Military Pension

ger2000

I am currently in receipt of a Military pension from 2004 which is 8k a year. This is index linked with CPI yearly returning to its normal value in 2019. Does anyone have any rough idea what it could be worth then assuming CPI remains low. Appreciate any rough estimates.Thanks

atush

Worth for what? You have commenced your pension, so as far as I know that is it- it cannot be transferred to a DC pension. the general rule is abt 20x the annual payment I think.

In any case, soon all unfunded public pensions will be banned from transfer.

jem16

ger2000 wrote: »

I am currently in receipt of a Military pension from 2004 which is 8k a year. This is index linked with CPI yearly returning to its normal value in 2019. Does anyone have any rough idea what it could be worth then assuming CPI remains low. Appreciate any rough estimates.Thanks

£8k now with 1% CPIpa increases would see about £8408 in 2019.

System

Did you commute any of your pension?

ger2000

Sorry for the confusion. My pension has been 8k since 2004 and is frozen until 2019 whereby it will rise with all the CPI/RPIs from 2004. Just looking for what a rough value would be then.

jem16

ger2000 wrote: »

Sorry for the confusion. My pension has been 8k since 2004 and is frozen until 2019 whereby it will rise with all the CPI/RPIs from 2004. Just looking for what a rough value would be then.

Ah right - in that case 1% increases would see £9288.

However CPI/RPI has been higher since 2004/14 so it's going to be more.

System

I believe that SPVA can give you a forecast

ger2000

!!!!!!, I fully commuted at the time.

PeacefulWaters

I'd estimate the value in today's terms at around £10,400.

uknick

Why is an £8K pension being paid now not worth £8k at today's prices?

ger2000

The pension is frozen from the age of leaving the forces until the age off 55 if you completed full service ie 22 years.