Buying extra years

Discussion in 'Armed Forces Pension Scheme' started by lacrabat, Sep 22, 2011.

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  1. I'm on the 75 scheme and am looking into the possibility of buying an extra couple of years to bump up my pension and add to the death in service pay out for the missus. According to the relevant JSP and leaflets this is possible and gives the figures in a kind of confusing way, what it doesn't go into is how to go about sorting it out.
    Has anyone gone down this route and does it have to involve the RAO ?
     
  2. Drop SPVA a line direct. They will tell you what the premium is for the improved Death in Service lump sum and they will tell you what the premium is for added years, taking into account your age at your next birthday.
     
  3. To add this you need to fill out one of the new JPA forms. Your admin staff should be able to help. I did mine last November mainly to bump up my Death in Service bennifit. I don't even notice the extra coming out of my wages. I'm not in work till Tuesday but i'll post the number of the form so that you can give it to the clks.
     
  4. Asking the question does not commit you. If you think the added years cost is too high, you can say so.
     
  5. As promised. This information is from the Intranet. If you have access search AVCs - there is loads of stuff. For those that don't please find the blurb below.

    In short, the form you are looking for are the AFPS Form 4 (for improved death in service benefit) or the AFPS From 5 (to purchase added years). I advise that you read the info on the intranet and speak to SPVA Pensions to make an informed decision and before signing up to something that you can't cancel afterwards. I have also attached the tables that work out your added contribution. Use this as a guide only and speak to SPVA for the definitive answer.

    How To... Find out about Increasing Your Benefits

    > AFPS 75 Improved Death In Service (DIS) Benefit AVC
    I am a member of AFPS 75 and wish to start a new DIS AVC.
    If you wish to start a contract to increase the DIS lump sum from three to four times representative pay you should complete AFPAA Pens Form 4 (linked on the right under 'related forms').

    > AFPS 75 Improved Spouse Benefits and Headroom on Pay AVCs
    I am a member of AFPS 75 and wish to start a new Spouse or Headroom AVC.
    If you wish to start a contract you should complete AFPAA Pens Form 4 (linked on the right under 'related forms'.
    I am a member of AFPS 75 and wish to stop my AVC contract.
    Once a contract is entered into, the level of contribution cannot be increased or decreased and only in highly exceptional circumstances can it be stopped (eg transfer to AFPS 05).

    > Added Years AVCs
    I am a member of AFPS 05 and:

    want to change the number of Added Years from my contract under AFPS 75. You can have more than one Added Years contract. If you want to increase your Added Years, then you can take out a new contract. You will need to complete AFPAA Pens Form 5 (linked on the right under 'related forms') but be aware that the rates have been revised and the premiums will be calculated using your current age, not your age you originally took out an earlier Added Years contract. If you want to reduce your Added Years you will be required to cancel your current arrangement and then complete an application for a new contract.

    no longer want to buy Added Years. You can cancel your contract at any time and will be credited with reckonable service on a pro rata basis. You need to contact SPVA(GL) - contact details above - to cancel.

    want to start a new Added Years AVC. The factors to calculate the cost of Added Years are linked on the right. You should complete AFPAA Pens Form 5 (linked on the right under 'related teams').

    I am a member of AFPS 75 and:

    want to change or stop my Added Years AVC. Once a contract is entered into, the level of contribution cannot be increased or decreased and only in highly exceptional circumstances can it be stopped (eg transfer to AFPS 05).

    want to start a new Added Years AVC. The factors to calculate the cost of Added Years will shortly be available and linked on the right. You should complete AFPAA Pens Form 5 (linked on the right under 'related forms')
     

    Attached Files:

  6. Cheers for the replies, especially SnowBunny9. I'll have to give them a call to confirm what I will paying every month. I'm not too clear about the impact of having a civilian pension either, it's not something I thought about until reading form 5.
     
  7. Well that's me screwed, I applied and was knocked back because I'm on an NRPS contract. Even though I'm in the 75 scheme apparently it's different for NRPS, so much for one army then. I'd have to go into a private scheme to boost it.......