AFPS 2015 added pension

Roly79

Good afternoon all

Please feel free to move to the Armed forces board if required.

I have recently received my quote to purchase some added pension on the new Armed forces pension scheme 2015. It reads as follows

For a lump sum purchase of £5500 (with tax relief ???) I would gain the following

Upon leaving the armed forces at age 40

£1120 lump sum

£167 a year (taxable) (not index linked)

At age 55 the £167 would receive a 15 year CPI index adjustment

I would then receive until my state pension age (68 :rotfl:)
£167(+CPI)

Upon reaching state pension age I would receive £498 a year

If I died my wife would receive 62.5% of any of these benefits for the remainder of her life

The information around about this is pretty poor at the minute and the AFPS calculator is being amended again to avoid confusion that people were getting a lot more than they thought.

I was just looking for some advice really from anybody who knows more about this scheme and if I have the right idea of what I will get as like I say the information is a bit muddy and the quote doesn't explain much

Also of course does it look a decent deal or could it be easily beaten in a SIPP.

I know it depends on lots of unknowns but was just hoping for some input before making a decision in this tax year

Many thanks to all who have read my ramblings

Roly79

Would it be possible to move this to the armed forces board

thankyou