Considering rejoining!

[the_worrier]

Hello all. I retired with an Immediate Pension about 3 years ago. I am thinking of rejoining...am I mad? Anyone on here done the same? What happened about your pension/gratuity?

 

[Late & Tired]

Interesting topic on this issue and the effect on Pensions across on PPruNe.

 

[the_worrier]

Link?

 

[muttywhitedog]

I am thinking of rejoining...am I mad?

In a word - Yes.

 

[vim_fuego]

What are your reasons? Bored? missing service life? Need the money?

 

[Billy Whizz]

Easier way to get promoted than trying to get off the Board!

 

[the_worrier]

Hmm.... bit bored at work, miss Service life and the money to some extent. Bit concerned about paying back the commutation gratuity!

 

[the_worrier]

Easier way to get promoted than trying to get off the Board!

Nah, not my reasoning. Not asking for higher rank.

 

[Captain Kirk]

Hmm.... bit bored at work, miss Service life and the money to some extent. Bit concerned about paying back the commutation gratuity!

You’ve hit the nail on the head, more and more rejoinders are receiving letters about commutation payback.
Essentially you have borrowed from your pension pot. I’ll pm you a link to some ongoing stuff. You won’t necessarily get hit this year or next, but as pals of mine have now found out..they will get to you eventually.

 

[the_worrier]

You’ve hit the nail on the head, more and more rejoinders are receiving letters about commutation payback.
Essentially you have borrowed from your pension pot. I’ll pm you a link to some ongoing stuff. You won’t necessarily get hit this year or next, but as pals of mine have now found out..they will get to you eventually.

I have asked the FPS about this but it can be 4-6 weeks for a reply. I would rather start paying it back straight away.

 

[Captain Kirk]

I have asked the FPS about this but it can be 4-6 weeks for a reply. I would rather start paying it back straight away.

Hope it works out for you, worst case is they want the lot I guess. If that doesn’t phase you then you’re in a good place.

 

[SAXAVORDIAN]

Do you not fancy working the civilian side of the military, if they still do this. Pending your previous status several years of bullsh^^ would put many off returning.

 

[the_worrier]

FTRS? Or civil serpent?

 

[Captain Kirk]

FTRS? Or civil serpent?

There’s some good articles on rejoining and commutation in Pathfinder online. Go back to last June and read forward.

 

[Oldstacker]

FTRS is a uniformed role, subject to differences in commitments compared to regulars & don't forget that Civil Servants in MOD now fall into 2 different categories depending upon whether they are 'MOD main' or DE&S. The Ts & Cs are subtly different, particular in terms of pay and 'career' structure.

 

[Cooheed]

Mad as a box of frogs

 

[Are El]

Glad I'm out of it, next year already twenty years!

 

[SAXAVORDIAN]

30 years with most of my hair still intact.

 

[the_worrier]

Word from The FPS is that as I took full commutation I must pay the amount my pension was reduced by annually back until I am 55. I.e. if my pension was £16K and commutation dropped it to £13.5K I must pay back from salary £2.5K per year (£210 per month) until I am 55. Thus meaning, I will pay back significantly more than the commutation process released as extra gratuity. FPS said something about it being a ‘loan’ and related charges.

 

[Vauxhall]

The commutation lump sum is like a loan. You undertook to repay the loan between your date of discharge and age 55. If your pension is in payment, the repayments come from your pension before tax. If your pension is not in payment, the repayments come from your pay after tax.

So, if you are repaying from your pension before tax, it is going to be an advantage to the tune of the tax you are not paying on the amount you are repaying.