I need a ballpark Yes or No answer....

Discussion in 'Armed Forces Pension Scheme' started by regular_imbiber, Mar 6, 2012.

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  1. My discharge date (with V Eng) is 15th May 2015.

    However this new fangled pension confusion kicks in from April 15. Even though in theory it might only affect me for a 6 week period I'm not filled with confidence that my accrued 75 pension benefits will survive unscathed.

    Am I,and others like me,better to double click on JPA and ensure that we are discharged BEFORE April 2015?

    Personally I'll have 23 years and either 10 or 11 months service by then so I dont see how one month can make any real difference but I'll bow to those who are better at this than me.

  2. If in doubt, get out.
  3. If you are aged 45 or older on April 1st, or have done over 22 years on that date, you are safe. I stopped reading the DIN when I got to the age get-out clause.
  4. I'll be 44 and 6 months on April 1st. Typical.
  5. Look on the bright side at least you have 6 months longer to live, albeit in an impoverished manner.
  6. er, one DAY could make a MASSIVE difference but not for you. Depends when your pensionable service started but if you joined under 18 then work on your 18th birthday, older than that work on that unless you got commissioned when it flips to 21.

    Your pension to Apr 15 is exactly what you get now, only the period thereafter is uncertain.

  7. Just on the basis of that, I'd go and get an interpretation of the DIN from APC in writing. Although I, like Joe, am over 45 and tuned out when I read the age clause in the DIN, if you are under 45 y/o on 01 Apr 2015, then your pension may be converted to the new scheme. Or may not. Ask APC.
    Good luck. You just know someone is bound to dip out.

    I sincerely hope your accrued pension stays safe.

  8. This. Chill it's safe. You will receive your immediate pension up to 31 Mar 15 (assuming we go to the new pension on 1 Apr 15) - why? you have completed the required 22 years service already assuming you are AFPS 75? - and then receive 1 Apr 15 to discharge date on whatever the new system's rules and regulations state. It will be very marginal and no doubt not payable until aged 100 knowing this Govt. Importantly, if you still have any doubt, join the Forces Pension Society - excellent service for a minimum amount of money and they can also advise - google them and join on line. If they are reading this, remember my 5% cut :)

  9. Sean956 makes several very important points.

    First, if the new pension scheme comes in on 1 April 2015, you accrued benefits up to 31 March 2015 will be protected.

    Next, as you will have served beyond the IP point, so your pension, all but that which falls after the introduction of the new scheme, will be paid immediately.

    Then you have to think about when the new scheme will come in. 1 April 2015 is the plan but Hutton acknowledged that the Armed Forces might take a little longer. You might be worrying unnecessarily.

    Finally, nobody had seen the new rules and it is not possible to tell you how any service after the transfer date will built up benefits. Keep an eye on our website - Forces Pension Society - Fighting for the forces and their families .
  10. Hi all I will be 40 in July 15 and that's my 22 years up is it bend over and touch My toes time with my pension?
  11. Having read this I clearly need to pay more attention to my own pension. Whilst arrse isn't the best play to get pension advice am I right to understand that if I have crossed my IP point I will automatically get my pension paid at that point and the. Start again at 'year zero' on the new scheme?!!!!

    Must must read the emails people send me at work more!!!!
  12. Boy soldier?
  13. Delboy

    - Your benefits up to the date that the new scheme comes in are protected;

    - when you leave having qualified for IP (22yrs from age 18 for ORs, 16 yrs from age 21 for Officers) you will receive the proportion of your IP that you earned on the date of the introduction of the new scheme - so in your case, and assuming that the scheme comes in on 1 April 2015. In your case this will be about 98% of what you would have had if the scheme did not come in on that date. Whatever is due for the remaining 4 months will be paid in accordance with the new rules - which as yet are not know.

    - the scheme may not come in on time. We haven't got the rules yet never mind the law written. Hutton did say that the Armed Forces might take a little longer and he could be right. You might be worrying over something that may not affect you.

    - when the rules come out the Forces Pension Society will be crawling all over them with a view to getting the best deal possible for the Armed Forces within Treasury constraints. Keep an eye on our website (Forces Pension Society - Fighting for the forces and their families).

    Once we know what is planned we will be in position to give our members advice on how the changes will affect them.
  14. But we are taking it in the aris for the change RPI to CPI this could mean thousands in compound interest lost over a course between 40 and 55 yrs of age. I get out in jan 2015 luckily but i know the govt have thier slice my pie even when I have earnt it.....
  15. Cheers for the answers, very helpful.