pension at 12 year point......

Discussion in 'Armed Forces Pension Scheme' started by adampoo, Aug 10, 2007.

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  1. Im planning on leaving at my 12 year point at the rank of Sgt, im on the old `75 pension scheme, but iaint got a clue what will happen, looked on armynet pension calculator didnt help!

    Do i get a lump sum? How much would i get? When do i start recieving my pension?

    Any tips or advice?

    Cheers dudes
  2. I'm a fullscrew level 7 and if I leave now I get approx £9200 lump sum, (wed all get that if we left at 12 yrs) then at 60 u get £12200 and 2k per year, at 65 u get 2-3k then 5 k per yr for life.
    hope that helps
    (i checked mine 2 days ago)
  3. jesas adampoo, what are you planning to do with the rest of your life. Have you sorted a second career with the same amount of prep and planning?

    Stand by mate, civi street is gonna eat you alive.
  4. So what do you think he is doing now?
    His opening line starts 'Im PLANNING on leaving'.......
  5. Well yeah, let's pretend that I had actually read the post snaggle. However, if at this stage he doesn't know about the very basics such as how much he will have in his pocket as a monthly income then it does raise the concern flag don't you think?
  6. Not really, because to be honest his pension is ONLY of a concern when you are planning to leave, or have fulfilled your 22, if he was planning on staying in why would he need to know?
    Some people arent very 'clued up' to the financial side of things, thats why they come on here for advice, not smart comments....
  7. Grow up Snaggle. This forum is open for the very reason that it allows full and frank comment. Obviously if adampoo wants to engage in constructive discussion about his plans to leave then that's his right. Having left 10 years ago I know how difficult it caan be to find your feet in CS.. Maybe you have also gone through that gate?

    All I am saying is that to not plan for EVERY angle is madness and, if it takes someone with a 'smart comment' to wake you up then hey, I am guilty!
  8. Make an appointment with the IERO at your local Education Centre. you don't need to have signed off to see him/her. You will be able to get advice on all aspects of leaving including how to find out your pension entitlement.

    PM me if you need to know where your nearest AEC is and I can also give you the correct phone number-though your RCMO will have this info too
  9. Well said Dev. The earlier the process of resettlement begins the better.
  10. Thanks for all the advice some makes sense. I like mediumwhiteamericano s comments they made me laugh! I have my next 4 years planned already, not doing to bad i think, thanks for the tip that civvy street will eat me alive, I best smarten up!
  11. Someone said something interesting, that if you get out at 12 year point you don't qualify for a state pension, and you get taxed more on you're 12 year pension. It works out better if you stay for 22 years. Something like that I heard - perhaps someone will know a bit more detail.
  12. I'm a fullscrew level 7 and if I leave now I get approx £9200 lump sum, (wed all get that if we left at 12 yrs) then at 60 u get £12200 and 2k per year, at 65 u get 2-3k then 5 k per yr for life.
    hope that helps
    (i checked mine 2 days ago)
  13. The payment you receive at 12 yrs is called a resettlement grant, rather than a pension. It was about 9 grand when I left (I think). The details are in the resettlement manual JSP 534(?)-available on DII or from the IERO.

    Something which some people don't realise is that when you hit 60 you get the 3x annual pension payment (gratuity in old money), which is nice

    This is assuming you are on AFPS '75
  14. adampoo, always happy to offer a smile. Good luck and keep an eye out for the sharks.
  15. 2 questions for those that know:

    1. Do those leaving at 22 year point also get the resettlement grant in addition to the pension gratuity as the gratuity seems a paltry sum?

    2. Do we get a lesser state pension as we're already in receipt of a pension. I ask as I have heard of penioners being means tested to judge penion payments.

    Any help would be nice.

    GOTW (far from pension age but nosey!)