Pension calc

[unruly1986]

Quick question. are the figures that the pension calc spits out the actual figures I will receive at retirement, or the equivalent figures in today’s money (they will be adjusted for inflation)?

e.g. the current projected pension at SPA is £32k; in 33 years that won’t be worth £32k in today’s money. Will it be uplifted to account for this?

I might not be using the correct terms, but hopefully somebody will understand what I’m trying to get at.

 

[4everAD]

Quick question. are the figures that the pension calc spits out the actual figures I will receive at retirement, or the equivalent figures in today’s money (they will be adjusted for inflation)?

e.g. the current projected pension at SPA is £32k; in 33 years that won’t be worth £32k in today’s money. Will it be uplifted to account for this?

I might not be using the correct terms, but hopefully somebody will understand what I’m trying to get at.

Values at todays rates as they would have no idea what inflation will be. You can adjust in the calculator for inflation to give you an idea what it will be in the future.

 

[unruly1986]

Values at todays rates as they would have no idea what inflation will be. You can adjust in the calculator for inflation to give you an idea what it will be in the future.

Thanks - so these will increase at the time of payment to account for inflation?

 

[4everAD]

Thanks - so these will increase at the time of payment to account for inflation?

Yes.

 

[montheton]

Is the calculator update rollout happening in Jan or is it being delayed till March as some at work have said?

 

[Downsizer]

I don't think it's until March.

 

[montheton]

Seen something today that said the calculator may not be available till March 2023 or after.(Teams news I think)

 

[StickyFingers]

That's insane. Will a form 12 give you any idea or is it still the 75/15 share?

 

[Vauxhall]

You would get figures that reflect what is, rather than the post-remedy position. I would suggest that, for the form 12 could give you the post-remedy position, the calculator would need to have been finalised.

 

[StickyFingers]

I just want to know what my pension is likely to look like. I'm out in 2023, it's very frustrating.

 

[4everAD]

This seems to have been going on for ages, where are the other public pension schemes wrt their resolutions?

 

[Captain Kirk]

There’s an update on the FOS site, don’t expect the calculator anytime soon.

Update on the Armed Forces Pension Calculator (including McCloud functionality) - Forces Pension Society

The complexity of the remedy has resulted in a number of cross government policy issues yet to be finalised

forcespensionsociety.org

 

[Rugby-Jock-Lad]

There’s an update on the FOS site, don’t expect the calculator anytime soon.

Update on the Armed Forces Pension Calculator (including McCloud functionality) - Forces Pension Society

The complexity of the remedy has resulted in a number of cross government policy issues yet to be finalised

forcespensionsociety.org

And to think all this confusion/uncertainty could have been avoided by leaving people on their original pension schemes if desired!!!! More pubic money wasted in a vain attempt to save money by 5crew1ng military personnel and public service staff over!!

 

[Rugby-Jock-Lad]

I just want to know what my pension is likely to look like. I'm out in 2023, it's very frustrating.

That the well earned 22?? Don't make the mistake I did and try to sign on unless desperate and need cash!!! Signing on for 4 years was the biggest mistake I made. Lasted 10 extra months!!!

 

[Spearmint]

That the well earned 22?? Don't make the mistake I did and try to sign on unless desperate and need cash!!! Signing on for 4 years was the biggest mistake I made. Lasted 10 extra months!!!

I did like shutting my WO down at the time who asked if I was going to sign on for another 4yrs (most toxic work environment ever).

The look on his face when I justified my 'No' with, 'Once you factor in the normal deductions of Tax and NI you're left with about 9k, my pension will pay more than that in 1 year and I'm not putting up with this bullshit anymore.....'

That felt good.

 

[StickyFingers]

That the well earned 22?? Don't make the mistake I did and try to sign on unless desperate and need cash!!! Signing on for 4 years was the biggest mistake I made. Lasted 10 extra months!!!

I would stay on in the RAF but I'd want a minimum of £50k a year salary. My current wage plus my loss of immediate pension and a little extra for my trouble.

 

[ERT]

Pension calculation..

If you use the normal calculator, you should be able to work out it roughly..

Using the 75/15 figures, you could..

APFS 75 - Calculate the number of days served, from eligible age up to 31 March 2015. This would give you a final salary daily rate. Then, calculate the number of days served from eligible age to 31 March 2022. Multiply the daily rate, against number of days served. That should give you the final salary, APFS 75 value.

AFPS 15 - The same as above, but from the 1st April 2015. As its average earnings, the calculation can be also mirrored.

This should give you a rough, AFPS 75 & 15 payment ideas.

You can also work it out for change/no change.

 

[Rugby-Jock-Lad]

I would stay on in the RAF but I'd want a minimum of £50k a year salary. My current wage plus my loss of immediate pension and a little extra for my trouble.

...And less B5!!!!! :-D

 

[Vushtrri]

Have to admit that I was sad to PVR when I did..( a complicated story involving a bitter ex who hated RAF life) I carried over just under 10 yrs out of 14 to the plods ( which she ended up hating more than the RAF…). I managed to get in just in time retaining the then allowances and old pension scheme which changed shortly afterwards shafting loads of colleagues