Pension Society Question

[BillyBunter]

I am now into my last 12 months of service and I will soon be ready to apply for my pension via JPA (Pen1). How long do I have to wait to know what figures I am expected to recieve.
As my pension final outcome will be based on completing 22 months of Sgt Rank on an AFPS 75 pension I have no definitive figures to base on my monthly pension and lump sum.

If I joined the pension society people (i have no idea of contact numbers or details) would they be able to calculate all this for me as I need to start crunching figures in my head.

Any help or advice would be appreciated as I know when i leave and what pay level I will leave it.

 

[Weebl]

http://www.mod-pc.co.uk/WizDisclaimer.aspx

Online pension calculator.

It won't be penny perfect but it won't be far off.

 

[BillyBunter]

Cheers Weebl, I just been on that and have calculated from that ( i have number crunched on there before) , I was hoping for exact figures as no matter what level I leave at Sgt High Pay band its the same amount from level 5 and level 6. with me only completing 22 months of a 24 month Sgt it does not take that into consideration too.

If i commute maximum say 16509 with a reduced ip of 8924 ( I assume my monthly pension would be 8924/12) and non taxable. but if I move into work what wages I do earn will be taxed immediately as the threshold is about 7k before you pay tax.

You may ask why , but even after resettlement brief you are giving little on Pensions except applying for it. I just need to look at my future job oppertunities and what kind of wages I will need to be wary of when it comes to tax levels.

 

[Weebl]

Cheers Weebl, I just been on that and have calculated from that ( i have number crunched on there before) , I was hoping for exact figures as no matter what level I leave at Sgt High Pay band its the same amount from level 5 and level 6.

It will be, it makes no difference on AFPS75 what you were paid, low pay band, high, level 1 or level eleventy, the pension for a SGT is the same.

with me only completing 22 months of a 24 month Sgt it does not take that into consideration too.

That will make a difference but you will get 22/24ths of the difference between a Sgts pension and a Cpls one, so take a couple of quid off what the calculator tells you are you should have numbers good enough to plan with. If you want to, work out the pension as a Cpl, then as a Sgt, then divide the difference between the 2 by 24 and times it by 2, take that figure off the Sgts pension and you will be even closer.

If i commute maximum say 16509 with a reduced ip of 8924 ( I assume my monthly pension would be 8924/12) and non taxable. but if I move into work what wages I do earn will be taxed immediately as the threshold is about 7k before you pay tax.

You may ask why , but even after resettlement brief you are giving little on Pensions except applying for it. I just need to look at my future job oppertunities and what kind of wages I will need to be wary of when it comes to tax levels.

That does not make sense. You would not turn down a job that paid enough to put you in the high tax bracket just because it puts you in the high tax bracket. You only pay high tax on wages over the threshold, not all of them.

Generally speaking, the more you earn in wages, the more you take home in your pocket.

 

[enginesuck]

Don't that make you feel special billy your getting the same pension as a steward ! ?

 

[Teh Wal]

If i commute maximum say 16509 with a reduced ip of 8924 ( I assume my monthly pension would be 8924/12) and non taxable. but if I move into work what wages I do earn will be taxed immediately as the threshold is about 7k before you pay tax...

Just try to get the best paid job that you can and then worry about the tax.
But as a rule of thumb you'll be paying no tax if you earn a total (pension plus salary) of roughly 7K (which is your "Personal Tax Allowance").
If you earn over 7K you will pay 20% on anything earned over the 7K limit - i.e. if you earn 8k you will only pay 20% on the additional 1k.
If you earn over 40k (it was 42k but I believe it's just about to drop to 40k) then you will pay 40% on anything over that 40k limit - i.e. if you earn 43k you will pay 40% on the 3k above 40k, additional to the 20% on the difference between 7k and 40k.

 

[JTforever]

Just put my details in the calculator.


Resettlement Grant of £10302 is in mine as well. Is that just for courses etc? Or is it £10k you can take away and spend/save or do whatever you want with?

 

[BillyBunter]

Of course Weebl thanks for that , here is me thinking I pay high tax on the whole lot but I forgot it is on what you earn over the £42k threshold. Thats pretty good info there so thanks very much for that . First day back and all that my head is fuzzy but I concentrating getting ready for job hunting so I like to have all in order.

ES hahahahah bet your glad you take redundency now ;o)

Just going back to Pension thing, spoke to resettlement people and a quick letter to GLasgow and a phone call ill have a calculated figure, always good to have in writing also

Cheers lads happy days and sorted

 

[Weebl]

Just put my details in the calculator.


Resettlement Grant of £10302 is in mine as well. Is that just for courses etc? Or is it £10k you can take away and spend/save or do whatever you want with?

It's yours, you can take it and blow it all on hats if you want.


Sent from my iPhone using Tapatalk.

 

[Soon To Leave]

If you are receiving an immediate pension you won't get a resettlement grant as you receive a gratuity.

 

[Soon To Leave]

Billy - why haven't you had your resettlement brief yet? Attend as soon as possible so you get the facts and can start looking for ways to spend your ILC, ELC and resettlement allowance.

Good luck for the future.

 

[BillyBunter]

Yeah I done my resettlement course last march. They only said apply for pension on jpa about 9 months before exit but gave no details on where to find figures. ( my case is slightly different as I don't quite make two years in rank) so I needed to know how much less I would get which I calculated today. I tried to call jpac months ago but they fed me horsepoop.

 

[FootTapper]

As well as the resettlement course (which doesn't come off GRT) there's two other briefs which don't cost you any GRT and you can claim travel for. One is housing brief and the other is pension brief. The Pension brief is absolutely worth doing -I have read everything I could possibly find about the pension schemes, yet I still learned more in that one brief than in possibly any other brief I've ever had in the RAF.

The guy is also happy to help you out with personal examples too.

 

[Mug?]

Prediction

Prediction

EVERYONE, is allowed a written prediction every year I believe. Mine was pretty much spot on and I am on 05 so a bit more complicated for them. Was a nice surprise too as the calculator didn't take inflation into account.(and I get a lot more than a steward would have - though not a clerk!)
The pension society gets peddlled a lot and I am sure they are of use to some people. But JPAC or SPVC or whatever they are called always seem very helpfull and indeed knowledgable for free!
I was seriously disapointed with the pension society for not kicking up more fuss over the CPI, we were not allowed to take industrial action over it.

 

[Vauxhall]

I am now into my last 12 months of service and I will soon be ready to apply for my pension via JPA (Pen1). How long do I have to wait to know what figures I am expected to recieve.
As my pension final outcome will be based on completing 22 months of Sgt Rank on an AFPS 75 pension I have no definitive figures to base on my monthly pension and lump sum.

If I joined the pension society people (i have no idea of contact numbers or details) would they be able to calculate all this for me as I need to start crunching figures in my head.

Any help or advice would be appreciated as I know when i leave and what pay level I will leave it.

I have sent you a PM.

 

[BillyBunter]

Thanks everyone for all your help. I received my letter today from SPVA and the figure was a few quid short of what Weebl suggested by calculating difference between cpl and sgt and calculating figures.
I am Leaving exactley 66 days short of 2 years in rank as a Sgt , I am on afps 75

£10,425.55 annual pension
Terminal grant 3 times annual pension = £31276.65

£16,377.73 maximum commute = 16,377.73 + 31276.65 = 47,600 ish

£1,579.63 pension abatement so £10,425 - £1,579.63 = £8845/12 = £737 pension per month

I have it all in writing now so thank you everyone, I can now make decisions on my future now

 

[BillyBunter]

Also just wanted to add if you are unsure of what you are to expect write a letter to svpc in Glasgow, your hr should have address. That took 7 days for my quote and you entitled to request once a year. Just give all details like exit date, rank, pay band, join date , service number, pension scheme. Very impressed on speed of reply.