Transfer out of Armed Forces Pension

Good_bad_and_ugly

OP,

There might be plenty of credible reasons to have transferred out of AFPS. The prescriptive and dogmatic approach that tells you not to be foolish is arrogant (and in the main), poorly informed.

jem16

Good_bad_and_ugly wrote: »

OP,

There might be plenty of credible reasons to have transferred out of AFPS.

Yes there are. However none of the reasons the Op gave were credible so replies were based on that.

gordano_2

As an ex serviceman also with AFSP I would suggest you leave it where it is. I obtained a statement on my AFSP and the transfer value was poor compared to the index linked pension on offer.


Another factor to consider is diversification, why put everything into one employer's pension scheme?


My advice would be to leave the AFSP where it is and seek to build other investments for your future retirement.

gooner2459

I currently recieve a war pension, would I be able to release any or all of it under the new rules, can anyone answer that for me?

greenglide

gooner2459 wrote: »

I currently recieve a war pension, would I be able to release any or all of it under the new rules, can anyone answer that for me?

No. A war pension is not a "pension" in the way that is talked about here.

It is, effectively, a "benefit", and is paid by the government. It cannot be cashed in or transferred.

It is "compensation" for the surviving spouse of a deceased member of the forces or for a member of the forces injured during service.

Good_bad_and_ugly

jem16 wrote: »

Yes there are. However none of the reasons the Op gave were credible so replies were based on that.

There is sometimes an overly myopic obsession with investment risk, return and loss which sometimes overlooks just as many other just as relevant issues. Their capacity for risk, loss, health, other assets, need to bequeath assets, family circumstances etc etc etc etc etc, let alone determining their 'credibility' on the basis of a messageboard post.

A brief flip through the most recent pension act legislation underscores the fragility of certainty for recipients for future military pensioners too. I think I'd at least explore Pete's personal circumstances before telling them they were foolish, based on what they didn't say, rather than what you should have. However, a moot point.

jem16

Good_bad_and_ugly wrote: »

let alone determining their 'credibility' on the basis of a messageboard post.

The OP has clearly demonstrated that he doesn't understand what he has in the form of his forces pension. His reasons for wanting to transfer were based on wrong information.

A brief flip through the most recent pension act legislation underscores the fragility of certainty for recipients for future military pensioners too.

If government backed pensions are fragile then we have a lot more to worry about than money.

I think I'd at least explore Pete's personal circumstances before telling them they were foolish, based on what they didn't say, rather than what you should have.

Then why haven't you done so?

However, a moot point.

As you say it's moot as it can't be done.

Good_bad_and_ugly

Well, he hasn't "clearly demonstrated" at all. He has posted a couple of questions, offered his age etc. Before you determine a correct response, you need to spend a little longer than basing a few assumptions on that.

You need to read the GAD valuation of AFPS, published two weeks ago. You're asking 'if' they're fragile?! Check out the CIPFA valuation dated 30 March.. a £1.3 trillions shortfall?! Don't you think that might be more relevant to someone in their 30s than someone in their 50s?

All I'm saying is, to dogmatically tell someone to stick in a public sector scheme is outdated (at best) information/advice.

dunstonh

All I'm saying is, to dogmatically tell someone to stick in a public sector scheme is outdated (at best) information/advice.

Would you like to explain how this pension could be transferred?

Good_bad_and_ugly

Deferred DB to DB permissible. Then out of some, such as the NHS, permissible in some circumstances.