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preserved pension can i access funds

#1
hi all I'm new to the forum and match help would be grateful..

i was medically discharged from the army and was wondering if i can access my preserved pension and take a lump sum from it to get me by just now until my war pension is fixed.
i got a lump sum when i left 8 months ago but used this to pay off everything . and would now like to access my persevered pension for a deposit for a house. is this possible and what way do i do this??

all help greatly appreciated
 
#2
If you've taken the tax-free cash / lump sum, you can't have another bite.

Pretty much as simple as that, the next thing you'll receive will be a pension payment.

B
 

OldSnowy

LE
Moderator
Book Reviewer
#3
There isn't a lump sum for a preserved pension. By definition, a preserved pension means the full 22 wasn't done (as indicated by the MD).

Nor is there a "fund" to tap. MOD pensions are paid out of annual budget, like salaries.

Sorry it's not great news, but I think I'm on solid ground.
Correct. A preserved pension is a nice thing to have, but in effect pretty worthless until you reach the required date - usually, on age 60. It is separate from any disability pension.

I suppose you could use the promise of it to get a loan, but you'd pay through the nose for it.
 
#5
There isn't a lump sum for a preserved pension. By definition, a preserved pension means the full 22 wasn't done (as indicated by the MD).

Nor is there a "fund" to tap. MOD pensions are paid out of annual budget, like salaries.

Sorry it's not great news, but I think I'm on solid ground.
I have got a preserved pension under the AFPS 75 scheme.

The paperwork states that on my 60th birthday, I will receive 3 times the annual amount (3 years payments) as a lump sum and 1/52nd per week thereafter.
 
#15
My point is that the "lump sum" paid at age 60 is not a source of cash that can be tapped earlier. It's just a small wedge paid by the MOD out of its annual budget.

Good reminder though, LPJ. I had forgotten I'll get one of those too. Three times **** all is still not very much though :)
It depends, when I finished I didn't think I was entitled to any sort of pension and about 6 months after leaving I got a letter off the MOD giving me details plus amounts. At first glance I thought the same as you and forgot about it.

10 years ago I remembered and got Glasgow to tell me how much it was worth, it had gone up quite nicely and by the time I am 60 it could turn out to be a tidy sum.
 
#18
hi all I'm new to the forum and match help would be grateful..

i was medically discharged from the army and was wondering if i can access my preserved pension and take a lump sum from it to get me by just now until my war pension is fixed.
i got a lump sum when i left 8 months ago but used this to pay off everything . and would now like to access my persevered pension for a deposit for a house. is this possible and what way do i do this??

all help greatly appreciated
if you have been medically discharged and getting WP why not also try and get your pension put into payment too ?
 
#19
hi all I'm new to the forum and match help would be grateful..

i was medically discharged from the army and was wondering if i can access my preserved pension and take a lump sum from it to get me by just now until my war pension is fixed.
i got a lump sum when i left 8 months ago but used this to pay off everything . and would now like to access my persevered pension for a deposit for a house. is this possible and what way do i do this??

all help greatly appreciated

If you were in AFPS 75 and were medically discharged your pension would have been paid immediately, together with a lump sum. The pension will continue for the rest of your life. There is no preserved amount.

If you were in AFPS 05 and medically discharged with a Tier 2 or 3 condition the same applies. If you were discharged with a Tier 1 condition, you would have got a lump sum worth between 6 months and 2 yrs pay and a preserved pension and lump sum payable at age 65.

If you have an AFPS 05 preserved pension you can get it early if:

- you are permanently unable to work and the condition causing the disability will last until age 65; or
- you are over age 55 and ask for it to be paid early with actuarial reduction.

If you have any specific questions, send me a PM.
 
#20
If you were in AFPS 75 and were medically discharged your pension would have been paid immediately, together with a lump sum. The pension will continue for the rest of your life. There is no preserved amount.

If you were in AFPS 05 and medically discharged with a Tier 2 or 3 condition the same applies. If you were discharged with a Tier 1 condition, you would have got a lump sum worth between 6 months and 2 yrs pay and a preserved pension and lump sum payable at age 65.

If you have an AFPS 05 preserved pension you can get it early if:

- you are permanently unable to work and the condition causing the disability will last until age 65; or
- you are over age 55 and ask for it to be paid early with actuarial reduction.

If you have any specific questions, send me a PM.
any chance you can answer my question? 190 views and no answer........... what are WAR Pensions going up next April 1% or 2.2% as was CPI last sep ? ta in advance
 

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