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Forum: Military Aviation

25th Aug 2021, 18:40

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

You can use the current AFPS calculator to work...

You can use the current AFPS calculator to work out the second option, as that's currently the default position.

For the first option, the AFPS 75 portion can be worked out from the AFPS75 pension...

Forum: Military Aviation

16th Aug 2021, 15:53

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

I didn't mean to imply that AFPS15 ends at age...

I didn't mean to imply that AFPS15 ends at age 60, apologies if I gave that impression. Was just using 60 as the new 'standard' retirement age to indicate that additional accrual is possible.

...

Forum: Military Aviation

15th Aug 2021, 12:32

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

It's a good point. The difference now is that you...

It's a good point. The difference now is that you can keep accruing a AFPS15 pension until age 60, growing at 1/47th (2.1%) of each year's salary. A full AFPS75 pension is roughly 50% of salary, so...

Forum: Military Aviation

14th Aug 2021, 17:32

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

I understand LJ's frustration. You don't need...

I understand LJ's frustration. You don't need financial advice to understand the simple fact that your AFPS75 rights were/will be preserved on transfer, to AFPS05 (if you took it) and AFPS15 (whether...

Forum: Military Aviation

20th Sep 2020, 16:43

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

Bravo, LJ! This is correct, BUT it is...

Bravo, LJ!

This is correct, BUT it is important to say that if you leave at 60 you get no lump sum from AFPS15, whereas if you leave one day earlier, you do. Experimentation with the online...

Forum: Military Aviation

21st Jul 2020, 14:06

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

The accrual you describe (a large spike at the...

The accrual you describe (a large spike at the end of the tax year after promotion, and a smaller spike at the end of the next) is exactly how AFPS75 works, and keeps working even after you switch to...

Forum: Military Aviation

20th Jul 2020, 22:26

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

Melchy, The obvious way to do it would seem...

Melchy,

The obvious way to do it would seem to be to go back and re-build your pension year-by-year from 2015 to 2022, taking into account any promotions as they happened, and work out the tax due...

Forum: Military Aviation

19th Jul 2020, 19:34

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

Not sure why you think we disagree?!

Not sure why you think we disagree?!

Forum: Military Aviation

19th Jul 2020, 13:37

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

I think the answer to that is “them’s the T&C,...

I think the answer to that is “them’s the T&C, they were available for you to read when you signed up, tough luck.” Non-grads got 3 more years’ pay, and pensions were equal if leaving at the IPP.

Forum: Military Aviation

19th Jul 2020, 13:15

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

JTO - thank you for the correction on 50/30 vs...

JTO - thank you for the correction on 50/30 vs 55!

A question of my own now. Does anyone know what the position on lifetime allowance would be if one were to retire, crystallise a lucrative AFPS75...

Forum: Military Aviation

19th Jul 2020, 11:29

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

BV, My reading of it is that if you didn’t...

BV,

My reading of it is that if you didn’t switch to AFPS05 and you leave before 2022 then you have the option of going with full AFPS75 benefits. Note that you need to leave at either your 16/38...

Forum: Military Aviation

17th Jul 2020, 00:47

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

Say they leave in 2024 having accumulated 20...

Say they leave in 2024 having accumulated 20 years on AFPS75 and 2 years on AFPS15. They would receive a lump sum and immediate pension worth roughly 91% (20/22) of a ‘pure’ 22-year AFPS75 pension,...

Forum: Military Aviation

16th Jul 2020, 20:58

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

They will be on a (very small) 15 EDP for a...

They will be on a (very small) 15 EDP for a significant period of time, but they will also be entitled to their other accrued benefits straight away. Those benefits don't disappear just because they...

Forum: Military Aviation

16th Jul 2020, 18:15

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

Isn’t 6-8 years’-worth of the difference between...

Isn’t 6-8 years’-worth of the difference between the 59.99yr EDP and the 60yr pension almost exactly equal to the lump sum you get if leaving on EDP terms? I know lots of people who have deliberately...

Forum: Military Aviation

13th Jan 2020, 18:54

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

Until now the only reports I’d seen on the...

Until now the only reports I’d seen on the doctors’ pension issue suggested that doctors were being offered an equivalent of the AFPS ‘Scheme Pays’ arrangement as an interim measure. However that BBC...

Forum: Military Aviation

31st Dec 2019, 14:56

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

A 'small' problem which might force an answer to...

A 'small' problem which might force an answer to this before long: how will we be assessed for tax liabilities around the Annual Allowance when we have no idea what pension scheme we will be on at...

Forum: Military Aviation

21st Dec 2019, 22:14

Replies: 302

AFPS15 - government decision.

Views: 127,697

Posted By Easy Street

Clearly, take professional advice if they offer...

Clearly, take professional advice if they offer you a choice of reverting. The annual allowance calculations which would be needed to assess retrospective and future tax liability on each scheme...

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