new bonus

Discussion in 'REME' started by Chuzu, Sep 24, 2008.

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  1. These new bonus things do they count for all of us i mean the one where if you wait till 8yr point you get 15 grand (july's crafty) reason i ask is im due to sign for my 5yr bonus in November but if in 3 yrs i can get 15 i can wait?
     
  2. No, not everyone is included :x
     
  3. and i think it comes off your pension.
     
  4. I thought it was more of an advance of pay, in that the recipients will receive less pay over the years than those who precede them and miss out on these bonuses.

    I did only skim over the facts, as I am not eligible, and thus have little real interest, other than wanting to know when I can tap my lads for a few beers.
     
  5. Yes your eligible. No it does not come off your pension. Go and speak to your RAO, he/she will give you the full facts.

    Short version. if you have served less than 15 years, not collected your 5 or eight year bonus then you get the full wack at your 14/15 year point (taxed). If you have had your 5 or 8 year bonuses then you get subsequently less.

    All in all your getting more than I got, so I hope you spend it all on shite. Gits.
     
  6. Sorry but the bold is wrong!!!

    The new bonus system is only for soldiers passing their 4 year point after April 2009.

    And none of the bonuses affect your final pension sum!

    For the most accurate answer ask your RAO.
    Basically if you have served more than three and a half years now then you will be on the 5 and 8 year system.

    The new system allows up to 2 bites of the cherry or one big one of £15k (less Tax and NI)
     
  7. Just got this info from ArmyNet (search for commitment bonus)


    KEYPOINTS:
    • The Government has today announced a significant increase in the Commitment
    Bonus available to Service Personnel.
    • The maximum available bonus will rise from £5,500 to £15,000.
    • The scheme will be open, from 2009, to all Other Ranks passing the four year
    service point
    .
    • Payment options will start at the 4 or 5 year service point onwards depending upon
    single Service requirements.
    • The increase is designed to encourage further retention in the critical four- to eightyears
    service period. The longer they serve the higher the payment will be.

    QUESTION AND ANSWER BRIEF
    What exactly is a Commitment Bonus?
    Commitment Bonuses are sums paid to Service personnel who are not officers as an
    incentive to remain in the Armed Forces.
    What is in place now?
    The maximum amount payable under the existing commitment bonus arrangements is
    £5,500.
    You have said that the new payments will be up to £15,000. What are the amounts
    involved?
    Commitment Bonus payments will range between £3,750 and £15,000 that can be claimed
    at different lengths of service from 4 (or 5) to 8 years. The later someone claims payment,
    and the more service they have therefore given, the more they will receive.
    What are the transition arrangements?
    Detail is currently being worked out but no one will lose out on a payment for which they
    are currently eligible. Payments on both schemes are linked to length of service; therefore
    the first payment to 4 year claimants will be made next year.
    How will payments be made?
    The individual can take the CB paid in up to two bites – for example at the 4 year point (or
    5) and the 8 year point
    . If early bites are taken, the overall amount received will be reduced
    to reflect the decision to take part of the payment early; thus providing the incentive to wait
    and take a larger sum later.
    Who will benefit?
    Service personnel other than officers with between 4 (or 5) and 8 years service.
    These
    junior personnel are those for whom levels of outflow are highest. They are also those on
    whom current operational demands are highest, and who bear the brunt of the current
    commitment level.
    Why not before the 4 year service point?
    Terms of service do not generally allow individuals to leave voluntarily before that point.
    The aim of the Commitment Bonus is to encourage longer service once someone does
    have the option to leave.
    Why not officers?
    We do not have outflow issues for officers at these lengths of service.
    What about other groups that fall outside this revised scheme?
    There are other targeted retention measures where needed to cover groups outside the
    Commitment Bonus scheme.
    How will an individual qualify for the Commitment Bonus?
    By reaching the required length of service without having given notice to leave. Personnel
    who receive a Commitment Bonus will be required to serve for a minimum further period of
    12 months from the date of the payment.
    When will the new arrangements be introduced?
    They will be introduced in 2009, the actual implementation date will be issued in due
    course.
    Is the Commitment Bonus taxable?
    Commitment Bonuses are a taxable lump sum and are also subject to National Insurance
    contributions.

    My Bold, most important points although you should read all of it!
     
  8. Ah nuts looks like 5yr money for me