Army pension

bfcbloke

Hi all,
im 46 and did 22yrs in the army and at present recieve my monthly pension. What i was wondering is can i ask to take a lump of money out of my pension pot ?

any help appreciated :-)

jem16

bfcbloke wrote: »

Hi all,
im 46 and did 22yrs in the army and at present recieve my monthly pension. What i was wondering is can i ask to take a lump of money out of my pension pot ?

any help appreciated :-)

When you started to receive your pension you would have had the option of a tax-free lump sum.

Now it's in payment there is no further option.

frugal90

how are you allowed to access your pension at such a young age?


is this the same for all the services?

rpc

frugal90 wrote: »

how are you allowed to access your pension at such a young age?


is this the same for all the services?

It is a feature of the Armed Forces Pension.

You don't get full pension until later, but under the soon-to-be 2015 scheme you can access some of it if you leave after 20 years service, (with a minimum age of 40). It is called an early departure payment.

Older schemes allowed a full pension I think. OP is presumably on the 75 scheme which lets you have and immediate pension after 16 years (officers) or 22 years (enlisted).

Cardew

frugal90 wrote: »

how are you allowed to access your pension at such a young age?


is this the same for all the services?

Non-commissioned soldiers would have a pension after 22 years service(from age 18); officers after 16 years service (from age 21.)


Of course if you were injured in military service,(as sadly many are these days) you can get a disability pension even earlier!!


There have been changes, and there impending changes, to the Armed Forces Pension Scheme.


OP you need to read this about commutation of pension.


https://www.gov.uk/government/publications/afps-75-commutation


I suggest you contact the APC at Kentigern House in Glasgow who will full details of your service and entitlement, but I suspect Jem16 above is correct.

molerat

I assume AFPS75, no you can not withdraw anything. You will carry on receiving the same pension amount until age 55 (unless you are already or become disabled) when the full un-commuted pension uprated by inflation becomes payable.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/252573/afps75_mmp106_your_pension_scheme_explained.pdf

AFPS05 scheme booklet
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/252572/20120823AFPS05YPSEMMP124revisedAug2012.pdf

[Deleted User]

frugal90 wrote: »

how are you allowed to access your pension at such a young age?

There's a few different special pensions around, alongside the armed forces some NHS workers can retire at 55 and some professions (such as footballers) can access their pensions even earlier, footballers can retire at 35! I wonder if there's a list anywhere.

bfcbloke

Hi peeps,
Many thanks for your replies, very much appreciated :-)

RichandJ

citricsquid wrote: »

There's a few different special pensions around, alongside the armed forces some NHS workers can retire at 55 and some professions (such as footballers) can access their pensions even earlier, footballers can retire at 35! I wonder if there's a list anywhere.

Partial here:

http://www.hmrc.gov.uk/manuals/rpsmmanual/RPSM03106035.htm