Can I enhance my pension once I have left the Army?

Discussion in 'Army Pay, Claims & JPA' started by norfolk n good, Oct 18, 2010.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. I left the Army a few years ago having completed 25 years service and have tried to find out if it is feasible to enhance my pension through additional contributions but to no avail. Any help appreciated cheers.
  2. oldbaldy

    oldbaldy LE Moderator Good Egg (charities)
    1. Battlefield Tours

    You can't enhance your service pension but you can take out a stakeholder pension.
    Speak to an IFA.
  3. Join up again or see if you can join the MPGS.... that will increase your pension.
  4. The Forces Pension Society

    speak to the real experts on forces pensions - there is a small joining fee but they will give you one to one advice
  5. As has been said, IFA is the way to go.

    However, you can transfer your pension from the current provider into a SIPPS and add to it from there.

    I have done this.
  6. If that was your preserved Army pension you transfered in to a SIPP then in all probability you will lose out on retirement unless you take on a lot of risk and get very lucky with the underlying investments. I would get a competent second opinion - and not from the person who advised you to transfer out of a service pension.
  7. Why Stakeholder?

    Its cheap, but so are Fiat Pandas.

    Its very hard to improve on the AFPS, nothing wrong with starting a personal pension ( or even Stakeholder if you want ) and you can do this even if you are currently in your new employers' scheme.

    You cannot add to the old scheme as you are no longer a member of that scheme - unless of course you can rejoin, or MGPS etc.

  8. No!! Whatever you do, do NOT transfer it!
    As has been said, you can take out another pension if you have another income from employment. Sadly, final salary schemes are on their last legs. Most pensions these days are dependant on stocks and shares which can be risky.
    What many people who took out plans years ago are going to find out, is that its not only the value of the funds that count but the price you'll get from the annuities when it come to drawing said pension. (currently they are shoit)
  9. Worth bearing in mind that IF you were lucky enough to get back in, any benefits under AFPS75 are frozen and you start from scratch on the new AFPS05 pension.

    I know a few who got a bit of a shock when they realised this as terms of each are quite different.
  10. VM Thanks to all that took the time to reply. I think I shall leave as is and invest elsewhere. Cheers.
  11. BiscuitsAB

    BiscuitsAB LE Moderator

    Are you qualified to make that statement!
  12. BiscuitsAB

    BiscuitsAB LE Moderator

    Great another "expert" !
  13. BiscuitsAB

    BiscuitsAB LE Moderator

    In order to give you the full picture your going to need someone who has the requisite pensions qualifications, rather than using the ARRSE advisory board! There are people on here who are competent and qualified however they tend not to want to advise fellow arrsers.It pretty much fits into the don' advise friends and family rule because its a friggin nightmare. I would suggest that you find as has previously recommended an IFA however I'd like to add that I would look for a chartered adviser. If you want pointing in the right direction just say.