AFPS75 uplift at age 55

Hi, can't see anything on this so...….
I left the RN just short of 15 years ago at the 22 year point so have been in receipt of the flat/non incremental pension since then. I know I'll get the back dated pension increases from when I hit 55, I'm just wondering how or even if I will get a letter or some other notification of that pension increase?
Thanks
 
From Pension Increases – How Do They Work? - Forces Pension Society
If you are leaving with an AFPS 75 Immediate Pension (IP) or AFPS 05/15 Early Departure Payment (EDP) benefits, and are not yet aged 55, the PIs are stored for you and become payable at age 55. You do not have to apply for this to happen but Veterans UK may write to IP recipients to ask what other occupational pensions have been earned or might be in payment. They do this to check whether the HMRC Life Time Allowance will be breached (which, for the majority of us, it will not). Once satisfied, they will apply the PIs for the period since you left the Armed Forces. For those of you who will be receiving EDP benefits a gentle reminder – even though your EDP benefits are in payment, you will need to claim your pension when the time come. That will NOT happen automatically!
 
From Pension Increases – How Do They Work? - Forces Pension Society
If you are leaving with an AFPS 75 Immediate Pension (IP) or AFPS 05/15 Early Departure Payment (EDP) benefits, and are not yet aged 55, the PIs are stored for you and become payable at age 55. You do not have to apply for this to happen but Veterans UK may write to IP recipients to ask what other occupational pensions have been earned or might be in payment. They do this to check whether the HMRC Life Time Allowance will be breached (which, for the majority of us, it will not). Once satisfied, they will apply the PIs for the period since you left the Armed Forces. For those of you who will be receiving EDP benefits a gentle reminder – even though your EDP benefits are in payment, you will need to claim your pension when the time come. That will NOT happen automatically!
Yes, thanks, I get that, if I may ask my question another way; When I hit 55 in a few weeks time does someone write to me along the lines of "Dear Mr. Binbag, congratulations on achieving 55, please be aware that your AFPF75 pension will increase from £XXX to £XXX on the (add date here)", or, do I just find out when I check my bank account sometime after my birthday?
Cheers
J t Binbag
 

Norfolkred1

Clanker
Yes, thanks, I get that, if I may ask my question another way; When I hit 55 in a few weeks time does someone write to me along the lines of "Dear Mr. Binbag, congratulations on achieving 55, please be aware that your AFPF75 pension will increase from £XXX to £XXX on the (add date here)", or, do I just find out when I check my bank account sometime after my birthday?
Cheers
J t Binbag
Should be automatic but don't get too excited it depends on different rates over the previous 6 months. When I got mine my rise was 17.5 % my mate got his 8 months earlier and got a whopping 35% raise. However you have to apply for your 60th one. Unless someone knows different and correct me.
 

DarkBrig

Old-Salt
Mines due in Apr next year, TBH I'm just waiting to be told it's been pushed back to 60 to pay for the furlough scheme
 

Donstoy

Clanker
I just noticed the increased payment in the bank account and there was a letter from Eqiniti when I got home from work telling me about the increase.
 
Hi, can't see anything on this so...….
I left the RN just short of 15 years ago at the 22 year point so have been in receipt of the flat/non incremental pension since then. I know I'll get the back dated pension increases from when I hit 55, I'm just wondering how or even if I will get a letter or some other notification of that pension increase?
Thanks
Yes, you will.

You will get your standard Advice of Payment letter from Equiniti and it will tell you your new monthly rate in the Future Payments section. Unfortunately it won't give you the new annual rate but expect it to be a lift of around 25% from the non-commuted value.

The annual increase is based on the CPI of the previous September and is effective from the first Monday after the 4th of April. As your birthday is, presumably, in July you won't get the increase until the first payment after you turn 55 so expect it in your August payment.

You will not get the full rate for the first year because part of the year is at the your old rate and the rest is from the date you turn 55, if that makes sense. So something like 3 1/2 months at your current rate and 8 1/2 at the new rate, or thereabouts.
 
Should be automatic but don't get too excited it depends on different rates over the previous 6 months. When I got mine my rise was 17.5 % my mate got his 8 months earlier and got a whopping 35% raise. However you have to apply for your 60th one. Unless someone knows different and correct me.
Also, commutation comes into the equation wrt % increase. Perhaps your mate commuted an extra 10/15/20k whilst you didn’t. Effectively he would have been paying back that extra payment for the last 15 years.
 
Sorry to piggy back this thread, but I have a pension related question. Including my Army Pension, I have an additional two pensions from two employments since leaving the Army.

If I have three pensions already, does this mean that my state pension will be reduced dramatically or means tested.

I'll be a tad annoyed if it does.

TIA
 
Sorry to piggy back this thread, but I have a pension related question. Including my Army Pension, I have an additional two pensions from two employments since leaving the Army.

If I have three pensions already, does this mean that my state pension will be reduced dramatically or means tested.

I'll be a tad annoyed if it does.

TIA
No more than it is reduced due to your army pension alone. Income tax is a different matter.
 

Forces Pension Society

Sponsor
Sponsor
Hi, can't see anything on this so...….
I left the RN just short of 15 years ago at the 22 year point so have been in receipt of the flat/non incremental pension since then. I know I'll get the back dated pension increases from when I hit 55, I'm just wondering how or even if I will get a letter or some other notification of that pension increase?
Thanks
You do not have to apply for the increase but sometimes they write to you before applying it. It you have moved since you left, it is a good idea to contact them to give them your current address.

The average increase over 2004/5 is 40% but you can check with Equiniti Paymaster by contacting them. Their contract details are at the top of the attached form. If you need further help, join us. Visit www.forcespensionsociety.org
 

Attachments

You do not have to apply for the increase but sometimes they write to you before applying it. It you have moved since you left, it is a good idea to contact them to give them your current address.

The average increase over 2004/5 is 40% but you can check with Equiniti Paymaster by contacting them. Their contract details are at the top of the attached form. If you need further help, join us. Visit www.forcespensionsociety.org
Sorry to jump on, but is the 40% (Approx) increase over and above the commutation return increase, or inclusive of?
 
Thanks all. I left in 2014 and am only 48, so I have 6 or 7 more increases, I hope it goes up by more than it is at the moment!
 

roninxix

War Hero
Thanks all. I left in 2014 and am only 48, so I have 6 or 7 more increases, I hope it goes up by more than it is at the moment!
I wouldn’t bank on it, no pun intended. I’m 50 and left 10 years ago. I ask Equniti for a pension forecast this year and have just received it. It doesn’t go up as much as you’d like to think, mine goes up by less than half. Then again, it is only a prediction and may change but very doubtful as we’ll have to pay for Mao Tse Lung somehow.


Sent from my iPad using Tapatalk
 

Latest Threads

Top