preserved pension can i access funds

Discussion in 'Armed Forces Pension Scheme' started by smojo, Dec 17, 2012.

Welcome to the Army Rumour Service, ARRSE

The UK's largest and busiest UNofficial military website.

The heart of the site is the forum area, including:

  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
     
  3. OldSnowy

    OldSnowy LE Moderator Book Reviewer

    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.
     
  4. I know. I didn't say there was.
     
  5. 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.
     
  6. oldbaldy

    oldbaldy LE Moderator Good Egg (charities)
    1. Battlefield Tours

    • Like Like x 1
  7. Yep. I'm on AFPS 75. so at 60 write to APC Glasgow to claim it.

    There are downloadable forms on from MOD

    https://www.gov.uk/armed-forces-pension-calculator

    If you require an official pension benefit statement you should contact SPVA in writing. All personnel are entitled to one forecast per annum.
     
  8. oldbaldy

    oldbaldy LE Moderator Good Egg (charities)
    1. Battlefield Tours

    Very informative but sod all to do with the orgiinal question.
     
  9. Sorry Oldbaldy.

    I shall sit on the naughty step and write a thousand lines; ' I must never contribute posts, however tenuous on ARRSE'.
     

  10. I know about pensions.

    Was my comment incorrect?
     
  11. You said that you knew that preserved pensions don't come with a lump sum.

    Mine does.
     
  12. Sorry, thats not what I said.

     
  13. Post number 5

    How did I misunderstand that?
     
  14. Beats me; read out of context?

    No biggie.
     
  15. 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.