Todays changes, does it include Forces pensions?

System

Andy_L wrote: »

AIUI it was only those who were close to retirement age when the rules were changed that got grandfather rights to the old rules.

Tell me, do servicemen still get to be exempt from the reduction in the lifetime allowance for getting an early pension?

I don't think that applies as there is no pot to calculate it against.

It is non-contributory by both employee and employer so no pot accrues.

redux

atush wrote: »

Officers have a larger salary and therefor a larger pension. Just like in the real world.

There is (or was, I don't know if it still is) also the tradition of promoting officers of certain levels and above on retirement, e.g. Captain to Major, Wing Commander to Air Commodore, thus getting a nice extra boost to the pension.

hyubh

!!!!!! wrote: »

I don't think that applies as there is no pot to calculate it against.

It is non-contributory by both employee and employer so no pot accrues.

Contributions are irrelevant to a DC lifetime allowance calculation, let alone a DB one. (DC: value of the 'pot' at the end rather than of the money that went into it; DB: annual pension x 20 + lump sum, if applicable.)

System

Officers and other ranks are treated the same. Your pension is based on the highest paid rank held for an aggregate period of 2 years or more in the last 5 years so promotion before retirement has no effect (APFS75)
Under APFS05 then the pension is based on the earnings in the last 365 days.So both officers and other ranks will gain by promotion in the last year by some amount depending when it happens

Andy_L

!!!!!! wrote: »

I don't think that applies as there is no pot to calculate it against.

It is non-contributory by both employee and employer so no pot accrues.

In the unfunded schemes the employer and, other than in the AFPS, the employee makes a contribution that goes straight back to the treasury rather than being invested. It's an accounting convenience to avoid distorting decisions over keeping work in house or contracting out or equipment/manpower costs

System

hyubh wrote: »

Contributions are irrelevant to a DC lifetime allowance calculation, let alone a DB one. (DC: value of the 'pot' at the end rather than of the money that went into it; DB: annual pension x 20 + lump sum, if applicable.)

The forces pension can only be a DB

Digging around the various Forces pension scheme it appears that only ranks of Lt Col/Wg Cdr/Cdr and above have the possibility of hitting exceeding the Lifetime Allowance or that's what the pensions people are saying. Obviously they are taking the forces pension in isolation

peterg1965

!!!!!! wrote: »

No it would have been 39.5. Service for pension purposes starts at 17.5 and you need 22 years for an immediate pension.
I joined at 16 3/4 so did 9 months before it counted toward pension

Under AFPS 75 the clock starts at 21 for officers with a requirement for 16 years service (37) to qualify for immediate pension. Clearly, that is now history!

I joined and was commissioned at 18, so didn't start to build up pension entitlement for nearly 3 years!

peterg1965

!!!!!! wrote: »

The forces pension can only be a DB

Digging around the various Forces pension scheme it appears that only ranks of Lt Col/Wg Cdr/Cdr and above have the possibility of hitting exceeding the Lifetime Allowance or that's what the pensions people are saying. Obviously they are taking the forces pension in isolation

I am at the upper scale of the Cdr's pay scale and I don't breach the LTA, although I am not at the maximum contribution limit for AFPS75, I have 29 years, whereas the maximum accrual is 34. It is the next rank up where breaching the LTA is a real possibility. The same rank (Cdr) in AFPS05 may be in real danger of breaching the LTA.

System

I was wrong for ORs it starts at 18 so that was a year and a quarter for me