Time of the year to leave?

[Captain Kirk]

I cannot find the thread which covers this..

There was an informative post about when to PVR, and I think it was April, so as to get the maximum effect of the inflation rate rise.
Am I recalling this correctly or was it more complicated than this? I ask because I’ll be due out at the end of March and am wondering if I need to stall hitting the button to make the 6 April financial year point.

Whilst I’m here, at present I’m on an 05/15 split, with my intention to go pure 05 come the day.If I commute as I leave on 15, when I go to 05 what happens?

I will be joining FPS shortly, but just wonder if anyone else saw the post?

 

[Vauxhall]

This item should help with the best time to leave:

https://cloud.3dissue.com/6374/7271/15135/PFSep19/index.html?r=72

Commutation for AFPS 15 happens when you actually draw the pension ... and that would be age 60 if you serve until then, your state pension age if you leave before age 60 or any age after age 55 if you opt to take the pension early at a reduced rate. I do not know how old you are but, if you are an AFPS 05 member it is likely that you joined in the last 15 years (not many transferred as a result of the OTT). To me, that suggests that you are not near the point where you have to consider commutation. I will let my FPS colleagues go through all this with you, though.

 

[Rugby-Jock-Lad]

Hi CK.

Think it's a bit like getting the Missus preggers. No such thing as the ideal time !!! Good luck in what you do. Don't know what rank you are but wish I only had minimum 6 months (had already done 22 and regretted signing on TBH) rather than a 1 yr ET time but everyone's circumstance is different.

I understand the ideal time esp. with regards to April but if you're heart is set for out and you have put the paperwork in I would say get on with it otherwise you are in danger of wishing away the months until you are out. Again everyone is different and their circumstance is different. Speaking from my own perspective.

Good luck in the future!!

RJL.

 

[busby1971]

Not through choice my leaving date was the 3rd of April, which meant I got the annual rise and a full years pension rise on the sliding scale.

That rise might seem trivial but it’s baked in for the rest of your pension life time so would add up to a lot over the years, but not enough to stop me leaving for a good civi pay packet.

 

[Captain Kirk]

Thanks for the replies, I’ll have a good look through all the Pathfinders I can, and glad it wasn’t just me that had read about April!
I’ve done 35 years, mainly on 05, and whilst there’s no calculator yet to compare 05/15 accurately with my circumstances, I think 05 is probably my choice in the future.

 

[muttywhitedog]

I left on 5 May, to maximise as many public holidays as I could whilst also ensuring my leave & resettlement commenced before Christmas.

Then the AOC gave everyone an extra 2 weeks and my last day in uniform was even earlier!

 

[Vauxhall]

Hi CK.

Think it's a bit like getting the Missus preggers. No such thing as the ideal time !!! Good luck in what you do. Don't know what rank you are but wish I only had minimum 6 months (had already done 22 and regretted signing on TBH) rather than a 1 yr ET time but everyone's circumstance is different.

I understand the ideal time esp. with regards to April but if you're heart is set for out and you have put the paperwork in I would say get on with it otherwise you are in danger of wishing away the months until you are out. Again everyone is different and their circumstance is different. Speaking from my own perspective.

Good luck in the future!!

RJL.

Thanks for the replies, I’ll have a good look through all the Pathfinders I can, and glad it wasn’t just me that had read about April!
I’ve done 35 years, mainly on 05, and whilst there’s no calculator yet to compare 05/15 accurately with my circumstances, I think 05 is probably my choice in the future.

If there is any specific issue, I suspect that I have written a Pathfinder article about it. Send me a PM and I will try to help.

 

[Vauxhall]

If your pension is in payment the default position is that it is taxed in the UK. There are some countries where you can be taxed under their tax regimes - I will send you another article which covers living abroad.

 

[Vauxhall]

There is an article in here that might help:



https://cloud.3dissue.com/6374/7271/15135/PFJul19/index.html?r=6

 

[Captain Kirk]

Sorry to ask a bone question again. Is there a date when the ‘inflationary’ increase is applied to the pension/ EDP? I know pay increases on 1 April, but the date 5/6 April rings a bell for something. If the pension increases on either the 5th or 6 I can wait til next week, otherwise I get to draw stumps on Friday, I just want to get the pension/ EDP post rise as my final dealing with the company we’ve become.

 

[Rigga]

The very best time to leave is when you've 'had enough' - and you've 'had enough' enough to push that button. There is very little gratification, if any at all, in staying longer than you need to...money won't make up that difference in your grimace and you might even lose a good job waiting for a bit'o cash.

 

[Captain Kirk]

For those that don’t know, the pension increase (CPI)is applied on the 1st Monday AFTER the tax year has started, so this year it was the 13th April.

 

[Vauxhall]

The attached is a slide which shows how the year is divided up for that first increase. I appreciate that it is not this year's but the principle is shown.

Captain Kirk is correct that the pension increase is not actually applied until the first Monday after the beginning of the tax year but, for calculation purposes for the first increase, the year runs 1 April - 31 March.

 

[Captain Kirk]

Vauxhall, is there any update on when the calculator will be updated so people can start making up their minds?

 

[Vauxhall]

We know it is in production but I have no news yet.

 

[Late & Tired]

The very best time to leave is when you've 'had enough' - and you've 'had enough' enough to push that button. There is very little gratification, if any at all, in staying longer than you need to...money won't make up that difference in your grimace and you might even lose a good job waiting for a bit'o cash.

Simply Nailed It!!!

A point to note is that although the CPI rate is effective for the new tax year and operates from the Monday following that, the first FULL, complete, effective monthly rise is shown in the May payment, as the April rate does not include a full monthly period.