years to 55? I have just received my offer of service to 60 and wondered how it affects my options to leave if accepted. That said would it affect my pension entitlement if I signed on then opted to leave? It will be as PA on top level Flt Lt so have already done over 30 yrs service. I am on Det right now but will be digging out the DIN on my return as well as joining the Pension Society but just wondered if anyone had any info already and to hand...many thanks
I was in a similar position a few months ago.
You retain the 6-month PVR option throughout, your pension continues to be topped up but if you are on the top PA pay level, you get no further salary level increases.
Basically, service appears to continue with no real change.
HTH.
You retain the 6-month PVR option throughout, your pension continues to be topped up but if you are on the top PA pay level, you get no further salary level increases.
Basically, service appears to continue with no real change.
HTH.
Join Date: Jan 2008
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What he said......
I recently signed on for an additional 18 months as part of the NEM offer. As I am in the 'protected' cohort I retain the 75 scheme pension but once I reach the 34 year point I receive no further increases. No brainer really, it gives me the option to stay longer but I retain the 6 month PVR shoould I choose to go.
I recently signed on for an additional 18 months as part of the NEM offer. As I am in the 'protected' cohort I retain the 75 scheme pension but once I reach the 34 year point I receive no further increases. No brainer really, it gives me the option to stay longer but I retain the 6 month PVR shoould I choose to go.
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Yes but...
If you PVR do you go onto a different band for pension? So having got to 55 should you chose to go at 57, having accepted an offer of service to 60 is there a penalty to you in leaving? After all having reached the top of the PA Flt Lt scale and no longer accruing pension beyond 55 would that be deemed reasonable or a bit of a risk?
JAJ,
If you are on AFPS 75, your pension is effectively frozen at 34 years service, which for many will be around the age of 55. The only difference is that whatever that figure is, it will rise by pay rise levels only up until you actually start claiming your pension at 60.
There is a vast difference for those on pension scheme 05 who will indeed keep earning towards their 60 years of age point. I know of 2 recent PAS sqn ldrs who both signed onto 60 with one on AFPS 75 and the other on 05. The 1st one has a very modest increase in pension due primarily to the age he accepted PAS (i.e, over 50). The 2nd one has seen his pension jump from approx. 28.5k to over 42k. I have also heard of flt lt PAS aircrew looking at pensions in the 45k bracket!
If you are on AFPS 75, your pension is effectively frozen at 34 years service, which for many will be around the age of 55. The only difference is that whatever that figure is, it will rise by pay rise levels only up until you actually start claiming your pension at 60.
There is a vast difference for those on pension scheme 05 who will indeed keep earning towards their 60 years of age point. I know of 2 recent PAS sqn ldrs who both signed onto 60 with one on AFPS 75 and the other on 05. The 1st one has a very modest increase in pension due primarily to the age he accepted PAS (i.e, over 50). The 2nd one has seen his pension jump from approx. 28.5k to over 42k. I have also heard of flt lt PAS aircrew looking at pensions in the 45k bracket!
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It depends which pension scheme you're on: On AFPS 75 you cannot earn more than 34 years worth of pension irrespective of your current TCoS. This is not the case if you're on AFPS 05 or 15.
