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  • FIRST POST
    • Craig2909
    • By Craig2909 22nd Feb 19, 2:07 PM
    • 20Posts
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    Craig2909
    Future pension forecast
    • #1
    • 22nd Feb 19, 2:07 PM
    Future pension forecast 22nd Feb 19 at 2:07 PM
    I retired nearly 5 years ago on the 75 scheme. 24yrs Army
    My query is, is there as estimate of how much the pension is likely to go up by when I turn 55.
    I.e by 50% as opposed to a figure as they're all different?

    Also, do we get a lump sum also on the 75 scheme. My forecast from the mob never informed me of such but friends say that we also get a lump sum.

    - These friends all have a different opinion to my first query - so not that reliable !!!
Page 1
    • gt568
    • By gt568 22nd Feb 19, 3:03 PM
    • 1,752 Posts
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    gt568
    • #2
    • 22nd Feb 19, 3:03 PM
    • #2
    • 22nd Feb 19, 3:03 PM
    Do you mean a lump sum at 55? If so, no you don't. Not on the 75 scheme.
    Down with the signature fascists!!
    • molerat
    • By molerat 22nd Feb 19, 3:32 PM
    • 20,775 Posts
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    molerat
    • #3
    • 22nd Feb 19, 3:32 PM
    • #3
    • 22nd Feb 19, 3:32 PM
    It would only be a guess as the increase is based on inflation so who knows where that is going. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/686424/Pensions_Increase_Multiplier_Tables_2018.xlsx will give you what the pension is worth now at full rate if you. I suppose you could backdate the appropriate number of years to get a ballpark figure. I set up a spreadsheet and forward increased it by 2% each year and corrected it as time went along.
    https://www.helpforheroes.org.uk/give-support/donate-now/
    • Silvertabby
    • By Silvertabby 22nd Feb 19, 5:47 PM
    • 4,305 Posts
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    Silvertabby
    • #4
    • 22nd Feb 19, 5:47 PM
    • #4
    • 22nd Feb 19, 5:47 PM
    No, no further lump sum at 55 with AFPS75.

    Did you commute (ie, take a larger tax free lump sum in return for a smaller pension) when you retired? If so, then at 55 your pension will be restored to its pre-commutation value and then fully index linked.
    • Craig2909
    • By Craig2909 23rd Feb 19, 8:07 AM
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    Craig2909
    • #5
    • 23rd Feb 19, 8:07 AM
    • #5
    • 23rd Feb 19, 8:07 AM
    Many thanks for the responses.
    No lump sum, canít complain!
    I did commute the max, to get the most of the lump sum.
    Iíll try to do the spreadsheet idea to get an approx clue.
    I asked the FPS but their response was very vague!

    Thanks again
    • Silvertabby
    • By Silvertabby 23rd Feb 19, 12:45 PM
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    Silvertabby
    • #6
    • 23rd Feb 19, 12:45 PM
    • #6
    • 23rd Feb 19, 12:45 PM
    Many thanks for the responses.
    No lump sum, canít complain!
    I did commute the max, to get the most of the lump sum.
    Iíll try to do the spreadsheet idea to get an approx clue.
    I asked the FPS but their response was very vague!

    Thanks again
    Originally posted by Craig2909
    FPS won't give you a quote because you are asking them to forecast future cost of living increases.

    If you uprate your (pre commutation) pension as at your date of leaving to today's date using molerat's link (then add on another 2.4% for April 2019) then what that will buy you today should, in theory, buy you at 55.

    The danger of adding on future increases now could over inflate your expectations - as you will be looking at that figure in relation to today's prices.
    Last edited by Silvertabby; 23-02-2019 at 12:47 PM.
    • Craig2909
    • By Craig2909 23rd Feb 19, 12:59 PM
    • 20 Posts
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    Craig2909
    • #7
    • 23rd Feb 19, 12:59 PM
    • #7
    • 23rd Feb 19, 12:59 PM
    Thanks silver tabby.
    Please bear with me with this.
    So if I multiply by the figure in that link (mine was Oct 14) then do I add what ever inflation for 2015 , 16,17,18 then the 2.4 for apr 19 and carry that on each year?
    Sorry if it’s a daft simple question
    • Silvertabby
    • By Silvertabby 23rd Feb 19, 1:13 PM
    • 4,305 Posts
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    Silvertabby
    • #8
    • 23rd Feb 19, 1:13 PM
    • #8
    • 23rd Feb 19, 1:13 PM
    No. look up your actual date of leaving on the table and use that multiplication factor to increase your pre-commutation pension to April 2018. Then add on 2.4% for April 2019.

    These tables are issued every year, but doesn't look like 2019 has been released yet.

    In your case, the factor will either be 1.0465 (if you left on or before 20 Oct 2014) or 1.0455 (if you left later in the month).

    So, using £10k as an example of a pre-commuted pension and a leaving date of 20 Oct 2014:

    £10k x 1.0465 = £10,465.00 plus 2.4% = £10,716.16 pension as at April 2019.
    Last edited by Silvertabby; 23-02-2019 at 1:24 PM.
    • Craig2909
    • By Craig2909 24th Feb 19, 8:35 AM
    • 20 Posts
    • 25 Thanks
    Craig2909
    • #9
    • 24th Feb 19, 8:35 AM
    • #9
    • 24th Feb 19, 8:35 AM
    Many thanks, that makes perfect sense.
    I’ll have a look on you gov to try and find the page for when the table is released.
    Thanks again
    • Shipwreck1964
    • By Shipwreck1964 15th Mar 19, 1:57 PM
    • 3 Posts
    • 2 Thanks
    Shipwreck1964
    I commuted the maximum amount when I left the RN in 2005. The pension increased by around 80% when I reached age 55. Just to give you an idea.
    • Craig2909
    • By Craig2909 15th Mar 19, 2:31 PM
    • 20 Posts
    • 25 Thanks
    Craig2909
    Many thanks shipwreck, that’s quite a hefty rise. Hope you enjoy it mate
    • CDH1758
    • By CDH1758 11th Apr 19, 12:39 PM
    • 1 Posts
    • 0 Thanks
    CDH1758
    I successfully got my pension forecast as I had kept all my leaving paperwork. Unfortunately my brother was not so organised. He knows his army and NI number but not the precise dates of his service. Can he still apply for a forecast ?
    • Silvertabby
    • By Silvertabby 11th Apr 19, 1:20 PM
    • 4,305 Posts
    • 6,701 Thanks
    Silvertabby
    I successfully got my pension forecast as I had kept all my leaving paperwork. Unfortunately my brother was not so organised. He knows his army and NI number but not the precise dates of his service. Can he still apply for a forecast ?
    Originally posted by CDH1758

    Of course he can - he just needs to ring the pensions bods and quote his NI number. They'll find him from that.
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