AFPS75 v AFPS05

Sloppy_Link

Does anyone know how to convert your pension from '75 to '05? I now find myself in the very situation I was assured I would not be in and to get the best deal I need to be on 05. Any offers? SPVA have given me a tablet.

Andy_L

I believe you had one chance to transfer when 05 was introduced. If you didn't take it you are stuck in 75.

CHR15

There have been so many debates on this I am surprised anyone gave you any assurance either way.
It was an entirely personal decision. I don't recall anyone in officialdom prepared to assure anyone of anything.

Everyone I know who transferred to 05 who have since left have regretted it, without exception.


My own feelings at the time were...

Nothing is introduced to spend money, only to save money!

The second lump sum sounds good but by the time it comes around it will be quite paltry. You would have spent a lot of years on a paltry Pension to get there too.


I think there is (was) a short time to change your mind if you felt the information you had received was incorrect but I can't recall how long that period was (I think it was only a matter of Months).

gt568

You cannot change now...

mercman1969

NOTHING was ever going to be introduced for the better
I stayed on the old system for that very reason

Madmummy_3

Not able to change now ........ Hubby did lots of sums and it worked out better to stay with the old 75 . As said they would never change it to benifit service personel only to save them some money

Cat695

Yep i find it hard to believe anything the MOD brings in actually saves YOU money.....just look at JPA and the amount they have saved because people just can't be bothered, don't know how etc etc to make a claim

75 IS the best option in my opinion as you get more quicker (its a fact soldiers are known to die younger)

Alias_Omega

You should of received a letter telling you that you had not opted to remain or change pension schemes, therefore you would of remained on the AFPS 75 system.

Sloppy_Link

Thank you for all your replies, my problem is that 05 is significantly better as addpay is included in my salary and therefore included into pension sums. This is a 25% increase, now you can see why I am keen to change. It doesn't apply on 75 to the same degree, only about 7-8% Any advice gratefully received......

SL

minirolo2004

There is no advice for you I'm afraid. It was clearly published that if you didn't switch at the time, then you will not be able to for the duration of your career.


Sorry

Bernie

CHR15 wrote: »

Everyone I know who transferred to 05 who have since left have regretted it, without exception.

Nothing is introduced to spend money, only to save money!

The second lump sum sounds good but by the time it comes around it will be quite paltry. You would have spent a lot of years on a paltry Pension to get there too.

I made the change and have not regretted it - mind you, I was nearing the end of my full career and intended to work for a few more years. For people in my position, I thought it was a no-brainer to transfer.

I got a job offer, accepted it and ended up PVR-ing 3 month early. I do 10yrs 3 month on EDP (75% of pension) then get a second lump sum - while it is still significant, then continue on full pension.

If you were not intending to work on - the figures change because you needed to factor in the loss of inflation-indexing of the full pension between retiring and age 65. As I do still work, I had to factor in the higher rate of tax that I pay on my earnings because the EDP jacks me into Gordon's 40% band.

I agree with the cynical comment about the government introduced schemes though - but I believe that the Powers that Be were very generous towards those at the end of a full career in allowing them a "free" transfer.

Feet up soon though....

:beer: