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pension and pvr question

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puma fixer

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I love being in the RAF but having done 15 years and now i have a family to think of I need to ask a few long term questions. Im on the old pension scheme and was wondering how many years you have to do before calling time and claiming instant pension. i think it was 22 but im sure i heard thats due to change. secondly, what happens if people get their offer of los 30 but then choose to leave before 30 years. if we are all having to move on to the new scheme, what is it? Any gen would be appreciated. thanks. pf
 
I started planning at my 15 year point to leave at 22 (I was signed onto LOS30 though) I got every free course and qualification I could out of the RAF. At 22 you qualify for the IP on the old scheme (I never changed)
 
You're in the same boat as me as I'm nudging 15yrs now as well. I'm also planning my exit for 22 even if I do get my third and offered LOS30 in the meantime. I think it's a lot easier building a second career in your early 40's as opposed to your early 50's.

As I understand it, we'll still get our IP at 22yrs with the first 17yrs on the old scheme and the remaining 5 on the new scheme. So we'll take a hit but it's not as huge as the new lads.
 
Came out as a fs at 46, best thing I did. Saw a few folks do till 55 and they had there pension but no chance of a second career. Found plenty of people who wanted my skills, although the job scene is not fantastic at the moment it's more for those with no skills or those leaving schools or university with no experience that are finding it really hard.

Been in my job now for 9 years and after 30 years in the raf I am not missing it !! And never thought I would have ever said that.

Biggest test is losing the military speak and writing in plain English and getting used to some of the ways folks want things doing, but hey it's a set up they have built and they are the boss !!
 
puma fixer said:
I love being in the RAF but having done 15 years and now i have a family to think of I need to ask a few long term questions. Im on the old pension scheme and was wondering how many years you have to do before calling time and claiming instant pension. i think it was 22 but im sure i heard thats due to change. secondly, what happens if people get their offer of los 30 but then choose to leave before 30 years. if we are all having to move on to the new scheme, what is it? Any gen would be appreciated. thanks. pf
Click to expand...

Hi Puma Fixer,

22 yrs after 18th birthday is the magic number for an immediate pension under AFPS 75 rules. If you left before that, but having done more than 12 yrs reckonable service, you get a tax free Resettlement Grant of just over £10K and a preserved pension. This preserved pension is payable at age 60 for service up to and including 5 April 2006 and 65 for service thereafter. The part due at age 65 can be claimed early but it will be actuarially reduced.

If you served beyond 6 April 2015, you will be moved to the new scheme. The only people who will not be automatically transferred to the new scheme are those who, on 6 April 2012, were within 10 yrs of the scheme's normal retirement age.

Lets say that at 6 April 2015 you have 18 yrs reckonable service and then you leave in 2020, you would get an immediate pension worth 18/22 of the immediate pension and lump sum that would have been paid for your rank on leaving plus and EDP lump sum of 2.25 times your pension in the new scheme, a small EDP income stream and a preserved pension payable at state pension age.
 
While we're on the subject, does anyone have any idea when the long promised revised pension calculator is being made available? The conspiracy theorist in me says its only being withheld for fear of a PVR landslide.......
 
Don't forget you will go onto the new scheme in 2015 - you need to look at the relevant documents to see how that is going to affect you.​
 
Coming out of e-goat sabbatical for this.

Don't stay in longer than you have to. If you can, if it's workable, leave before you are 40. If not, and you are not a gifted vocationalist, leave as soon as you can.

There IS an ageist regime out there, and if you ARE over 45-ish you are on the downward slope of likelihood of employment.

Don't let your inherent loyalty get in the way of your families welfare.

Message out.
 
Can someone tell me what happens when you leave the service at your 22 yr point top whack high pay band cpl on the 12th April 2015. Please...............
Studley ;)
 
Done elsewhere

Done elsewhere

Studley dangerfcuk said:
Can someone tell me what happens when you leave the service at your 22 yr point top whack high pay band cpl on the 12th April 2015. Please...............
Studley ;)
Click to expand...

Depends which scheme.
I guess you on 75 so will get a more or less full IP and gratuity as you would have before, (with the way the pay is going it will be at the same rates as today. Plus 2 weeks worth of new scheme!

Pension Details AFPS 75
Immediate Pension 9587
Terminal Grant 28761

Assume you have not done any time for the Queen?
 
Trusty Adjusty said:
While we're on the subject, does anyone have any idea when the long promised revised pension calculator is being made available? The conspiracy theorist in me says its only being withheld for fear of a PVR landslide.......
Click to expand...

Went to an Air Command briefing recently, they stated that the calculator will be available in June.
 
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