Todays changes, does it include Forces pensions?

fordcapri2000

I had a substantial private as well as company pension which I combined on leaving a job several years ago, it is doing ok.

I quite welcome todays changes, though I am going to sit tight for a while yet, more a case of a nice option should I need it.

But I was wondering, I also have a small(but decent enough) Forces pension. Is there anyway we can now get our hands on that?

System

I don't believe so because no pot actually exists for Forces pensions

Drp8713

No. The changes affect defined contribution schemes, an armed forces pension is a defined benefit scheme.

dunstonh

But I was wondering, I also have a small(but decent enough) Forces pension. Is there anyway we can now get our hands on that?

Thankfully not.

System

dunstonh wrote: »

Thankfully not.

Just from pure interest, can you elaborate on your thankfulness that it is not possible.

I have been a Forces 'pensioner' for the last 10 years and it makes a nice safety net when work is a bit slack although i resent the government taking 20% of it in tax. Wouldn't even think of cashing mine in

OldBeanz

Barring MP's it is difficult to think of anyone given a better pension (rightfully you do, shamefully they do). We have servicemen on here on a regular basis wondering how they can get a better deal. They cannot and I am sure that was to what Dunstonh was alluding.

jem16

!!!!!! wrote: »

Just from pure interest, can you elaborate on your thankfulness that it is not possible.

Simply because what you would get as a transfer value would be far less then what you would get by keeping it.

I have been a Forces 'pensioner' for the last 10 years and it makes a nice safety net when work is a bit slack although i resent the government taking 20% of it in tax. Wouldn't even think of cashing mine in

Like any pension income it is taxable.

kidmugsy

fordcapri2000 wrote: »

I quite welcome todays changes, though I am going to sit tight for a while yet, more a case of a nice option should I need it.

I suppose a lot of people can now look on pensions as part of their emergency funds: it will be interesting to see how that develops. Will any firms invent low risk assets that would be suitable for emergency funds? Or, at least, advertise such assets as already exist? Newton something or other? Standard Life whatsitsname? Personal Assets Trust? Ruffer Investment Company? etc. Any other ideas anyone?

OldBeanz

The whole point of the change was to give savers their money, allowing them to spend their pension as they see fit. Putting trust in people, what a non-socialist concept.
Some people do not borrow money, some people take pay-day loans ad infinitum. Viva la difference.

hyubh

fordcapri2000 wrote: »

But I was wondering, I also have a small(but decent enough) Forces pension. Is there anyway we can now get our hands on that?

No - as an unfunded public sector scheme it has had a ban on transfers out to DC arrangements put in place.

hyubh

OldBeanz wrote: »

The whole point of the change was to give savers their money, allowing them to spend their pension as they see fit. Putting trust in people, what a non-socialist concept.

I confess I'm struggling to see how the old legal requirement to buy an annuity from a private insurer was a 'socialist' measure (law can be paternalist without being socialist). In contrast, the new 'flat rate' state pension - now that's quite 'socialist' (you put in what you can, and get out - in principle - the same as anyone else).