Pension Forecasts

[Forces Pension Society]

We understand that the Ministry of Defence has stopped issuing pensions forecasts.

The post Pension Forecasts appeared first on Forces Pension Society.

 

[Queensman]

Oh? That's kind of them.

 

[Sam The Bam]

Why has it stopped issuing pensions forecasts?

 

[rebel_with_a_cause]

So are we just expected to guess how much we are going to get?

 

[Sam The Bam]

So are we just expected to guess how much we are going to get?

It's probably more along the line of if we don't say what it is going to be, we don't have to pay it and can give them what the feck we like or give them nothing.

 

[SkippedOnce]

Why has it stopped issuing pensions forecasts?

As per the link at the initial post:

'We understand that the Ministry of Defence has stopped issuing pensions forecasts. This has been done because all available staff have been moved to prepare the letters of advice to those who might be vulnerable to an Annual Allowance charge because of increase in their pensions value (it is essential that these letters should be issued to meet the tax return deadline.)'

 

[Brotherton Lad]

As per the link at the initial post:

'We understand that the Ministry of Defence has stopped issuing pensions forecasts. This has been done because all available staff have been moved to prepare the letters of advice to those who might be vulnerable to an Annual Allowance charge because of increase in their pensions value (it is essential that these letters should be issued to meet the tax return deadline.)'

I hear the Chancellor may be having a go at pensions in the Budget later this month.

 

[SkippedOnce]

I hear the Chancellor may be having a go at pensions in the Budget later this month.

Hopefully it won't affect Service Pensions but I can imagine an increase in the age qualification requirement for the State Pension. We have to pay for PMTM's 'end to austerity' somehow.

 

[Brotherton Lad]

Hopefully it won't affect Service Pensions but I can imagine an increase in the age qualification requirement for the State Pension. We have to pay for PMTM's 'end to austerity' somehow.

There may well be a squeeze at the higher end of Service Pensions and a shift in the age limits for the state pension is an already established concept.

 

[Sam The Bam]

As per the link at the initial post:

'We understand that the Ministry of Defence has stopped issuing pensions forecasts. This has been done because all available staff have been moved to prepare the letters of advice to those who might be vulnerable to an Annual Allowance charge because of increase in their pensions value (it is essential that these letters should be issued to meet the tax return deadline.)'

"In other words the MoD are moving staff to deal with one crisis only to create another, which shows how under resourced they are."

 

[Crash]

I was unaware of this and blithely applied for a forecast of my pension to support a mortgage application. I received an unintelligible letter from Veterans UK saying that a forecast would be issued 6-8 weeks before termination (which is not my situation) so I rang the JPAC monkeys who said that forecasts might be able to be issued in about 6 weeks, and that any forecast applications submitted before next week were now void. The supervisor was unhelpful and couldn’t/wouldn’t explain the delays.

I’ve gone to FPS for their assistance as I need a forecast for the mortgage lender ASAP.

 

[wetsmonkey]

If I join The FPS, can they forecast approximately what my pension will be at 55 in 3 years time?

 

[Crash]

There’s is the online calculator which is pretty good but not accepted by Banks.

 

[Forces Pension Society]

If I join The FPS, can they forecast approximately what my pension will be at 55 in 3 years time?

Not with any accuracy as we cannot predict CPI. If you commuted, you can find out what the pension is worth now, ignoring the commutation reduction, by contacting Equiniti Paymaster at the address at the top of the attached form. Just to be clear, you do not submit the form (that is for preserved pensioners) - you just use the contact info