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Full pension

Left in 97 following medical discharge, I got the lump sump and the monthly pension(much appreciated). Question/query- I am sure I was told that I would recieve my full pension at 55 and that this would triple what I receive now. Did I miss hear this???
 
Full pension for you should be, current average pay for your highest rank within 2 years service terminated divided by 67 then multiplied by years served. Without knowing your rank and years served it would be hard to say. Plus I have no idea what your present pension is.
 
It will just be 6/67ths and not the full 22/67ths of a current average Privates pay. It will be your full pension. I have no idea how much the average Privates pay is but you can find it on the internet for yourself. The good news is that it will be semi linked to inflation, i.e.. it will increase a little every year. The bad news is that it taxable but only if your total income is better than the base tax rate. The veterans
website should have more information on claiming this although it should be automatic.
I am just an average retired serviceman myself but old enough to know the rules, I hope. Good luck.
This is all from stuff I was told when I left in 1996 so things may have changed.
 
It will just be 6/67ths and not the full 22/67ths of a current average Privates pay. It will be your full pension. I have no idea how much the average Privates pay is but you can find it on the internet for yourself. The good news is that it will be semi linked to inflation, i.e.. it will increase a little every year. The bad news is that it taxable but only if your total income is better than the base tax rate. The veterans
website should have more information on claiming this although it should be automatic.
I am just an average retired serviceman myself but old enough to know the rules, I hope. Good luck.
This is all from stuff I was told when I left in 1996 so things may have changed.
Med discharge is tax free is it not?
 
I don`t think that the advice given is correct

You must have left on a medical pension if you only did 7 years

Don't think It will just be 6/67ths and not the full 22/67ths is correct either - I though it was 37/37 for the full pension.

Archie
 
My pension was worked under the old system where, years served/ 67 was the system used. I know there was a change sometime not long after I left, not sure when. I am not an expert, most certainly not with medical discharges but I am sure the veterans system will put him right. I was Royal Corps not Pay Corps.
 
It will just be 6/67ths and not the full 22/67ths of a current average Privates pay. It will be your full pension. I have no idea how much the average Privates pay is but you can find it on the internet for yourself. The good news is that it will be semi linked to inflation, i.e.. it will increase a little every year. The bad news is that it taxable but only if your total income is better than the base tax rate. The veterans
website should have more information on claiming this although it should be automatic.
I am just an average retired serviceman myself but old enough to know the rules, I hope. Good luck.
This is all from stuff I was told when I left in 1996 so things may have changed.

War pension is tax exempt but not a straight med discharge
Definitely not exempt from tax 23%, proper rip off. But can not grumble.
 

Chimp

ADC
I suggest you join the AFPS - worked for me and ensured I got £37K I didn't know about! Not bad for annual membership of around £40.
 
I don`t think that the advice given is correct

You must have left on a medical pension if you only did 7 years

Don't think It will just be 6/67ths and not the full 22/67ths is correct either - I though it was 37/37 for the full pension.

Archie
Only Field Marshalls get 37/37. Soldiers under AFPS 75 got 49% of Y/37ths of the average wage for their sub rank, where Y = years of adult service. There was some rider about what qualified as your sub-rank, I think it had to have been held for at least 3 years.

In a simpler form it is average wage for your sub rank, divided by 75.5, then multiplied by years of service.

Or Pension = [(A/75.5) x Y] £ pa. Where A = Average wage for sub rank and Y = Years of adult service.

I was always surprised at how few people knew this considering it was their future and their money.

Officers were different.
 
Only Field Marshalls get 37/37. Soldiers under AFPS 75 got 49% of Y/37ths of the average wage for their sub rank, where Y = years of adult service. There was some rider about what qualified as your sub-rank, I think it had to have been held for at least 3 years.

In a simpler form it is average wage for your sub rank, divided by 75.5, then multiplied by years of service.

Or Pension = [(A/75.5) x Y] £ pa. Where A = Average wage for sub rank and Y = Years of adult service.

I was always surprised at how few people knew this considering it was their future and their money.

Officers were different.
Probably because most of us were shit at maths in school. Especially percentages.
 

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Left in 97 following medical discharge, I got the lump sump and the monthly pension(much appreciated). Question/query- I am sure I was told that I would recieve my full pension at 55 and that this would triple what I receive now. Did I miss hear this???
When you left your pension was assessed based on your reckonable service at the time of discharge. Because inflation increases cannot normally be paid before age 55, they are saved up and paid out at age 55. You left in 97 so your increase (to your pension rate before commutation was taken into account) would be a figure ranging from about 77% if you left in January to about 72% if you left at the end of December.

You can find out what your pre-commutation pension is currently worth by contacting Equiniti Paymaster - 0845 121 2514 or veteransukpensions@equiniti.com. You will need your service number and NI number as, reassuringly, they do check that you are who you say you are.
 

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