Pension scheme 05 - guru needed for query !!

Discussion in 'Armed Forces Pension Scheme' started by poes, Feb 17, 2010.

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  1. A longshot query for a pension guru......

    i was discharged at my 18/40 point as per afps 05 last year and was in reciept of an early departure payment and a monthly pension.
    I will recieve a pension lump sum at 65 aswell.
    My query is this, can i get the pension lump sum early ? I am considering leaving the uk and this could be a factor in emmigrating.

  2. You *MAY* be able to do this if you transfer your pension pot out of the scheme. Given that it is very well protected against eg. inflation, you alomsot certainly should NOT do that
  3. its worth asking! i tried a couple of years ago and they told me to do one in polite terms saying they couldnt calculate it !!??
    but the person on the phone said "the computer says no"
    its their way of saving money just incase you get hit by a bus tomorrow!!
    that was my experience you may get a better result than i did!!
  4. Sort of. You can take the preserved pension early but it will be reduced as a result amd you have to take the whole thing at the same time, ir lump sum & pension

    "If you want your preserved pension to be paid early, but
    are not in ill-health, you can apply to have it paid
    subject to a reduction which reflects the fact that the
    pension will be paid over a longer period than would
    normally be expected. The earliest you can do this is
    age 55"
  5. Unless, as I've pointed out, you transfer out.

    Woodandy3 - the refusal to calculate may be a breach of the various Pensions Acts.. throw that Bad Boy in, and look UP...