What will teachers pension increase by this year? 10% CPI?

jonnydeppiwish!

it’s it’s a really interesting discussion, FS v CARE, public v private etc.

From a personal POV, I have a FS pension from the AFPS 75 which was possibly the most gold plated pension scheme going as there were no employee contributions (well, they never showed on the payslip!).

I’m now a teacher and joined TPS 4 years ago - CARE and I know it won’t be a lot each year but hopefully it’ll allow me to retire at 55, once the military pension gets its 15 years of CPI added on. 

I inow a lot of people in the private sector with the same qualifications as me, who earn either the same or substantially more than me, with relocation packages, cars, healthcare etc. they use their extra cash to buy rentals to improve their pensions.

My parents also give away the winter fuel allowance and don’t take the freebies as they know they can afford to.

As for the 10% cpi next year, I bloody hope so!

IAMIAM

jonnydeppiwish! said:

it’s it’s a really interesting discussion, FS v CARE, public v private etc.

From a personal POV, I have a FS pension from the AFPS 75 which was possibly the most gold plated pension scheme going as there were no employee contributions (well, they never showed on the payslip!).

I’m now a teacher and joined TPS 4 years ago - CARE and I know it won’t be a lot each year but hopefully it’ll allow me to retire at 55, once the military pension gets its 15 years of CPI added on. 

I inow a lot of people in the private sector with the same qualifications as me, who earn either the same or substantially more than me, with relocation packages, cars, healthcare etc. they use their extra cash to buy rentals to improve their pensions.

My parents also give away the winter fuel allowance and don’t take the freebies as they know they can afford to.

As for the 10% cpi next year, I bloody hope so!

Similar. Although my CARE accrues around £1.1k per annum....I am aiming to go at 58-60

Silvertabby

jonnydeppiwish! said:

it’s it’s a really interesting discussion, FS v CARE, public v private etc.

From a personal POV, I have a FS pension from the AFPS 75 which was possibly the most gold plated pension scheme going as there were no employee contributions (well, they never showed on the payslip!).

I’m now a teacher and joined TPS 4 years ago - CARE and I know it won’t be a lot each year but hopefully it’ll allow me to retire at 55, once the military pension gets its 15 years of CPI added on. 

I inow a lot of people in the private sector with the same qualifications as me, who earn either the same or substantially more than me, with relocation packages, cars, healthcare etc. they use their extra cash to buy rentals to improve their pensions.

My parents also give away the winter fuel allowance and don’t take the freebies as they know they can afford to.

As for the 10% cpi next year, I bloody hope so!

Although AFPS is notionally non-contributory, the value is taken into account by the pay review body when setting the Armed Forces salary.  In our time, the 'reduction' was 9%. Still the best of the best, though!

Did you term commute (give up some of your pension in return for a bigger tax free lump sum) when you retired?  If so, at 55,  your pension will be restored to its pre-commutation level and then fully index linked back to the day you left.  We are older than you, but our RAF pensions more than doubled when we hit 55 

jonnydeppiwish!

Silvertabby said:

jonnydeppiwish! said:

it’s it’s a really interesting discussion, FS v CARE, public v private etc.

From a personal POV, I have a FS pension from the AFPS 75 which was possibly the most gold plated pension scheme going as there were no employee contributions (well, they never showed on the payslip!).

I’m now a teacher and joined TPS 4 years ago - CARE and I know it won’t be a lot each year but hopefully it’ll allow me to retire at 55, once the military pension gets its 15 years of CPI added on. 

I inow a lot of people in the private sector with the same qualifications as me, who earn either the same or substantially more than me, with relocation packages, cars, healthcare etc. they use their extra cash to buy rentals to improve their pensions.

My parents also give away the winter fuel allowance and don’t take the freebies as they know they can afford to.

As for the 10% cpi next year, I bloody hope so!

Although AFPS is notionally non-contributory, the value is taken into account by the pay review body when setting the Armed Forces salary.  In our time, the 'reduction' was 9%. Still the best of the best, though!

Did you term commute (give up some of your pension in return for a bigger tax free lump sum) when you retired?  If so, at 55,  your pension will be restored to its pre-commutation level and then fully index linked back to the day you left.  We are older than you, but our RAF pensions more than doubled when we hit 55 

Yep I took max commutation at 40, but also had 3 years of AFPS 15. The added confusion and lack of direction on that front will hopefully be sorted in the next year - I now have 11 years till 55 hence the hope of retirement then.
ex RAF myself and still the best job I’ve ever had (apart from 5 years commissioned, sat behind a desk counting pennies !)

Silvertabby

jonnydeppiwish! said:

Silvertabby said:

jonnydeppiwish! said:

it’s it’s a really interesting discussion, FS v CARE, public v private etc.

From a personal POV, I have a FS pension from the AFPS 75 which was possibly the most gold plated pension scheme going as there were no employee contributions (well, they never showed on the payslip!).

I’m now a teacher and joined TPS 4 years ago - CARE and I know it won’t be a lot each year but hopefully it’ll allow me to retire at 55, once the military pension gets its 15 years of CPI added on. 

I inow a lot of people in the private sector with the same qualifications as me, who earn either the same or substantially more than me, with relocation packages, cars, healthcare etc. they use their extra cash to buy rentals to improve their pensions.

My parents also give away the winter fuel allowance and don’t take the freebies as they know they can afford to.

As for the 10% cpi next year, I bloody hope so!

Although AFPS is notionally non-contributory, the value is taken into account by the pay review body when setting the Armed Forces salary.  In our time, the 'reduction' was 9%. Still the best of the best, though!

Did you term commute (give up some of your pension in return for a bigger tax free lump sum) when you retired?  If so, at 55,  your pension will be restored to its pre-commutation level and then fully index linked back to the day you left.  We are older than you, but our RAF pensions more than doubled when we hit 55 

Yep I took max commutation at 40, but also had 3 years of AFPS 15. The added confusion and lack of direction on that front will hopefully be sorted in the next year - I now have 11 years till 55 hence the hope of retirement then.
ex RAF myself and still the best job I’ve ever had (apart from 5 years commissioned, sat behind a desk counting pennies !)

I was a Sgt Pers Admin - and my claim to fame is that I was the first ever female drafter, back in 1986.  Loved that job!  Mr S was a Chf Tech Aircraft leccy.  Did over 50 years between us - still miss the life.

NannaH

DH is AFPS75,  he doesn’t get his pension till age 60, in 2025.  How do you get yours at 55?   

jonnydeppiwish! said:

Silvertabby said:

jonnydeppiwish! said:

it’s it’s a really interesting discussion, FS v CARE, public v private etc.

From a personal POV, I have a FS pension from the AFPS 75 which was possibly the most gold plated pension scheme going as there were no employee contributions (well, they never showed on the payslip!).

I’m now a teacher and joined TPS 4 years ago - CARE and I know it won’t be a lot each year but hopefully it’ll allow me to retire at 55, once the military pension gets its 15 years of CPI added on. 

I inow a lot of people in the private sector with the same qualifications as me, who earn either the same or substantially more than me, with relocation packages, cars, healthcare etc. they use their extra cash to buy rentals to improve their pensions.

My parents also give away the winter fuel allowance and don’t take the freebies as they know they can afford to.

As for the 10% cpi next year, I bloody hope so!

Although AFPS is notionally non-contributory, the value is taken into account by the pay review body when setting the Armed Forces salary.  In our time, the 'reduction' was 9%. Still the best of the best, though!

Did you term commute (give up some of your pension in return for a bigger tax free lump sum) when you retired?  If so, at 55,  your pension will be restored to its pre-commutation level and then fully index linked back to the day you left.  We are older than you, but our RAF pensions more than doubled when we hit 55 

Yep I took max commutation at 40, but also had 3 years of AFPS 15. The added confusion and lack of direction on that front will hopefully be sorted in the next year - I now have 11 years till 55 hence the hope of retirement then.
ex RAF myself and still the best job I’ve ever had (apart from 5 years commissioned, sat behind a desk counting pennies !)

C_Mababejive

The answer is to marry a teacher or similar..

molerat

NannaH said:

DH is AFPS75,  he doesn’t get his pension till age 60, in 2025.  How do you get yours at 55?  

By serving a full pensionable term. 

With AFPS75 you you get an immediate pension after 22 years service (18 for officers) - so at 40 for many  - which does not increase until age 55 when the full inflationary increases are added.

 If you do not serve a full term you receive a preserved pension payable at 60.

jonnydeppiwish!

NannaH said:

DH is AFPS75,  he doesn’t get his pension till age 60, in 2025.  How do you get yours at 55?   

jonnydeppiwish! said:

Silvertabby said:

jonnydeppiwish! said:

it’s it’s a really interesting discussion, FS v CARE, public v private etc.

From a personal POV, I have a FS pension from the AFPS 75 which was possibly the most gold plated pension scheme going as there were no employee contributions (well, they never showed on the payslip!).

I’m now a teacher and joined TPS 4 years ago - CARE and I know it won’t be a lot each year but hopefully it’ll allow me to retire at 55, once the military pension gets its 15 years of CPI added on. 

I inow a lot of people in the private sector with the same qualifications as me, who earn either the same or substantially more than me, with relocation packages, cars, healthcare etc. they use their extra cash to buy rentals to improve their pensions.

My parents also give away the winter fuel allowance and don’t take the freebies as they know they can afford to.

As for the 10% cpi next year, I bloody hope so!

Although AFPS is notionally non-contributory, the value is taken into account by the pay review body when setting the Armed Forces salary.  In our time, the 'reduction' was 9%. Still the best of the best, though!

Did you term commute (give up some of your pension in return for a bigger tax free lump sum) when you retired?  If so, at 55,  your pension will be restored to its pre-commutation level and then fully index linked back to the day you left.  We are older than you, but our RAF pensions more than doubled when we hit 55 

Yep I took max commutation at 40, but also had 3 years of AFPS 15. The added confusion and lack of direction on that front will hopefully be sorted in the next year - I now have 11 years till 55 hence the hope of retirement then.
ex RAF myself and still the best job I’ve ever had (apart from 5 years commissioned, sat behind a desk counting pennies !)

As above, served 20 years so immediate pension paid out when I left at 40z

Andy_L

Silvertabby said:

jonnydeppiwish! said:

it’s it’s a really interesting discussion, FS v CARE, public v private etc.

From a personal POV, I have a FS pension from the AFPS 75 which was possibly the most gold plated pension scheme going as there were no employee contributions (well, they never showed on the payslip!).

I’m now a teacher and joined TPS 4 years ago - CARE and I know it won’t be a lot each year but hopefully it’ll allow me to retire at 55, once the military pension gets its 15 years of CPI added on. 

I inow a lot of people in the private sector with the same qualifications as me, who earn either the same or substantially more than me, with relocation packages, cars, healthcare etc. they use their extra cash to buy rentals to improve their pensions.

My parents also give away the winter fuel allowance and don’t take the freebies as they know they can afford to.

As for the 10% cpi next year, I bloody hope so!

Although AFPS is notionally non-contributory, the value is taken into account by the pay review body when setting the Armed Forces salary.  In our time, the 'reduction' was 9%. Still the best of the best, though!

Did you term commute (give up some of your pension in return for a bigger tax free lump sum) when you retired?  If so, at 55,  your pension will be restored to its pre-commutation level and then fully index linked back to the day you left.  We are older than you, but our RAF pensions more than doubled when we hit 55 

not quite. They take into account how much better it is than a "typical pension" (eg the immediate pension & earlier retirement date ) rather than the full value of the pension. Unfortunately that does mean that the vast majority who don't get those benefits pay for those who do