Old Boys! Have you claimed your pension??

NannaH

It was June 95.  So we’re looking at around £5000 p.a. plus a £15k lump sum then in January 2026?
How utterly crap.  

Silvertabby

NannaH said:

It was June 95.  So we’re looking at around £5000 p.a. plus a £15k lump sum then in January 2026?
How utterly crap.  

I make that £4,842.35 pension plus £14,527.05 lump sum as at April 2022.  A little more or a little less if the £2,500 you quoted was just a round figure.

9 or 12 years service?  Not really such a bad return from what was (notionally) a non-contributory pension.

ADD: To put this into perspective, the cost of buying an index linked (even capped at 3%) dual life annuity of £5K per year from age 60 would cost the better part of £200K. 

NannaH

12.5 years service, he joined at 17.  It might be a smidge over £2500, but not much,  the letter is safely tucked away.   
I appreciate how much it would cost to buy that income,  it’s just very disappointing that the original sum hasn’t even doubled in 25 years.  

I would also only get half that amount as a Widow’s pension. 

Ali660

Silvertabby- would you be able to help me work out what I will likely get at age 60 please?

I left in April 1995 after serving 7 years 86 days and my paperwork on discharge says:

A preserved pension of £1307.89
A preserved terminal grant of £3923.67

In 2010 I obtained a forecast which said:

£1971.25
£5913.75

i will be 60 in 7 years time - 2028 (eek!)

hope you can help, 

many thanks

Silvertabby

Ali660 said:

Silvertabby- would you be able to help me work out what I will likely get at age 60 please?

I left in April 1995 after serving 7 years 86 days and my paperwork on discharge says:

A preserved pension of £1307.89
A preserved terminal grant of £3923.67

In 2010 I obtained a forecast which said:

£1971.25
£5913.75

i will be 60 in 7 years time - 2028 (eek!)

hope you can help, 

many thanks

Hi

As at April 2022 (ie, including the 3.1% increase recently announced) I make that:

Pension £2,549.22

Lump sum £7,647.66

Plus future cost of living increases from 2023 until 2028.

I wouldn't try to guestimate those future cost of living increases - the danger is that you would view the result in line with today's prices, thereby overestimating your eventual spending power.

Hope this helps. 

Ali660

Silvertabby said:

Ali660 said:

Silvertabby- would you be able to help me work out what I will likely get at age 60 please?

I left in April 1995 after serving 7 years 86 days and my paperwork on discharge says:

A preserved pension of £1307.89
A preserved terminal grant of £3923.67

In 2010 I obtained a forecast which said:

£1971.25
£5913.75

i will be 60 in 7 years time - 2028 (eek!)

hope you can help, 

many thanks

Hi

As at April 2022 (ie, including the 3.1% increase recently announced) I make that:

Pension £2,549.22

Lump sum £7,647.66

Plus future cost of living increases from 2023 until 2028.

I wouldn't try to guestimate those future cost of living increases - the danger is that you would view the result in line with today's prices, thereby overestimating your eventual spending power.

Hope this helps. 

Many thanks Silvertabby - it’s not much but will certainly help in the grand scheme of things!  It’s also nice to be able to start receiving this at age 60!

Silvertabby

Ali660 said:

Silvertabby said:

Ali660 said:

Silvertabby- would you be able to help me work out what I will likely get at age 60 please?

I left in April 1995 after serving 7 years 86 days and my paperwork on discharge says:

A preserved pension of £1307.89
A preserved terminal grant of £3923.67

In 2010 I obtained a forecast which said:

£1971.25
£5913.75

i will be 60 in 7 years time - 2028 (eek!)

hope you can help, 

many thanks

Hi

As at April 2022 (ie, including the 3.1% increase recently announced) I make that:

Pension £2,549.22

Lump sum £7,647.66

Plus future cost of living increases from 2023 until 2028.

I wouldn't try to guestimate those future cost of living increases - the danger is that you would view the result in line with today's prices, thereby overestimating your eventual spending power.

Hope this helps. 

Many thanks Silvertabby - it’s not much but will certainly help in the grand scheme of things!  It’s also nice to be able to start receiving this at age 60!

The Armed Forces pension is probably unbeatable for those of us who did 22 years +, not quite so much for those who didn't.  That said, the APFS75 accrual rate of 1/47th plus an automatic lump sum of 3 x times pension is better than anything else available (then or now) in the public sector. 

NannaH

Yes,  I know someone who retired last year as a Flight Sgt,  after 35 years at age 55,  his pension is unbelievable.
DH is still very bitter that he was forced out under ‘options for change’ , he very much wanted to stay in -  if he’d have been 6 months older he’d have got a redundancy payout big enough to have bought us a house,  which is what happened to several friends.    

Their incompetence also cost us £30k,  we applied for a mortgage with 12 months to go and they wrongly informed the lender that he was already out and did nothing to remedy the situation.  By the time he was actually out,  with a new job,  the same house, that we still own today,  had risen by £30k.  

Angry and bitter?  You bet. 

Silvertabby

NannaH said:

Yes,  I know someone who retired last year as a Flight Sgt,  after 35 years at age 55,  his pension is unbelievable.
DH is still very bitter that he was forced out under ‘options for change’ , he very much wanted to stay in -  if he’d have been 6 months older he’d have got a redundancy payout big enough to have bought us a house,  which is what happened to several friends.    

Their incompetence also cost us £30k,  we applied for a mortgage with 12 months to go and they wrongly informed the lender that he was already out and did nothing to remedy the situation.  By the time he was actually out,  with a new job,  the same house, that we still own today,  had risen by £30k.  

Angry and bitter?  You bet. 

I do sympathise.  Mr S and I retired just over 20 years ago, he being a Chf Tech (= Flight Sgt's pension)with just short of 30 years and me as a Sgt with just over 22 years.

I was a Pers Admin, and so was heavily involved (on a practical level) in the 1995 redundancies.  This included speaking to mortgage suppliers in order to clarify misunderstandings (which were legion!).  My boss at the time (a young junior officer) told me to stop 'wasting my time on things that didn't concern me' but I just ignored him and did my best to help whenever I could. 

NannaH

Where were you based in 95? 

I’m now wondering if DH knows Mr S,  it’s a very small world.
We were at Coltishall in 95, having come from Wildenrath in 92. 

DH was one of the founding members of the Armourer’s charity a few years back.