Can anyone tell me because i dont quite know. I have been in the army for 6 years. If i stay in for 12 years what lump sum or pension if any do i get. Or if i stay in for 22 years what do i get. Does anyone know anything about the new pension scheme?? I am confused!
My understanding from reading the purple 'Your Pension Scheme Explained' book is:
If you leave after 12 years reckonable service, but before the 22 year immediate pension point, you are entitled to a tax free resettlement grant of £7857. Your accumulated pension rights will be 'preserved' until you are 60, when you will receive a (not terribly large) pension based on your length of service, rank when you left etc.
If you serve for 22 years or more, you become eligible for an immediate pension, and no longer eligible for the resettlement grant.