Curious question on pensions

Discussion in 'Army Pay, Claims & JPA' started by bleep323, Mar 27, 2006.

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  1. A friend of mine retired after 22 years in the US Air Force and gets payed a pension every month, I think he's only in his mid forties now. Is this the same with the British military if you complete 22 or is it only paid once you hit 65?
     
  2. If you complete 22 you get your pension straight away, regardless of your age. Before Pay2000 if you didn't complete 22 you would have had to wait until you were retirement age before being entitled, except in extenuating circumstances like redundancy or disability.

    Pay2000 may have changed the rules. You'd need a second opinion on the second part of my answer but defo - if you do 22, you get the lot, golden handshake an' all.
     
  3. you get your pension once you finish 22 years service but to get a full pension you need to serve 37 years.
     
  4. 37 Years? Would you mind explaining that? I've never heard that before.
     
  5. you only realistically get 22 - 37ths after colur service to get the top whack you need to complete 37 years (18 - 55 yrs old in effect) this is how it has always been explained to me for 20 years so far anyway.

    no fear of me doing full service though :cry: :cry:

    days to do are getting few :p :p
     
  6. I didn't think that was possible in the army these days as, unless you get commissioned, you have to retire at 45 (am I right?). I know for a fact that the RAF do have that system because my brother did it and from what I've seen of the navy you can hang on in there on a reserve appointment but still accrue benefits for your pension.
     
  7. Old system:

    Officers - 16 year's service (from 21 ) gave them 16/37 of the maximum pension for their rank.
    Soldiers - 22 year's service (from 18 ) gave them 22/37 of the maximum pension for their rank.

    The gratuity was 3*pension paid on retirement.

    New system:

    Everyone: Must have served 18 years and be over 40 yrs old for an immediate pension. Then the immediate pension is (roughly) 0.5 * x/70 of final salary where x is the number of years served. That is paid until 55 when it becomes 0.75 * x/70 of final salary, and from 65, the full pension is paid which is final salary * x/70.

    So, typically, the maximum pension will be paid if you join at 18 and serve until 55, at which time the full pension is payable - final salary*37/70. Under this pension scheme, you can earn more pension by serving for longer.

    Gratuity is 3*final pension paid on retirement. If an immediate pension is taken, a second gratuity of 3*final pension is paid at 65.

    Errors & omissions excepted! My head hurts..... 8O

    Litotes
     
  8. that is if you are conned into going onto the new system

    call me cynical but the army never give anything away cheaply, i.e on the new system they are hoping that you have popped your clogs so that they do not have to pay out more in your later years.
     
  9. Watch out, because they've done it with War Pensions too. NuLabour is determined to cheat the squaddy as well as the general populace. I'm dealing with the Veterans Agency at the moment and they are doing their best to con me out of part of my allowance.
     
  10. they are trying to screw one of my mates over as we speak, at the minute they are trying to say ptsd is non attributable to the armed forces but ms (what he was md' for) is
     
  11. Having just had a claim for PTSD accepted last year, 20 years after I was demobbed, tell the guy to hang on in there. He must do it by the book however. Get his GP to confirm the diagnosis, then get on to Combat Stress. He'll get fast tracked to a trick cyclist and the rest is like walking the dog.

    The tablets they give you don't half make life eaiser as well, without turning you into a walking mong. All of a sudden you're no longer a danger to your friends and family because the fits of anger just don't happen anymore. They don't cure the dreams unfortunately but hey, you can't have everything can you?
     
  12. cheers chap, will pass on the info.
     
  13. It's not a problem mate. They don't teach us how to approach these civil servants when we're leaving after years service. Then you get sucked in by adverts which tell you that the "Veterans Agency" is your friend.

    It's all boz. The Veterans Agency is run by the gummint so they will not tell you everything and they'll try to stop you getting your entitlement by fobbing you off with trite answers.

    If your pal wants to know anything more just get him to PM me.