New army pension brief

Discussion in 'Armed Forces Pension Scheme' started by Scally, Aug 25, 2005.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  1. We had our pension brief today, what a joke the bloke from RHQ that took the brief was well not interested. A two hour brief only took him 25 mins. He ran through the power point as if he was driving an F1 car. He even mixed himself up, quoting number, percentages and a load of other bull. What confidence he instilled in us.

    Well still none the wiser, what a to do! Should i stay or should i go, (To the new pension i mean.)
     
  2. During your brief, it should have been mentioned that you can request to see a financial advisor but this will cost you. Best bet is to log onto armynet and use the pension comparison tables. Whatever you do, DONT just sign the paperwork and send it off! Talk to your muckers, seniors whatever.

    Had my brief a few weeks ago and whilst it was informative it still left us all reeling. Did the armynet option and it became clearer. For me the old pension scheme works out better(dinosaur with not long to push) so that's what I've stayed with.

    Edited to add the URL !!

    https://www.armynet.mod.uk/
     
  3. If you are going to use the armynet option of linling to the pension calculator, make sure you have all your relevant info like ROD etc so that it can work out what you could be getting with either option. My gut reaction is to stay as nothing new betters anything old when the treasury have a hand in it. Discuss....
     
  4. Stay-do you honestly deep in you heart believe that the government are going to give you extra money? It'll only benefit you if you stay in until the age of 55 and not a day sooner.
     
  5. Matelot, do not give Scally advice you do not know his circumstances or his career path. Scally if you still don't understand your options fully request an interview with your RAO. The RAO cannot advice you which pension scheme to opt for but should make sure that you fully understand the two schemes. You should also have been briefed that there are errors on the Personal Benefit Statements (PBS) that were sent out with the first OTT packs. All soldiers will be issued another PBS in Oct 05 and you now have until mid Jan 06 to make the decision, so at least wait until the next PBS is issued before you sign up to one of the schemes.

    In the meantime sit down with your spouse, partner, children and the dog and carry out a complete financial review of your life and career prospects. Then use the pension calculator to carry out "what if" scenarios, then you will have a much better idea of which scheme will suit you.
     
  6. Paymaster, I agree with you but if he chooses to take advice from an Internet forum, thats his business. I believe Scally's question was to all otherwise he would've said 'paymaster what should I do?'. No doubt, judging by your posts, you know your onions, however, tragically you are most definitely in the minority in your trade. And yes, before you say I'm in the navy and haven't dealt with AGC, I have had my admin sorted by army bods for a significant length of time and they're just as useless as Navy writers. Hell will freeze over before I take any sort of financial advice from them like you suggested. And that includes explaining the differences between the 2 schemes.

    I know what I'm going to do ref AFPS 75 v AFPS '05 and to reinforce my decision, I am going to go to an independant pensions specialist. Of which, there are loads if you look on Google.

    If someone chooses their pension on the basis of taking advice from an internet forum, then that's their choice and their fault only if their final decision is not the correct one for their circumstances. Would you take medical advice from the internet. No, you'd go to see a specialist (yet again, this excludes RN "medic's" and Army CMT's!!). So why should it be any different for financial advice?
     
  7. Got called into an o group at end of play yesterday ref Pensions. The brief went along the lines of- "The packs that should have been issued were withdrawn due to lots of errors and the date for change has moved".

    I have the following questions that somebody may have the answer to!

    1, Has the descision day been changed to Jan 2006?

    2, If you keep quiet is it true that you will automatically be moved to the new pension?

    3, Detached from my unit, is there a helpline i can call to find out about a presentation?


    One of the most important choices a soldier needs to make and yet there seems to be a lack of support.
     
  8. CCO

    1. Decision must be made by mid Jan 06.

    2. Wrong, if you make no positive decision you will be left in AFPS75 (but even if you want to stay in '75 it is better to return the decision form indicating that).

    3. Not really but you could ask the G1 or SPS CoC (if Army) to help you on that. OTT helpline is 02392702197.
     
  9. Paymaster.

    Many thanks for your answers, i need to face this issue sooner than later, to easy to put it on the back boiler.
     
  10. It's not often I'll wade in on behalf of another ARRSEr, but Paymaster does know what he's on about, and personal views notwithstanding, many would be well advised to take his posts in good faith - particularly the point regarding the Pension Calculator (the link to which has been thoughtfully provided above).

    Having done a limited number (around 500) case studies on this issue, my personal view is that the vast majority of people are better off staying with '75, although I would also like to make the point that the new pension is still a good pension.

    Perhaps we should initiate an 'Ask the Paymaster' thread? ;)
     
  11. Darth I'm not sure you could afford me! But thanks I love you too
     
  12. What Pension????

    said the disgruntled STAB.

    another example of the Government bending European Legislation on part-time workers....although I have heard through the grape-vine that they may have to relent on holiday pay for the TA......which could lead to the recognition that we are not "Casual workers" but actually part-time professional service-men and women, who do actually answer the call-to-arms in a time of need.

    Sorry...a bit off thread, but it is in the right forum, and hopefully someone, somewhere, is listening.
     
  13. But there is holiday pay for the TA, once you have completed 117 days in a trg year.
     
  14. That's exactly what I heard Paymaster.......but certain PSAO's refuse to believe it, and won't act on it for some of my blokes who have been on extended excercises (not operations.....I appreciate that is taken care of in post-tour leave) with his old Irish Guards regiment driving about the hooloo in Kenya to get them from A to B .....no post-tour leave there!

    Can you PM me with the relevant details to present to him? I'll buy you a pint or two at the Edinburgh Gathering (assuming you are not too far away?)

    MD ;)