New pension scheme!

Discussion in 'Armed Forces Pension Scheme' started by WHYayeMAN547, Feb 28, 2012.

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  1. Just read the DIN and some examples of whats going to happen with our pensions come in 2015. It really doesn't make for pretty reading....

    I'll have 15 years service in Apr 2015 as a stripey and it looks as though my gratuity will be £21,900. with a pension of £6500. As I understand it I will get a further pay out at 55 and 65 also.

    For me it makes it almost not worthwhile staying in, the 50-60k I might have got to take away after 22years is whats been keeping me in this long. So I guess what I'm asking is:

    Legally, how water tight is this? That they can change our contract just because they feel like it. Has anyone sought legal advice on the matter? I had heard it had been petitioned to the european courts but I have heard nothing else.

    So is anyone else in a similar boat and thinking of wrapping their tits in?
  2. No.
    • Like Like x 2
  3. Mate,

    Speaking as one who has just left, I would respectfully suggest that you are better off staying exactly where you are for the time being.

  4. Legally I believe they cannot take what you have earnt on aps74. However nothing can stop them saying that scheme no longer exists here is the new one. ( we were lucky to get a choice last time).

    On the plus side I was recently on a promotion Course and we had a brief from a senior member of our corps. He told us that the last change took 5 years to implement from idea to event. 2015 pension is still in the idea stage so don't hold your breath.
  5. I'm not so sure mate, It all seemed quite formalised. It seems like a lot of it has been decided already!
  6. I don't think it will bother the MOD much if you go, so fill your boots and be a civvie.
  7. And join a public sector pension scheme.. Oh wait.
  8. Well, he would get a 30k pension if he joined the NHS.
  9. Just seen a video on all of this on army net.
    Still a lot of unknowns but you do get what youve already earned and the link to final salary seems to mean that you get an extra boost if you promote after the new scheme is brought in.
  10. As a Consultant? Oh well they're changing the doctors pension scheme too.
  11. If you were banking on getting a 50 to 60k lump sum after 22 years I think you'd be whistling in the wind for a few years. You'd have to be earning £60,000 a year to get £54k on the old system. (gross pay multiplied by number of years served divided by 74). Then multiply that by 3 under the old system. Even under the NHS system the divisor was 80 and not 74 so I think you're still in with a good shout.
  12. Really I havent heard much at all. The only rumour I have had is that those will 15 yrs under their belt in apr 15 will stay on the 74 scheme. I just miss that. I'm just going to wait until 2015. See what's happening. Civie street will of hopefully improved, and if the MOD go crazy on the pension cuts I will have a long hard think.
  13. I doubt you will be getting a further pay out at 55, what you will get is your pension index linked at 55. If you are also getting another payout at 65 then you must be on AFPS 05 not 75. Even on the old system you would have left with about 35-40k after 22yrs, nowhere near 50-60k. I'd suggest you do some research before you make any hasty decisions.
  14. I knew nothing about this until my son showed it me last night - thankfully as I am over 45 & it doesn't affect me (thank goodness). Noone joins the Army thinking about their pension but once marriage & kids come along the Resettlement grant, the pension is only a few years away so worth hanging on for.

    My complaint is that what they have issued tells soldiers very little (you get what you have earned until Apr 2015 when you leave) but NOTHING about what happens after because nothing is determined. As the figures on the DIN are entirely based on what is KNOWN, they present a really dismal financial picture. Telling people that there will be an additional sum based on the new Scheme but it is not certain what it is, whether it will be contributory or when it will be paid, seeds discontent in my view - better to issue once known.

    I may be a tad disingenious but the gradual erosion and reduction in our TORs seems to be encouraging PVR - which of course is cheaper than Redundancy - a coincidence ?

    I suspect the CoC will soon be wheeled out to say how good and generous this Scheme is - certainly is not for those who went to/joined AFPS 05 !