Pensions Alert
Just a numbered other
Jees, am I glad I'm out already soaking up that £225 a month from my 16 year point.
But wait, I then went into a final salary scheme with an airline, and I'm about to lose that (partly my own choice, but it won't survive anyway!), and now just over eight years to sort the bloody mess out.
Still, I suppose that all the time we rely on actuaries who think we all die young to design the pensions, and a bunch of crooks in Westminster, who can vote themselves a far better deal, to set the tax rules, what can we expect?
Fries with that, sonny?
But wait, I then went into a final salary scheme with an airline, and I'm about to lose that (partly my own choice, but it won't survive anyway!), and now just over eight years to sort the bloody mess out.
Still, I suppose that all the time we rely on actuaries who think we all die young to design the pensions, and a bunch of crooks in Westminster, who can vote themselves a far better deal, to set the tax rules, what can we expect?
Fries with that, sonny?
Join Date: Jul 2001
Location: A Gaelic Country
Posts: 0
Likes: 0
Received 0 Likes
on
0 Posts
Has anyone got any definitive gen as to whether the IPP Tax-Free gratuity is really "up for grabs"?
"They" keep on talking about reserved rights wrt Full Pension. Fine, we hear you. Now what about the IPP situation?
If it ain't broke.......
"They" keep on talking about reserved rights wrt Full Pension. Fine, we hear you. Now what about the IPP situation?
If it ain't broke.......
"Tens of thousands of public sector workers have marched through the capital to protest against the government's proposed pension reforms"
France, 13 May 2003
France, 13 May 2003
Last edited by BEagle; 14th May 2003 at 01:09.
Join Date: Mar 2001
Location: North America
Posts: 56
Likes: 0
Received 0 Likes
on
0 Posts
Pensions Update
Serving members of the military beware because you may not get an immediate pension!
I understand that the gallant, serving individual who raised this matter above the parapet has been chastised thus - 'we are disappointed that this has been raised at such a sensitive time' - re Gulf 2. No denial - just disappointment! Is it now, post Gulf 2, too much to hope that these bloody 'politicians' hiding at PMA/MOD et al could show some spine and integrity and come clean with plans for current serving members pensions.
Senior officers currently serving that just tow the party line instead of making a genuine case for those that they represent make me remember why I left the mob after 20+ years.
For those of you currently serving this should be one of the top threads and, ergo, needs profile on every unit and especially on this site. It has the potential to affect you until the day you die - or your wife dies.
Perhaps the federali that read this or at least ADCs or PSOs could make sure it gets the visbility it deserves after 'morning-prayers'. The 'starred' readers could then make up their own minds, using their own consciences(please do not look up and see what your boss indicates), and then make a statement to clarify your position on this. It even affects you I think - unless it only applies to certain ranks or time served?
Look hard at yourself and the service you serve, remember the values you are supposed to represent and put YOUR head above the parapet.
Heres hoping for an unambiguous statement from the military on behalf of the treasury - yeah right.
I understand that the gallant, serving individual who raised this matter above the parapet has been chastised thus - 'we are disappointed that this has been raised at such a sensitive time' - re Gulf 2. No denial - just disappointment! Is it now, post Gulf 2, too much to hope that these bloody 'politicians' hiding at PMA/MOD et al could show some spine and integrity and come clean with plans for current serving members pensions.
Senior officers currently serving that just tow the party line instead of making a genuine case for those that they represent make me remember why I left the mob after 20+ years.
For those of you currently serving this should be one of the top threads and, ergo, needs profile on every unit and especially on this site. It has the potential to affect you until the day you die - or your wife dies.
Perhaps the federali that read this or at least ADCs or PSOs could make sure it gets the visbility it deserves after 'morning-prayers'. The 'starred' readers could then make up their own minds, using their own consciences(please do not look up and see what your boss indicates), and then make a statement to clarify your position on this. It even affects you I think - unless it only applies to certain ranks or time served?
Look hard at yourself and the service you serve, remember the values you are supposed to represent and put YOUR head above the parapet.
Heres hoping for an unambiguous statement from the military on behalf of the treasury - yeah right.
Join Date: Jul 2001
Location: A Gaelic Country
Posts: 0
Likes: 0
Received 0 Likes
on
0 Posts
Back to the top, then.
Does this mean that even if you are currently serving on a pensionable engagement e.g. to age 22/47/55 or 3816/55, BUT have not yet served the current 22 years, or to age 38/16, that you do NOT in fact have Reserved rights, and that you will NOT get a tax free gratuity WITH an Immediate Monthly Pension payment?
Does this mean that even if you are currently serving on a pensionable engagement e.g. to age 22/47/55 or 3816/55, BUT have not yet served the current 22 years, or to age 38/16, that you do NOT in fact have Reserved rights, and that you will NOT get a tax free gratuity WITH an Immediate Monthly Pension payment?
Inter Arma Enim Silentius Lex Legis
Join Date: May 2000
Location: England
Posts: 733
Likes: 0
Received 0 Likes
on
0 Posts
Covec.
No, as I understand it, any one in NOW will have reserved rights to the present pension scheme. You cannot lose out if the new scheme to be introduced turns out to be less favourable. So under today’s scheme you will get a tax-free gratuity and an immediate pension.
HOWEVER if the treasury decides to tax gratuities or do anything else underhand to pensions IN GENERAL then NO ONE will be exempt, civil or military and you could be worse off because of general legislation in force at the time you retire.
It has been a factor in my decision to jump ship sharpish I have to admit. The problem with pensions in the civilian world is taking on crisis proportions and it is my opinion that tax-free gratuities such as ours may well disappear within a few years.
No, as I understand it, any one in NOW will have reserved rights to the present pension scheme. You cannot lose out if the new scheme to be introduced turns out to be less favourable. So under today’s scheme you will get a tax-free gratuity and an immediate pension.
HOWEVER if the treasury decides to tax gratuities or do anything else underhand to pensions IN GENERAL then NO ONE will be exempt, civil or military and you could be worse off because of general legislation in force at the time you retire.
It has been a factor in my decision to jump ship sharpish I have to admit. The problem with pensions in the civilian world is taking on crisis proportions and it is my opinion that tax-free gratuities such as ours may well disappear within a few years.
It was also a primary factor in my decision to pull the black-and-yellow ealier this year. Just hope that Brown keeps his hands off the terminal grant until after 7 Aug.....
Other factors? Too old for PA spine and no financial incentive in this years Pay Award for those between 50 and 55 in a similar position.
That and the prospect of a final tour spent answering telephones.....
Other factors? Too old for PA spine and no financial incentive in this years Pay Award for those between 50 and 55 in a similar position.
That and the prospect of a final tour spent answering telephones.....
Was recently at a conference where the head man from PTC spoke..I asked about our pensions etc, with regard to tax-free gratuities in particular and was told that the reply to the green paper was in hand and they were 'ring-fencing existing pension agreements for those currently serving'. Read into that what you will, but it sounded like 'til 2010 those of us serving are still covered by the original terms. Here's hoping anyway!
PS As i understand it ..they will only (in future) tax what you decide to commute BEYOND your terminal gratuity.
PS As i understand it ..they will only (in future) tax what you decide to commute BEYOND your terminal gratuity.
Join Date: Dec 2000
Location: UK
Posts: 737
Likes: 0
Received 0 Likes
on
0 Posts
Well, lukewarm anyway.
Here at Lyneham we have been told there will be an announcement in mid-July.
A few key points from a brief that came from on high.
It is stated in the Green Paper that the Armed Forces (Fire Service & Police) are regarded as exemptions (with regard to 'common retirement age')
If, at a later date, the tax-free status of the lump sum is altered, arrangements would be needed to protect its value. Either by exemption or by increasing the sum.
The Bottom Line
'It is not in the interests.....to accept any change that will precipitate an exodus of trained manpower'
Here at Lyneham we have been told there will be an announcement in mid-July.
A few key points from a brief that came from on high.
It is stated in the Green Paper that the Armed Forces (Fire Service & Police) are regarded as exemptions (with regard to 'common retirement age')
If, at a later date, the tax-free status of the lump sum is altered, arrangements would be needed to protect its value. Either by exemption or by increasing the sum.
The Bottom Line
'It is not in the interests.....to accept any change that will precipitate an exodus of trained manpower'
Join Date: Oct 2001
Location: Overlooking the beach, NZ
Posts: 239
Likes: 0
Received 0 Likes
on
0 Posts
nan2002,
Seems like good news (for me anyway, don't think many people are now going to want to join!) but where is your info from? Any website or anything where I can see it wrtitten down, official like?
Cheers
Seems like good news (for me anyway, don't think many people are now going to want to join!) but where is your info from? Any website or anything where I can see it wrtitten down, official like?
Cheers
So are you really saying that, after 2005, anyone joining will face:
Pension at 55 only if they serve full term and retire at 55, otherwise they'll have to wait until 65.
New 18/40 point for airmen, NCA, officers before being entitled to a taxed gratuity?
Recruiting and retention incentives? Hmmm.....
So there'll be young blades joining, flying, then PVR'ing and bogging off to the airlines as soon as they've cracked 2000 hours and have qualified for mil. accreditation, a few staying on until they're 40.....and others 'locked in' until 55 because if they tried to PVR they wouldn't get any pension at all until age 65?
Will the last person..........
Pension at 55 only if they serve full term and retire at 55, otherwise they'll have to wait until 65.
New 18/40 point for airmen, NCA, officers before being entitled to a taxed gratuity?
Recruiting and retention incentives? Hmmm.....
So there'll be young blades joining, flying, then PVR'ing and bogging off to the airlines as soon as they've cracked 2000 hours and have qualified for mil. accreditation, a few staying on until they're 40.....and others 'locked in' until 55 because if they tried to PVR they wouldn't get any pension at all until age 65?
Will the last person..........
Join Date: Feb 2002
Location: Wiltshire
Posts: 1,360
Likes: 0
Received 0 Likes
on
0 Posts
Bearing in mind this statement, promising us we will all be ok, has been issued by members of the "lying bas@@rds" party who assured that Soddim had WMD blah blah blah 
With an exit point in 2012 I am preparing to bend over and take it in the "tail pipe" sometime between now and then
all spelling mistakes are "df" alcohol induced
Join Date: Jan 2002
Location: Worcestershire
Posts: 305
Likes: 0
Received 0 Likes
on
0 Posts
Saw a progress report today which stated that retirement age of 55 was secure as were our pension and gratuity rights.
But, if this is a progress report, how can they 100% confident.
They did say this was for current serving dudes.
But, if this is a progress report, how can they 100% confident.
They did say this was for current serving dudes.
Guest
Posts: n/a
This migh help to answer a few questions - it looks as though we might all be able to rest a little easier! http://centre.defence.mod.uk/DGCC_Ne...s/icb03062.htm
Join Date: Oct 2002
Location: UK
Posts: 30
Likes: 0
Received 0 Likes
on
0 Posts
Mutleyfour
Looks like the URL is for CHOtS and not a www address. I cann't find any details posted elsewhere. But someone on your station should have a copy of the RAF Briefing Note that was sent out on this topic some time last week. I've seen it and it seems to confirm that the current scheme is safe - if you are in it, you can stay in it. But after 2005(?) new recruits will have to join new scheme.
Looks like the URL is for CHOtS and not a www address. I cann't find any details posted elsewhere. But someone on your station should have a copy of the RAF Briefing Note that was sent out on this topic some time last week. I've seen it and it seems to confirm that the current scheme is safe - if you are in it, you can stay in it. But after 2005(?) new recruits will have to join new scheme.
Join Date: Mar 2001
Location: North America
Posts: 56
Likes: 0
Received 0 Likes
on
0 Posts
I was mightily concerned for those still serving that this matter was going to be a nightmare. When this topic was near the top of PPrune I read that official announcement would be in late July. Last post on here was 22 July - so what was the announcement please?
Fingers crossed for those serving.
Fingers crossed for those serving.
Join Date: Sep 2000
Location: The Road to Nowhere
Posts: 1,023
Likes: 0
Received 0 Likes
on
0 Posts
PROMOTION = CHANGE OF SERVICE TERMS?
I've no doubt that, at some point, we will all be offered a change to the new 'improved' pension scheme. Indeed, I seem to recall seeing some preparatory bumf appearing in the crewroom recently.
Most of the guys working with me take the view that the only reason the Gov't (Treasury) would be offering the change would be to save money. If they are saving money (and it would be a significant sum across the 3 services), then it stands to reason that we will end up with less (there is only so much in the pot) - wise words?!
The statement about 'reserved rights' for those on the existing scheme presumably assumes that their terms of service remain unchanged. I have recently assimilated to 55 (boarding school trap) and am presumably safe. However, in the unlikely event I am offered promotion in a few yrs, will I be expected/forced to join the new scheme, or will I still be considered to be serving under my original terms of Service as at 1989?
Are there any PMA people out there that can shed light?
If this is the case, promotion could carry a financial penalty for some.
Most of the guys working with me take the view that the only reason the Gov't (Treasury) would be offering the change would be to save money. If they are saving money (and it would be a significant sum across the 3 services), then it stands to reason that we will end up with less (there is only so much in the pot) - wise words?!
The statement about 'reserved rights' for those on the existing scheme presumably assumes that their terms of service remain unchanged. I have recently assimilated to 55 (boarding school trap) and am presumably safe. However, in the unlikely event I am offered promotion in a few yrs, will I be expected/forced to join the new scheme, or will I still be considered to be serving under my original terms of Service as at 1989?
Are there any PMA people out there that can shed light?
If this is the case, promotion could carry a financial penalty for some.