Delaying Pension

#1
Hi,

I am due to recive my 22 year pension this year, my last day is the 16th Mar.

I have been told by rumour control to delay collecting my pension untill April after the pay rise?

He recons that my pension will be larger due to the pay rise in April. Anyone have any thoughts on this or is it all Bull S**t.
 
#2
andyb43 said:
Hi,

I am due to recive my 22 year pension this year, my last day is the 16th Mar.

I have been told by rumour control to delay collecting my pension untill April after the pay rise?

He recons that my pension will be larger due to the pay rise in April. Anyone have any thoughts on this or is it all Bull S**t.
Not sure it'll make a difference. I was under the impression your pension was based on your final years salary?
 
#3
Flash,

I think it's your final 2 years salary...
 
#5
the_matelot said:
I think it's your final 2 years salary...
Nah - it's only based on your final salary if you have chosen (for reasons of obviously mental deficiency) to switch to AFPS 05.

Under AFPS 75, it's based on a representative rate for the highest paid rank you held (min 2 yrs) and paid just like a salary. I suspect you might be right about delaying until April, as I believe you then stay on that rate (i.e. mark time rates of pay) until you turn 55. While in most cases, the 2 years final rank is correct, that's because we tend to go up in rank, but not necessarily - you may have gone down. I believe that substitution pay also counts towards the 2 yrs, as its paid rank.
 

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