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New pensions calculator

  • Following weeks of work, the E-GOAT team are delighted to present to you a new look to the forums with plenty of new features. Take a look around and see what you think!
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It's managed to confuse the hell out of me. There's now no mention of an increase at age 55, however there is mention of such an increase in the commutation bits?

Would I still get an inflation increase at 55 on the % of benefits accrued under the 75 system?
 
Ghandi's Flip-Flop said:
Would I still get an inflation increase at 55 on the % of benefits accrued under the 75 system?
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My understanding is you would. In my circumstances I'm about £1000 per year worse off from age 48 till SPA. Not as bad as I thought.
 
Pretty sure I'm significantly better off under the combination of 75/15 schemes according to that calculator.
 
That's what I am also seeing so that concerns me!

Sent from my GT-I9300 using Tapatalk 4 Beta
 
The bottom line is, the longer you stay in past your 22 point, the more chance they have of buggering your pension up and changing the rules so you get less....
 
Having hopefully 22 years and approx 5 months secured on AFPS 75 before AFPS 75/15 does kick in, my calculations as a TG11 Sgt with LOS 30 (approx 9.5 years left) after tax my monthly pension will increase by an average of £22 per annum until LOS 30 is reached and if I don't get promoted (which is not an issue for me).

Not much of an increase one has assessed but the carrot on the stick in front of me is the significant increase of the Terminal Grant one's expecting to receive; from £31983 (at LOS 22) increasing to £46091 IF I stay in and complete LOS 30. That's a tempting difference of £14108 to possibly stay in and complete the final 8 years despite the small increases in monthly pension per additional year served.
 
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Will have 25 years on 75 and 5 on the new scheme appear to get £3500 more lump sum at los30 point and about the same amount per annum as I was expecting on 75 scheme. Also get the added bonus of increase at 67 of about £2000 p.a.

Waiting to see what I've missed as this actually appears to be a good thing (for me)!
 
55 next year and gather there is some more moola coming as I understand, but haven't the first idea what it is and how much. As long as the taxman doesn't try and uphill garden me (sans KY) yet again next year, I guess it has to be good.
 
Stevienics said:
55 next year and gather there is some more moola coming as I understand, but haven't the first idea what it is and how much. As long as the taxman doesn't try and uphill garden me (sans KY) yet again next year, I guess it has to be good.
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It all depends if you commuted anything when you left. I did and my pension doubled and a bit more on top, 2 years ago. I did a basic spreadsheet (entered the rpi figures and was about £10 out, when I received my rise.)
 
Is it possible to have a scenario where someone is financially better off with AFPS 15?

I heard some rumour it can happen if it calculates your final salary rather than average salary. For example, someone who was cpl for years then just got promoted to sgt just before his or her 22 year point?
 
XVR RA RA RA said:
Is it possible to have a scenario where someone is financially better off with AFPS 15?

I heard some rumour it can happen if it calculates your final salary rather than average salary. For example, someone who was cpl for years then just got promoted to sgt just before his or her 22 year point?
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Yeah lads at work were running it all on Friday and some Corporals are leaving with more than some SNCOs, Its very difficult to understand at the moment but it appears its not bad at all. I just somehow think there is some small print somewhere that nobody can see
 
Don't take the Pension Calculator as Gospel, there are to many individual variables for it to be 100% accurate. I did the calculations on it for retiring next April (Age 55 AFPS 05) and then wrote off to SPVA for the official version. SPVA have come back to me this morning with a forecast lump sum £4.5k above the calculators figure and pension of £1.5k PA above. I have now sent this info off to the Forces Pension Society to make sure the figures are right.
 
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Calculator

To compare you have to make some assumptions, for me I compared the overall package if I lived until I was 80 and the results quite pleasing to what I was thinking I would get.

Overall an extra 27.402 pension on the new sheme over 25 years, roughly an extra 100 quid a month.

Also lump sum on exit an extra 3500 more on the new scheme too.

For your comparison I have served 24 years with 13 to go.
 
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