FTRS Pension at 55

Evening all, need some help if possible, been FTRS for 12 years, decided to pop smoke, I know I can claim my FTRS pension at 55 yrs old and I also know it will be greatly reduced, but I can't find out do I need to serve until my 55th bday or I can go at 54 yrs and 6 months and still claim it at 55. any help is greatly appreciated.
 
That’s interesting. I thought 60 was the magic age? Could be wrong…..
 
Preserved Pension
If you leave the Reserve Forces before age 60, you may be entitled to a preserved pension, which is normally paid from age 65, together with a pension lump sum (normally tax-free) of three times your annual pension. There is no qualifying period to be entitled to a preserved pension Preserved pensions are NOT paid automatically; you have to claim them from the SPVA. (For address see page 21). When the preserved pension becomes payable it is uplifted by Retail Prices Index (RPI) from the date of leaving the Reserve Forces.

Early Payment of Preserved Pension
If you want your preserved pension and pension lump sum to be paid early, but are not in ill-health, you can apply to SPVA to have it paid subject to a reduction which reflects the fact that the pension will be paid over a longer period than would normally be expected. The earliest you can have it paid from is age 55.

Taken from: https://assets.publishing.service.g...chment_data/file/28846/RFPSMMP146version2.pdf
 
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Stibbon

Old-Salt
Evening all, need some help if possible, been FTRS for 12 years, decided to pop smoke, I know I can claim my FTRS pension at 55 yrs old and I also know it will be greatly reduced, but I can't find out do I need to serve until my 55th bday or I can go at 54 yrs and 6 months and still claim it at 55. any help is greatly appreciated.

As Queensman has already illustrated, you can claim it at age 55 whether still serving or not. The actuarial reduction will be a real hefty one though mate. I'm guessing you'd lose at least half of what they'd pay you if you served til 60.;) You should be able to get an idea of what effect jumping ship early will have by using the online Armed Forces Pension Calculator and then viewing the amounts paid under Actuarial Reduction for each age (starting at 55).
 
As Queensman has already illustrated, you can claim it at age 55 whether still serving or not. The actuarial reduction will be a real hefty one though mate. I'm guessing you'd lose at least half of what they'd pay you if you served til 60.;) You should be able to get an idea of what effect jumping ship early will have by using the online Armed Forces Pension Calculator and then viewing the amounts paid under Actuarial Reduction for each age (starting at 55).
Above all, do think about parting with £42(?) and joining the Forces Pension Society - money well spent, IMHO.

@Forces Pension Society
 

conjurer

Old-Salt
Evening all, need some help if possible, been FTRS for 12 years, decided to pop smoke, I know I can claim my FTRS pension at 55 yrs old and I also know it will be greatly reduced, but I can't find out do I need to serve until my 55th bday or I can go at 54 yrs and 6 months and still claim it at 55. any help is greatly appreciated.
You have to serve until you are can If you leave service before an immediate pension is payable, at 55yrs of age to 66, you can apply to receive an actuarially reduced pension. Try the MOD pension calculator to get a feel for the reduction you will receive against 60 yrs or earlier. Once you have done so fire in a pension calculation request for your chosen retirement date


Most beneficial option is to serve to 60. Second is to defer to your state pension age and receive full payout. Third is to retire early at between 55 and 60 and take a financial hit. The nearer you get to 60 the less sense it makes to leave due to nearness of immediate payout at 60.

All the above recognises that we all have different drivers and pressures so a fit for one person doesn’t necessarily meet another persons circumstances. Early engagement in the process will help to ensure you don’t make a rushed decision. There are other options obviously such as medical discharge. Speak to your RAO who can’t provide ‘advice’ but can direct you to the information available to us all.

edited to clarify an error on early pension payout
 
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Stibbon

Old-Salt
You have to serve until you are 55yrs of age to receive an actuarially reduced pension.
What's your source for that fact?
 

conjurer

Old-Salt

44.4 If the member claims early payment of their pension before reaching the Deferred Pension Age, an early payment reduction will be applied (the pension is actuarially reduced). Early payment can be requested from age 55 onwards. If the early payment option is taken, Added Pension and transferred pension will also be paid early at actuarially reduced rates.

Also search on ‘55’ and numerous instances will be highlighted from which you can apply your personal circumstances.
 

Stibbon

Old-Salt

44.4 If the member claims early payment of their pension before reaching the Deferred Pension Age, an early payment reduction will be applied (the pension is actuarially reduced). Early payment can be requested from age 55 onwards. If the early payment option is taken, Added Pension and transferred pension will also be paid early at actuarially reduced rates.

Also search on ‘55’ and numerous instances will be highlighted from which you can apply your personal circumstances.

That's my point. (And my original question to you - sorry, I probably wasn't specific enough) It makes no mention of having to actually be in service up to and including age 55. It simply says you can claim your pension early (with actuarial reduction) from age 55. ;)
 

conjurer

Old-Salt
Stibbon, after investigation I agree with you and accept I was in error.

A SP has to claim their pension if it is deferred with the earliest opportunity to receive it being 55. There is a table within the MOD online AF pension calculator which advises what the actuarial reduction would be from 55 through to 66 years of age.



also RLFR 2016 states:

03.03.280. Pensions. FTRS is pensionable service. On taking up a commitment SP are auto- enrolled into the Armed Forces Pension Scheme 15 (AFPS 15) although they may opt out at any time. Reckonable service starts on the first day of paid service, irrespective of age. The normal retirement age for the scheme is age 60. SP who leave before age 60 will have pension benefits preserved until the State Pension Age129 (SPA) unless the SP applies for early payment of pension with actuarial reduction. Ill-health and dependants’ benefits are payable subject to 2 years’ qualifying service. Full details are available from DBS Pensions Division, MOD Website and in AFPS Regulations. SP may apply to transfer benefits from other pension schemes into the
AFPS 15. Any request to transfer benefits must be completed within 12 months of becoming a member of AFPS 15130.
 

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