12 Year Money Advice

mrsp89

Hi everyone

Hoping someone can help us ...

My husband has been in the Army for 7years now ... He would stay in forever but we have come to a decision as a family that we need to start sorting our lives out for 'coming out' .. working out when the best time to do it will be and when we should be in the strongest position, Now I am aware that the strongest position we could be in would be him serving a full 22 years and have a full Army pension for the future but thats not what either of us have in mind!

My DH took his '4 year money' so we know that we can withdraw again at the 8 year point (we think this will be arond the £4k mark after tax). Originally we were thinking we would get his 8 year money and then sign off - work the years notice required and move back 'home'.

Recently I have heard that if you stay until your 12 year mark you dont only get your half pension, you also get a £10k bounty - is this true? The Army forever holds a carrot to make you want to stay in and i'm totally aware of this ... we are just trying to work out when our last carrot will be so to speak.

Thanks for any help/advice anyone can give

Alias_Omega

Hi MrsP89,

I could waffle on for a paragraph and paragraph, but the reality is that once link to a website will solve your issues.

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

This link is to the Armed Forces Pension Calculator.

Regards,

AO

mrsp89

:TThank you very much Alias_Omega - i'll look at that now :-)

stephenni1971

YOU DO NOT GET HALF YOUR PENSION!!!

Its a one off resettlement grant of £10k

Alias_Omega

^


I believe the OP means that they only receive half of the full pension. However the pension calculator would have cleared all this up, as it draws a nice little graph.

mrsp89

stephenni1971 wrote: »

YOU DO NOT GET HALF YOUR PENSION!!!

Its a one off resettlement grant of £10k

Yes, sorry just to clear up - I didnt think that you get half of your pension, I meant you get 'half of a full pension package' when he retires ... It was the resettlement grant that we had never heard of! Thanks for letting us know we get that!

mrsp89

Alias_Omega wrote: »

^


I believe the OP means that they only receive half of the full pension. However the pension calculator would have cleared all this up, as it draws a nice little graph.

Yes that is what I meant , Thank you! The calculator is a real help! Thank you again