RAF Pension claim early. 8 April 2012 at 9:13AM in UK armed forces MoneySaving 11 replies 8.3K views

nath2099

Hello,

Hoping someone can help because getting in a right mess. I have the old RAF pension 75. I served 4 years and now I am paying into an NHS pension so these 4 years of payments are not really any good to me.

I have read a lot on the internet but I am just getting mixed up.

Is there anyway to claim a lump sum from that RAF pension? I am trying to get the deposit for a house together.

Hope someone can help,

Nath

Fergie76

No, I don't believe you can. You will get 4/22's or whatever of your pension at 55 (I think).

http://www.mod.uk/DefenceInternet/AboutDefence/WhatWeDo/Personnel/Pensions/ArmedForcesPensionScheme1975afps75.htm

PaulF81

Yep, as you didnt reach IPP you wont get a bean till pensionable age chum.

nath2099

okie dokie, no worries.

Andy_L

You can transfer those 4 years of sevice into the NHS pension plan. Depending on the numbers that may or may not be a good idea

System

You can't claim a lump sum but you can transfer it into the NHS scheme. Guidance booklet for pension transfer - http://www.mod.uk/NR/rdonlyres/5908B9AA-5CAA-4716-B125-808E9F744EEF/0/pensions_transferringbenefits.pdf

Alias_Omega

Fergie76 wrote: »

No, I don't believe you can. You will get 4/22's or whatever of your pension at 55 (I think).

http://www.mod.uk/DefenceInternet/AboutDefence/WhatWeDo/Personnel/Pensions/ArmedForcesPensionScheme1975afps75.htm

I thought it was 4/37th's.

As leaving at the IP point at 22 pays, 22/37th's?

Fergie76

Alias_Omega wrote: »

I thought it was 4/37th's.

As leaving at the IP point at 22 pays, 22/37th's?

Could well be. I don't know much about pensions.

I thought you qualified for a full pension at 22 years, under AFP75?

PaulF81

Yep, or 16 for orrifices.

tartanterra

Fergie76 wrote: »

I thought you qualified for a full pension at 22 years, under AFP75?

No.

You qualify for an immediate pension after 22 years (Non officer).

You qualify for a full pension after 37 years (Non officer).

molerat

Alias_Omega wrote: »

I thought it was 4/37th's.

As leaving at the IP point at 22 pays, 22/37th's?

It does not work as simply as that.

YOUR ACCRUED BENEFITS
Your accrued benefits do not build up at a
uniform rate. AFPS 75 accrual rates are faster up
to the IP Point, so that after 16 years’ reckonable
service as an Officer you will have accrued
28.5% of representative pay, and after 22
years’ reckonable service as an Other Rank, you
will have accrued 32% of representative pay. If you
retire at age 55, with 34 years’ reckonable service
as an Officer or 37 years’ reckonable service as
an Other Rank, you will have accrued the
maximum pension of 48.5% of representative pay
(the 48.5% excludes the terminal grant).