Pensions, etc

[RAF_Nurse!]

What is the latest on changes to pensions?

(If someone were, say, on AFPS75 and due out on completion of SSC in Apr '16 - having served for 18.5 years, for instance).

Merci!

 

[ninjarabbi]

The latest IBN came out on Friday. Looks like they haven't actually decided what shape the changes will take yet but I think that I'll be leaving before they make them! I'm sure some kind soul with an eidectic memory out there will remember more.

 

[ERT]

How would it work if you had served 15yrs @APFS75, then 7yrs @APFS15 up to 22. (Cpl Level 7 at 15yrs, Cpl Level 7 at 22yrs for example).

Upon leaving at 22, would you get 15/22th's of your pension & lump sum, then at age 55 15/22th's of pension.

 

[Mr Grok]

ERT,

A couple of points:

By APFS15 I take it you mean APFS05?

Once you transfered to APFS05 ALL your qualifying time in the RAF transfered to the new scheme, you don't retain some years on 75 terms and some on 05. If you leave after 22 years you will have 22 years on 05 terms.

Just put your relevant details into the on line RAF pension calculator and it should give you a pretty accurate figure for your pension entitlement, it will also give you a pictorial representation of when your pension rises, gratutities are paid, etc......

 

[Climebear]

I think he was referring to the next pension scheme. It is rumoured that all serving AFPS75 and AFPS05 members will be transferred onto any new scheme compulsory. Any entitlements gained under the previous schemes should be retained.

 

[Mr Grok]

Ah, apologies if I was being Mr Thicky and misunderstood........

In terms of changes in 2015, my impressions are as follows:


Yes, transference onto AFPS15 will be compulsory - unlike before where you had a choice of staying on AFPS75 or changing to AFPS05. Have no doubt that this is because AFPS15 will be about saving money on pensions.....

Yes, all the politicians and senior neddies are saying that all previous entitlements earned will be retained, so no doubt if you retire post 2015 a portion of your pension will be on 75/05 terms and the rest of 15 terms. I believe they are saying this to avoid panic amongst the ranks, and a mass exodus for the doors of people trying to leave before 2015 to keep their hard earned entitlements under the old system.

However, the exact details of how this mix of pension entitlements will work, and the devil is always in the detail, have yet to be published. I would expect that they have yet to be worked out! 2015 is also some time away, and the wheels of the treasury/MOD no doubt turn slowly.

I hasten to add that I don't work in MOD or the Treasury!

 

[clungemobile]

A fair summary!

Which actually means....no-one really knows anything for definite but that doesn't stop everyone worrying about it!

Main thing people wanna know is the reseved rights/accrued benefits....can you imagine the mass exodus if you did not get a IP from your previous pensions post 2015....mind you that will be a quick end to the 100 year experiment......in one fell swoop!!

DT_Xtremez_42:

 

[Max]

Yes,
Good isn't it. If they DO implement it I can see most at the 12 year point going elsewhere, Certainly those with real transferable skills at least.

I was under the impression that the recomendations had advised against messing with the Forces pensions as they knew what would happen. Also unlike most others we have no real representation such as a union.

 

[puttmeister]

Worrying times ahead,
Again I had heard similar rumours down here at Henlow, if you are on the old pensions 75 or 05, if you leave after 2015 you will get IP for the time you have done say 24/37
So if you complete the next 6 years till los 30 until 2021, then you will get the other 6/37 when you are 60/70 whatever the age will be then,
I have used my service dates.
I must agree though if it changes to a different remit and they stop IP or even tax lump sums, the doors to PSF will need to be replaced with a revolving one.
Again so what will be the draw to stay in after 12 years? Take the gratuity at 12 and use your skills learned in the RAF outside.

 

[Balvenie]

Anything official out yet

Anything official out yet

Hi, I'm based out in the USA and do not have intranet access I haven't seen much official about the new 15 pension scheme just lots of doom and gloom about IP. I will be 2 years off LOS 30 so I guess I just jump early if it is the case.

 

[Vauxhall]

What is the latest on changes to pensions?

(If someone were, say, on AFPS75 and due out on completion of SSC in Apr '16 - having served for 18.5 years, for instance).

Merci!

The Forces Pension Society expect the framework document for the new pension arrangements to be available in November. As soon as we have it we will not only comment to the MOD in great detail and push for the best possible arrangements going forward but also put a account, in plain language, of what is intended on our website: www.forpen.co.uk