Future Armed Forces Pension Scheme

Discussion in 'Armed Forces Pension Scheme' started by Poacher, Dec 6, 2011.

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  1. Whilts drinking tea and idly scanning through the intranet for any little gem of light on a boring day, I came across some info that:

    The FAFPS is to implemented in Apr 12, it also hints that those within 10 years of their normal retirement on 01 Apr 12; age 55 for AFPS 75 and 60 for AFPS 05, would be unaffected by the change in this transitional period.

    After the recent Hutton review we know change is coming and it will affect all in service at the time, what does this mean in real terms?

    Those with less that 22/18 (75/05) would they lose out on what they had earned to date? As less than the minimum QS does not an immediate pension make?

    Would it force those who are not at their IPP to transfer their years earned to the new scheme which is a career average scheme and not a final salary?

    Would the normal pension age rise to 65?

    The CoC remain either reticent or more likely uninformed at present, the consultation with SSAFA, FPS, RBL et al is to take place in the New Year.

    Please dear FPS bring your torch and shed some light in this military murkiness.
  2. Poacher you have hit the concern on the head. Don't believe FPS will yet be in a position to clarify many of the concerns due to no Employment Model or New Pension Scheme yet being complete by the Centre. That said, my concern is with those who are at the 17-21 year point on 1 Apr 15 (if this is when the new Pension launches) with as yet no direction of IP for those who have not met the 75 rules of 22 years for IP.

    Watch and Shoot.
  3. You are quite right. We need to wait for the Framework Document to come out so that we know exactly what is proposed and what any transition arrangements might be. As soon as the FPS have it we will put it on our website ( The Forces Pension Society ) and I will flag it up on this site.

    Poacher mentions 2012 and a 10 yr guarantee. This was a 'proposal' only and our take on it was that it was intended to head off the strike. Forget it until you see it in a Framework Document.
  4. And of course that the 10 years proposal, if accepted, would only be applicable to those aged 45 or over on 1 Apr 12, ensuring it effects the minority, whilst marginalising the majority.
  5. The 10 year rule IMHO is aimed at the General Staff who in the main fulfil this criteria - after all if the whole of the GSC turned to the right and fell out?!?
  6. If you were cynical, you could recognise the last 10 year piece as aimed at those who don't need it :) Regretably you would be wrong - it's a proposal only to all public sector for those in last 10 years. It just happens that our normal retirement age is 55, hence back to 45, the civvies will be 55/6/7.
  7. I think the biggest issue would be if they stopped Immediate Pension, that in essence is the termination fund that they are paying us for ending service at 22 years.
  8. Agred with masters. that would be a kick in the balls - my rod is Jan 2015. I would be threaders if I was bumwanked prior and not getting the final salary, that is my future business investment.. These are certainly worry times, also with the crap rates of pay rise shaft the pensions also when you get out. I have seen another link on it here....