New Pension Rules

Discussion in 'Finance, Property, Law' started by Muckster, Oct 15, 2003.

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  1. I've heard a Rumour that Junior Leader service now has to be taken into consideration for reckonable service, does this mean that I could retire earlier, or get a 24 year pension?
    :lol:
     
  2. FBW

    FBW Old-Salt

    I have been informed that you can stick with your old scheme or go with the new one which includes junior service

    but if i was you, stick with the old one cause you can bet they are trying to save some money somewere by shafting us again

    if it aint broke dont try and fix it
     
  3. I doubt junior service will count, back then we couldn't deploy, thats why we got paid so little and they kept us so busy with crap at weekends. And if they did offer it to us it's bound to have a catch, something about it would cost us, thats for sure - if we got out early, thats their way of robbing us of a chance of promotion and gaining a better pay off. Have you ever known them to give us something for free?? me im going to stick with the original.
     
  4. Does anybody know about the 40 at your 18 year point early retirement cash offer! is it any KOP.
     
  5. The new Scheme is apparently going to take into account all service, but you still cannoy retire with an immediate pension until a minimum age of 40. So if you joined at 16 like me, you could retire with 24 years pensionable service, not just 22.

    The downside presumably, is that you would have to elect to transfer all your service to the new scheme ? A move which isn't designed to cost the treasury money and line the pockets of worthy ex-servicemen :!:
     
  6. Forget how long you have done, that is window dressing, if you leave before the age of 55 you are losing out, over a hundred k for most people.

    Your pension will be replaced by the EDP from 40-60. 40-55 it is 50% of what you get now. 55-60 it is 75 % of what you get now. Another lump sum at 60 and then your 100% pension from then on.

    IF YOU DO NOT INTEND DYING OR GETTING SERIOUSLY INJURED IN SERVICE, AND CANNOT GUARANTEE SERVING TO YOUR 55th BIRTHDAY IT IS NOT FOR YOU.

    I hope that is clear - spread the word.

     
  7. If I went for an LE commission in about 4 or 5 years, presumably I'd be forced onto the new pension scheme. Going a little further, I've heard that the new pension scheme only starts to make economic sense if you complete about a zillion years service.

    So how long would LE Offrs have to serve to actually make it worth their while economically? So far, it seems to me that taking an LE commission actually leaves you financially far worse off under the new scheme. Pse advise.

    Cheers,

    PD
     
  8. PD,

    We had some old buffer General from the forces pension society come over and give us a brief on the new scheme. He was asked your very question and stated that on commissioning, the soldier could retain his old scheme pension even though he is discharged and re-enlisted.

    Now this bloke who is an ex General does not work for MOD and I would prefer to get the facts in writing from MOD/APC, however he did seem quite clued up on the facts.