Armed Forces pension change, anyone know what's happening?
Discussion
Buggles said:
As above really, any of you that are currently serving know what's supposed to be happing to the pensions.
I have done bits of reading, but firm details seem rather thin on the ground.
Apparently what we have accrued up to know is safe, but after 2015 we are to move to the Future Armed Forces Pension Scheme.
This is what I heard. I have done bits of reading, but firm details seem rather thin on the ground.
Apparently what we have accrued up to know is safe, but after 2015 we are to move to the Future Armed Forces Pension Scheme.
A DIN or something similar was published week before last with definitive info, available on't intranet.
Good, good to see the priorities have been set straight, the men and women are no longer the top of the pile, vanity projects head the list now.
What a bunch of w
k. My pension was chopped anyway, "the system" says I left as a Lance Jack, I held Corporal for three years. The system is never wrong even though 40 payslips say otherwise.
What a bunch of w
k. My pension was chopped anyway, "the system" says I left as a Lance Jack, I held Corporal for three years. The system is never wrong even though 40 payslips say otherwise.I wouldn't escape just now, the country is in st state and good jobs are hard to get. It's particularly hard for guys leaving the military, having to give 12 months notice and commit to it leaves a lot of guys in stty jobs: timing is everything, you need the right job to come up at the right time and it just doesn't happen as nicely as it should.
t state and good jobs are hard to get. It's particularly hard for guys leaving the military, having to give 12 months notice and commit to it leaves a lot of guys in stty jobs: timing is everything, you need the right job to come up at the right time and it just doesn't happen as nicely as it should. Buggles said:
I feel for you, as I know exactly how unhelpful the Admin staffs can be. Anything I can do to help as somebody still serving?
I fear my pension is about to get chopped to fk, as all the Ruperts are being very tight-lipped about what's going on.
Time to get out...
I fear my pension is about to get chopped to f
k, as all the Ruperts are being very tight-lipped about what's going on. Time to get out...
Papa Hotel said:
I wouldn't escape just now, the country is in st state and good jobs are hard to get. It's particularly hard for guys leaving the military, having to give 12 months notice and commit to it leaves a lot of guys in stty jobs: timing is everything, you need the right job to come up at the right time and it just doesn't happen as nicely as it should.
If I was offered the redundancy package right now I'd take it. The Kiwis and Aussies are not passing up the opportunity to snap up senior Cpls and SNCOs with operational experience and many specialist qualifications.t state and good jobs are hard to get. It's particularly hard for guys leaving the military, having to give 12 months notice and commit to it leaves a lot of guys in stty jobs: timing is everything, you need the right job to come up at the right time and it just doesn't happen as nicely as it should. I'd be over there faster than you could say "there's a Dingo eating your baby"
MikeGTi said:
Buggles said:
I feel for you, as I know exactly how unhelpful the Admin staffs can be. Anything I can do to help as somebody still serving?
I fear my pension is about to get chopped to fk, as all the Ruperts are being very tight-lipped about what's going on.
Time to get out...
I fear my pension is about to get chopped to f
k, as all the Ruperts are being very tight-lipped about what's going on. Time to get out...
Papa Hotel said:
I wouldn't escape just now, the country is in st state and good jobs are hard to get. It's particularly hard for guys leaving the military, having to give 12 months notice and commit to it leaves a lot of guys in stty jobs: timing is everything, you need the right job to come up at the right time and it just doesn't happen as nicely as it should.
If I was offered the redundancy package right now I'd take it. The Kiwis and Aussies are not passing up the opportunity to snap up senior Cpls and SNCOs with operational experience and many specialist qualifications.t state and good jobs are hard to get. It's particularly hard for guys leaving the military, having to give 12 months notice and commit to it leaves a lot of guys in stty jobs: timing is everything, you need the right job to come up at the right time and it just doesn't happen as nicely as it should. I'd be over there faster than you could say "there's a Dingo eating your baby"
Following the acceptance of Lord Hutton's recommendations on public sector pensions, public sector schemes are due to change from final salary defined benefit to career averaging schemes by April 2015 (although Hutton did suggest that the Armed Forces schemes might take a little longer).
So far a document has been published setting out the preservation of accrued rights. This means that, for members of the current schemes, MOD and Treasury have agreed that:
- when the new scheme comes in, service built up in the old scheme will still count;
- those who are 45 yrs old on 1 April 2012 will see no change to their pension;
- other AFPS 75 members will be able to take the proportion of their immediate pension (IP) earned at the date of the transfer, at the normal IP point. So, if an officer had done 12 yrs at the point of transfer to the new scheme, at the IP point he would be entitled to receive 12 sixteens of the pension - the rest being preserved until preserved pension age.
What we are waiting for now is the Framework Document which sets out what the rules of the new scheme will be.
None of this affects people who have left the Armed Forces either with a pension in payment or with preserved pensions.
The Forces Pension Society are monitoring work on the new scheme most carefully. We will be in there making sure that Service personnel get the best deal possible within the Treasury constraints. We are part of the consultative process which ensures that our voices are heard at ministerial level.
Keep an eye on our website -
ETA
Sorry no links allowed.
So far a document has been published setting out the preservation of accrued rights. This means that, for members of the current schemes, MOD and Treasury have agreed that:
- when the new scheme comes in, service built up in the old scheme will still count;
- those who are 45 yrs old on 1 April 2012 will see no change to their pension;
- other AFPS 75 members will be able to take the proportion of their immediate pension (IP) earned at the date of the transfer, at the normal IP point. So, if an officer had done 12 yrs at the point of transfer to the new scheme, at the IP point he would be entitled to receive 12 sixteens of the pension - the rest being preserved until preserved pension age.
What we are waiting for now is the Framework Document which sets out what the rules of the new scheme will be.
None of this affects people who have left the Armed Forces either with a pension in payment or with preserved pensions.
The Forces Pension Society are monitoring work on the new scheme most carefully. We will be in there making sure that Service personnel get the best deal possible within the Treasury constraints. We are part of the consultative process which ensures that our voices are heard at ministerial level.
Keep an eye on our website -
ETA
Sorry no links allowed.
Edited by Big Al. on Monday 5th March 14:36
i read the DIN last week, it gives examples of peoples different scenarios i.e. how far you've progressed, as to what you're entitled to and how it will effect your pension. I'm on AFPS 75 and come 2015 i would have done 11 years, I've always said i'll only do 12 years so to scrap the IP if i did 22 would be the iceing on the cake to leave after 12.
How about the age at which the pension is paid if you leave before the IP? I served 15 years when I left and my pension is supposed to kick in at age 65, will it still or will the government raising the pension age affect it - ie if they raised it to age 70 will I only get it at that age or will I still get it at 65?
DS3R said:
ForcesPensions said:
Keep an eye on our website -
Are you seriously telling me someone "official" signed up just to chuck in some unnecessary propaganda?I hope not- or I spy a cost saving.
Gazzas86 said:
i read the DIN last week, it gives examples of peoples different scenarios i.e. how far you've progressed, as to what you're entitled to and how it will effect your pension. I'm on AFPS 75 and come 2015 i would have done 11 years, I've always said i'll only do 12 years so to scrap the IP if i did 22 would be the iceing on the cake to leave after 12.
It's certainly very disconcerting to read isn't it. I'll have done 14years by 2015, and as a cpl, hopefully knocking on for my third by then so maybe I'll be alright.A lad at work, who I was an SAC with is now my Sgt (got up there in only 10years!) reckons he'll be onto a winner if it's career based earnings, I.e. progress quickly through the ranks and be rewarded.
Although I hear talk of gratuity being taxed now?
PaulG40 said:
Gazzas86 said:
i read the DIN last week, it gives examples of peoples different scenarios i.e. how far you've progressed, as to what you're entitled to and how it will effect your pension. I'm on AFPS 75 and come 2015 i would have done 11 years, I've always said i'll only do 12 years so to scrap the IP if i did 22 would be the iceing on the cake to leave after 12.
It's certainly very disconcerting to read isn't it. I'll have done 14years by 2015, and as a cpl, hopefully knocking on for my third by then so maybe I'll be alright.A lad at work, who I was an SAC with is now my Sgt (got up there in only 10years!) reckons he'll be onto a winner if it's career based earnings, I.e. progress quickly through the ranks and be rewarded.
Although I hear talk of gratuity being taxed now?
I hope they dont fk it up.
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