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AFPS75 uplift at age 55

Forces Pension Society

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If your pension is not yet in payment, the earliest you can access an AFPS 75 pension is age 60. For AFPS 05 the 'normal' preserved pension age is 65 and for AFPS 15 it is the member's state pension age - but they can draw it at any age from 55 onwards at a reduced rate. In all cases the claim is all or nothing - you cannot just take a lump sum. The only time you can get your pension paid before the ages I have given is in the event of permanent ill health preventing full time work.

If your pension is in payment, HMRC rules prevent the scheme from reducing your pension. That means that you could not (even if the rules permitted it) take a lump sum at as it would mean the pension reducing to pay for it.
 

conjurer

Clanker
FPS,

Currently on FTRS. I would be grateful if you could confirm if I take an actuarial reduction on AFPS 15 at age 56 can I still convert an element of the reduced pension to a lump sum? If I leave FTRS and join the AR to 60 instead of actuarial reduction do I still get the accrued full FTRS and AR immediate pension payment at 60 with ability to also take a lump sum?

Thank you
 
If your pension is not yet in payment, the earliest you can access an AFPS 75 pension is age 60. For AFPS 05 the 'normal' preserved pension age is 65 and for AFPS 15 it is the member's state pension age - but they can draw it at any age from 55 onwards at a reduced rate. In all cases the claim is all or nothing - you cannot just take a lump sum. The only time you can get your pension paid before the ages I have given is in the event of permanent ill health preventing full time work.

If your pension is in payment, HMRC rules prevent the scheme from reducing your pension. That means that you could not (even if the rules permitted it) take a lump sum at as it would mean the pension reducing to pay for it.
 
Ah, I should have said I’m on AFPS 75. Left at age 44 and I get my pension now and I did do maximum commute when I left. So, I understand it goes back to the max rate at age 55 plus Plus index linked.
 

conjurer

Clanker
Jimbomb,

I am in receipt of AFPS 75 also. I currently serve on FTRS on AFPS 15 and trying to determine if a lump sum can be made alongside an actuarial reduction at 56. If not, can I switch to the AR at 56 and then serve to 60 (immediate pension payable on AFPS 15) to then take a FTRS & AR pension which allows for a lump sum At 60.

cheers
 

Forces Pension Society

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Jimbomb - your AFPS 75 pension will go back to the original award level and then the inflation factor will be applied to the original figure.

Conjurer - If you leave the FTRS and take the AFPS 15 pension at age 56, you correctly say it will be actuarially reduced. You then have the option to take a lump sum from that reduced pension. If you are a member of the Forces Pension Society and are considering options for those who were transferred to AFPS 15 (so, in your case I expect it is RFPS VS AFPS 15 - but that is a guess) my colleagues at HQ will be happy to help once the outcome of the consultation process are known.
 

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