AFPS75 Pension % Increase over the years.

Original_Punk

Old-Salt
Greetings all, I am currently out of the country and unable to review my P60's until next month, but before I send a letter to Equiniti querying my pension increase, just wanted to see if I have missed something that members may be able to advise me on.

I left the Army in 2012 after nearly 28 years and in receipt of an AFPS75 WO1 pension, with part of it being taxable as it is above the personal allowance and therefore taxable at 20%.

My Army pension is the first element that gets taxed before any other income as I knew that it would be "regular".

I will give you the monthly net increases year by year:

In 2013 - increase of £22.40 per month
In 2014 - increase of £16 per month
In 2015 - increase of £3.20 per month
In 2016 - increase of £6.80 per month
In 2017 - increase of £8.20 per month
In 2018 - increase of £6 per month

Question I have, does anyone have an easy link to the annual pension % increases so that I can check against my increases before I go to Equiniti?

I am led to believe that this year's increase is 3%, so my net monthly pension should increase by approx £34, not £6. And then there are the previous years to be reviewed. I regret that I have not paid much notice of this before as I was in gainful employment, but at the moment on the job search again and every £1 in the bank helps.

Grateful for your comments fellow members.
 

Original_Punk

Old-Salt
Date of discharge was 9th April 2012 - I ensured I was close to the new financial tax year.

As an aside I turn 55 next May and will be looking forward to another increase then after fully commuting.

Thanks FPS.
 
I didn`t think that you received the annual inflation increase until the age of 55, if you took full communtation at the point of leaving

Archie
 

Forces Pension Society

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I must admit, I assumed that, as Original Punk was getting annual rises, it was an invaliding pension and he was just keeping an eye on whether his increases were in order (lost P60s etc). His last post talks about restoring the pension after commutation - so it cannot be an invaliding pension as commutation would not have been allowed.

For the record, a normal Immediate Pension is paid at a flat rate (irrespective of commutation) and, at at age 55, it is restored to its pre-commutation levels and inflation increases are added to the original figure. Someone who left on 9 April 2012 would expect an increase on the original pension of 10%-ish (inflation has not been that high over recent years and in one year it was zero).

As Original Punk says he has been getting rises each year, I really cannot give a steer as to what will happen in his case - or, could the increases be something to do with his tax coding?

.
 

Original_Punk

Old-Salt
I thought that inflation increase was on my commutation which builds up and then at 55 it increases.

Normal pension should increase in line with RPI or CPI? Just like military pay? If not, then why has it been increasing at all?
 

Original_Punk

Old-Salt
Not an invaliding pension, left healthy.

My tax coding has been the same as my military pension is the first thing to go into the pot for the Government to tax.

Strange. I will write to Equiniti when I get back to UK and see if they can provide an explanation, if not, then I will try HMRC.

Thanks.
 

Original_Punk

Old-Salt
Thanks FPS, got the address on my P60s, but will wait until I return home so I can review my paperwork and construct my questions with better facts etc.

Cheers.
 

WOBOY

Crow
So I retried after 22 on my 40th. I fully commuted and understand that at 55 my pension reverts back to pre-commutation and increases by the CPI year on year. Which would be very easy to work out if I knew what my pre-commutation figure was? I cant see it on any paperwork and I have tried to contact the pensions people on several occasions to no avail.

Anyone know how I work out my pre-commutation figure!!!???????? Cheers!
 

Forces Pension Society

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bcsack

Old-Salt
Likewise been disappointed to see pension increase over the past 10 years nowhere near a 3% increase - some years less than 1% - but i've figured it's to do with increases in personal allowance & the mysterious "GMP"
which i'd never heard of until it started to be used as a reason to reduce my pension ! Tried looking it up online
and now have a general understanding how GMP relates to me - & it makes me realise we were stitched up when the pay Cpl came across the Regtl square in the '70's and said here sign this - you'll get a pay rise !! (we got a rise then due to less NI payments but we're paying for it now).
 

bcsack

Old-Salt
Checked late last night - retired as a WO2 in 95 after 22 yrs - gross pension increase since 2013 just 10%
- like OP been busy working and thought this at least could be left to the MOD to work out !
Never learn do we - now where's the phone ??
 

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