Pensions

Discussion in 'Finance, Property, Law' started by broadsword, Jul 5, 2002.

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  1. Am I correct in thinking that I can contribute to my pension aged 21-25 (ie 21 until I joined the army at 25) If so, how do I do it and what is the benefit?

    Thank you
     
  2. Broadsword

    I think you mean topping up the pension for years you missed prior to joining?  

    I will check on the specific rules for the army pension.  In most case in civvy-land, this is done through an AVC 'Additional Voluntary Contributions' or 'adding years'.  However, the vast majority of forces staff never take out an AVC as the forces pensions are generous and topping up can lead to over funding - where your pension pot reaches it maximum contribution level and your additional money just sits there not working for you.

    I'll get back to you on this.  But let me know if I have misunderstood what you are trying to achieve.

    Danny Boy (oops I mean F_S)
     
  3. Have heard that you are eligable for pension in a rank when when you are holding acting rank is his correct? Or does it not start until you get it Sub.