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Pension on reaching 55 ?

Discussion in 'Finance, Property, Law' started by Nulli_Boy, Feb 4, 2011.

  1. Nulli_Boy
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    Nulli_Boy Clanker

    Gents, I would just like to ask of those in the know as i will reach 55 this year and was wondering by how much my pension would increase and at what stage they inform you of this increase ?

    Many thanks for your informed opinions.
  2. Norfolknchance
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    Norfolknchance Clanker

    Depends if you did 22 years and whether or not you commuted. If so, little difference as you've already had your rises (that's what my missus says anyway) but again, depending on rank when getting out, you might get between 3/5ths and 4/5ths what you get already so if you pocket £400, £700 is possible. But don't spend it all in one sweet shop!
  3. western
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    western Crow

  4. Nulli_Boy
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    Nulli_Boy Clanker

    Thanks chaps,i came out in 93 after 20yrs service on options for change phase two was acting Sgt but only get a Cpl's pension and i commuted some of my pension to get a larger lump sum,will this have any effect on any future raise ?
  5. shiny_arrse
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    shiny_arrse Clanker

    If you commuted part of your pension, your pension is abated until 55. At age 55 you will get the full pension i.e. what you would have received if you had not commuted anything (and this will be index linked).

    Your best bet is to contact xafinity to confirm everything.

    Armed Forces scheme pensions pensioners queries Xafinity Paymaster

    Shiny
  6. Nulli_Boy
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    Nulli_Boy Clanker

    Thanks Shiny mucho appreciated !
  7. vauxhall
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    vauxhall Sponsor

    Xafinity Paymaster will inform you about the time the increase is due but The Forces Pension Society has tables which enable them to provide forecasts which uprate pensions in line with pension increases. You may have to be a member but follow the link and see.
  8. Nulli_Boy
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    Nulli_Boy Clanker

    Many thanks Vauxhall.
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