LSAP Question

chazzie83

Hi

I want to use LSAP to buy a house i've been accepted for a mortgage i have 2 years left from September in the RAF which will take me to my 12 years which entitles me to the £10000 golden hand shake will my LSAP repayment come out of this or do I have to make high repayments until i leave the RAF?

huskypup

I think you pay back about £90 per month then what is left is taken out of your gratuity.

chazzie83

huskypup wrote: »

I think you pay back about £90 per month then what is left is taken out of your gratuity.[/QUOTE

I did hear this but someone told me different wasn't sure if they were speaking the truth or not thank you.

Fergie76

Repayment of the LSAP.

The following circumstances govern repayment of a LSAP:

a. Personnel with 12 Years or More to Serve. Repayment will be made at the rate of 10% per annum by recoveries from pay in equal monthly instalments over a period of 10 years, commencing 2 years after the date of payment of the LSAP.

b. Personnel with More than 10 but Less than 12 Years to Serve. Repayment will be made at the rate of 10% per annum by recoveries from pay in equal monthly instalments, over the last 10 years of service.

c. Personnel with Less than 10 Years to Serve. Repayment will commence immediately, at the rate of 10% per annum by recoveries from pay in equal monthly instalments, the balance being recovered from their final salary in the first instance unless SPVA are instructed by the individual to recover from terminal benefits.

peteuk

chazzie83 wrote: »

Hi

I want to use LSAP to buy a house i've been accepted for a mortgage i have 2 years left from September in the RAF which will take me to my 12 years which entitles me to the £10000 golden hand shake will my LSAP repayment come out of this or do I have to make high repayments until i leave the RAF?

£10000 Goldern handshake! What trade are you!!!!!! (sorry just curious)

chazzie83

peteuk wrote: »

£10000 Goldern handshake! What trade are you!!!!!! (sorry just curious)

MTD every trade gets it after 12 years i believe.

gt568

It's not a golden handshake it is a resettlement grant.

chazzie83

gt568 wrote: »

It's not a golden handshake it is a resettlement grant.

Resettlement is £550 with the option to use ELC & SLC

gt568

chazzie83 wrote: »

Resettlement is £550 with the option to use ELC & SLC

Check the pensions calculator. The 10 large is termed "Resettlement Grant"....

You are confusing it with the Resettlement Training Cost Grant that you can use during your GRT.

chazzie83

gt568 wrote: »

Check the pensions calculator. The 10 large is termed "Resettlement Grant"....

You are confusing it with the Resettlement Training Cost Grant that you can use during your GRT.

Oh ok thank you, might be a stupid question but where can i check the pension calculator?

gt568

http://www.mod-pc.co.uk/

Obv that doesn't include the FAFPS but as you are jumping ship it shouldnt make a difference to you.