Changes to Pension

Discussion in 'Finance, Property, Law' started by ChuffChart, Dec 23, 2007.

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  1. I may be a bit behind the curve on this on but in my defence I have been in Africa for a while.

    It would seem that during my absence the terms and conditions regarding my pension and gratuity have changed (50% reduced to 25% payable as a lump sum the difference being paid on monthly, taxable installments).

    Does anyone have any information regarding this matter? Surely terms and conditions of a contract need to be negotiated, agreed and signed off by individuals concerned or is this just another instance of how well valued by the government serving and ex service personnel are?
  2. have a look through this forum and the RHQ..there are at least 2 threads on it. There is also a DIN, released around Nov on it. Essentially, its nothing to do with the MOD, but a change in Financial Regulations
  3. As D_S says a few threads on this but if your due out at your 22 in next few years it wont really affect you as the change only happens from everything after the date set (about 2005/2006). Someone in the know says that seeing i get out about 2010 it wont effect mine but if your getting out around 2013/14 you can then notice a drop. Obviously everyone will face different dilemnas depending on dates..... had a look couldnt find the threads yet.
  4. Thanks for that, will have a trawl and get back up to speed before further comment.

    I just thought that something as contraversial as this would have yielded at least a brace of barrack room lawyers who could precis the whole issue for me without having to do too much research.

    Ah, those dammed financial regulations again eh. I haven't yet experienced one that has benefited the services and not the government, just as an aside who regulates the financial institutions, anything to do with the government at all??
  5. Thanks, had a read of the link, feeling a little bit more warm and fuzzy in principle, however my arrse still hurts, the novelty of getting bummed by the man is definately wearing off.

    I do like the idea of all SNCO's & WO's changing their terms of service and refusing their next operational deployment, what's good for the goose......

    Once again it would seem that the government are reliant on the apathy of the honest tom to allow sweeping changes to our lives to be ushered in unchecked.

    Dealing with a faceless entity is the best advocate for BAFF, I would be happy to stand as BAFF Rep for my unit, As Citizen Smiff said "Power to the People" OOOh Foxy!!
  6. You'll have to provide some more info, CC. AFPS75 or 05? Length of service and approximate ROD?