5 and 8 year money

Discussion in 'Army Pay, Claims & JPA' started by kieran12, Jun 23, 2004.

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  1. Heard that this has stopped. Anyone heard anything else. Found out today adn was eligible last week. Anyone have anymore info on this.
     
  2. The old '5 and 8 year money' has indeed stopped, for new entrants. If you joined the Army under the old rules, then you will still get it.

    The system has been replaced by Financial Retention Incentives (FRI). These are linked to specific trades within capbadges ie Royal Signals Class 1 Technicians and Foreman of Signals.

    FRI payments are driven by relevant MCM Divs. There is no definitive document on this subject (although I am digging around for some sort of authority) precisely because it is a capbadge issue.

    Speak to your Chief Clerk about what FRI scheme your capbadge currently has.

    I find it odd that you believed you were eligible only to be told you are not. This means that either your SPS people haven't got a clue and misinfomed you (mangement of expectation issues) or that you are still entitled to it - and your SPS people etc etc.

    Good luck - PM me if the situation develops into something far more sinister!
     
  3. Wait out - there are grumblings from the back room boys that our last post may be totally tonk and factually incorrect! :D

    We'll get back soonest!
     
  4. do i get anything for 18 years? other than "haha pension trap sucker" that is!!
     
  5. Apologies for the delay.

    The information posted previously regarding FRI is accurate.

    Now, Commitment Bonuses.

    1. Soldiers who join the Army after 01 Apr 04 will receive the new commitment bonus, as a single payment of £5,500 gross, at a point determined by their A&SD. This point will usually be between 5 - 7 years. (For the full list of when each A&SD would prefer to pay the bonus, PM me - or if enough people request it here, I will post it later.)

    2. Soldiers who joined the Army before 01 Apr 04, on the Open Engagement, will remain on the current system, ie 2 separate commitment bonuses of £3000 (gross) after 5 years of reckonable service; and £2500 (gross) after 8 years reckonable service: both payments are provided that the soldier has not given notice to leave the Army.

    3. The new system will attract a 2 year return of service. The date of the payment of the bonus will be linked to pensionable service and not reckonable service.

    4. The commitment bonus may only be paid to a soldier once. This may cause complications for transferees, as soldiers from different CEGs will receive the bonus at different stages of their careers. In the case of transferees, the following rules apply:

    a. If a soldier received the bonus before he/she transferred, they will not be entitled to a further commitment bonus if the gaining CEG receives it later.

    b. If a soldier did not recive the bonus prior to transfer, and has the specified pensionable service for payment in his gaining CEG, he will be paid the bonus on successful completion of the transfer.

    c. If a soldier did not receive the bonus prior to transfer and does not have the specified amount of pensionable service in his gaining CEG, then he/she will receive the bonus att he qualification point in the new CEG.

    5. The payment is linked to ACRs - soldiers must receive at least a 'D' grade in the latest ACR. This is to bring the bonus into line with incremental pay progression.

    If anyone has more questions, please let me know. If people want to know their respective capbadges payment dates, let me know!
     
  6. Thanks....you are the man...Now i can shut up all those gossip mongers...
     
  7. Thanks for your posts. I've been informed today that the 8 year money has stopped and the 5 year money has been increased to £5500. This will affect everyone including those eligble now. This was read. Don't want to contradict anyone so i'm just gonna wait out till my documentation comes through from glasgow.....whats all this about FRI's too
     
  8. So people like me who joined in '89 are still fekked, I've never had any bonuses, but I did get 9 year money, i think it was about 40p a day- wuppy fekkin doo !
     
  9. I joined in '92 and got all 3 bonuses - :lol:

    At least if you have had enough you can still PVR though, that's well wirth £5000 of anyones money.
     
  10. And if you are under the old (Pre 91) engagement you can PVR for free, assuming you have 16 + years service!

    What a fabulous offer.


    Of course you would miss out on some small things, like a pension, but don't worry about it!

    :D :D
     
  11. Hmmmmm


    I missed out on my 5 year money by being born 28 days too late.
    I missed out on my 8 year money 'cos they'd stopped it again.

    £5500 for staying in 5 years? Erm why?
    But I'm not at all bitter (he lied).


    TTFN

    BFG
     
  12. So is the old 5 year money from reckonably service or pensionable service??? just wondering cos i could do with the five and a have grand for xmas.
     
  13. i joined in 90 and havent recieved any bonus. sh1t happens ive got over it
     
  14. Pay and conditions seem to get more complicated exponentially.
    Remember the 'system' does nothing for YOUR welfare but everything for the 'system'. I suspect that in real terms you are going to do more for less however attractive they make it look.