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2 years off my end of service

BradyBunch

Midshipman
Been looking at the forces pension calculator and just curious, how does it work (if at all) with shuffling your lump sum/year pension pot?
when does the lump sum get paid, when does the pension start (will have completed 22 years, no breaks, no kids time)

obviously, I will engage with the pension type people, just would like to know from those with recent experience?



thanks
 

BradyBunch

Midshipman
thanks for the reply...my curiosity is centered around the part where you can transfer part of your lump sum to your annual pension pot....and vice/vera

if that still (or ever was) a thing..and the mechanics around it etc
 

BradyBunch

Midshipman
If you have 22 yrs reckonable service you would get your pension and lump sum based on your AFPS 75 membership and your EDP lump sum and income stream based on you AFPS 15 membership. Take a look at my article in this Magazine. If you are an FPS member and need your calculator printout translating, contact the team at Vauxhall ([email protected]).



https://cloud.3dissue.com/6374/7271/15135/PFSep17/index.html?r=51
lots of detail, but clear as mud to me
LOL

will look at t he FPS and go from there. Thank you
 

cjg375

Lantern Swinger
You’ve done 22 years and been on both AFPS 75 (assuming you didn’t move over to AFPS 05 in 2005/6) and AFPS 15. You’ll get an immediate pension and lump sum of 3 times your pension from the AFPS 75 pension. How much will depend on your rank and pay on end of service. You’ll get Early Departure Payments of about a third of your eventual AFPS 15 pension and a lump sum of 2.25 times your eventual pension from departure point. How much will depend on the salary you’ve been paid since 2015. You can commute your AFPS 75 (Resettlement Commutation) immediate pension to get a larger lump sum. You can inversely commute your AFPS 15 lump sum to get more pension. All payments are made within 30 days of TX date. You need to decide on commutation before TX. You’ll complete a Pension form during your release. It’s a good idea to get a final calculator run before you leave. Also ask for a forecast in your last few months. Finally you can join the FPS and they’ll check what the pension folks say you are due. Probably the best £39 you’ll ever spend.

Oh and get on a Financial Aspects of Resettlement course in your last few months as there are good presentations about all of this by the Forces Pension Society.
 

BradyBunch

Midshipman
You’ve done 22 years and been on both AFPS 75 (assuming you didn’t move over to AFPS 05 in 2005/6) and AFPS 15. You’ll get an immediate pension and lump sum of 3 times your pension from the AFPS 75 pension. How much will depend on your rank and pay on end of service. You’ll get Early Departure Payments of about a third of your eventual AFPS 15 pension and a lump sum of 2.25 times your eventual pension from departure point. How much will depend on the salary you’ve been paid since 2015. You can commute your AFPS 75 (Resettlement Commutation) immediate pension to get a larger lump sum. You can inversely commute your AFPS 15 lump sum to get more pension. All payments are made within 30 days of TX date. You need to decide on commutation before TX. You’ll complete a Pension form during your release. It’s a good idea to get a final calculator run before you leave. Also ask for a forecast in your last few months. Finally you can join the FPS and they’ll check what the pension folks say you are due. Probably the best £39 you’ll ever spend.

Oh and get on a Financial Aspects of Resettlement course in your last few months as there are good presentations about all of this by the Forces Pension Society.
Ta very muchly
 
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