non applicant slightly worried

Discussion in 'Armed Forces Redundancy Scheme 2010' started by coldfeet9068, Jun 13, 2012.

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  1. I was lucky enough not to be selected this time round. The thing on my mind is i heard a rumour that if im down again for redundancy will that mean i would get less money than what i was offered first time round.. I also heard we will not get a choice next time either. Is this true? You answers are greatly appreciated
     
  2. My understanding is that the scheme in place is there until a new piece of secondary legislation has been put in place - and this take time. I will double, double check and, if I am wrong, I will post that here.
     
  3. That would be great, as i do feel that i might of made a bad mistake by not applying for it in the first instance
     
  4. It could also work in your favour with regards to time in rank. If you have access to Dii you should be able to find the redundancy DINs which should give you all the relevant info.

    If you think you may become a compulsory candidate next time round I'd suggest that gives you plenty of time to join the Forces Pension Society in order to have them available for support & advice should you need them.
     

  5. FPS HQ have confirmed that the Redundancy lump sums will not be so generous after the 2013 round of redundancies – Treasury had agreed to keep the method the same until this current round of redundancies is over (it was planned to change in April 2012).
     
  6. That's an interesting take because you could say that the special payment isn't really "new money" at all. If you consider that both applicants and non-applicants alike will leave the service x years short of their final full pension point and will therefore receive a reduced annual (or immediate) pension and therefore a reduced terminal grant, then most will reach a "break even" point some time in the (not too distant) future. Of course this calculation varies case by case on rank, length of service etc but, in effect, all that's really happening is that the pension money they would have earned had they reached their final pension point is being front-loaded. If the golden handshake is reduced, that point is reached much sooner and redundancy becomes less and less attractive - stand by for an increased proportion of non-applicants I suppose...
     
  7. Well this puts a whole new perspective on things...

    I'll have to do a re-write on my excell spread sheet, it could be come worth signing off all of a sudden!
     
  8. FPS: Where has this come from? The SCP is based on the Armed Forces Redundancy Scheme 2010 for those on AFPS 75. Eg, if you have over 3 years to serve, you will receive 9 months pay. Are you saying therefore that a new scheme will be introduced? Seems a bit unlikely but then again, anything to save money I suppose. What was exactly planned to change in 2012?
     
  9. Yellowbelly, I think what FPS is commenting on is the potential for further redundancy and their costings after the current round of a potential set of four. The Treasury have agreed the current costs for all those selected with the cost implications as you highlight. If however, there are further rounds required after the current four, then no doubt the Treasury will re-negotiate the current payouts and probably downsize them, thereby saving more money for the taxpayer whilst still screwing the military
     
  10. Yes, that is what I thought. But was just worried by the "after 2013 round of redundancies" quote which led me to believe that there could be changes between T3 and T4.