2015 New Pension scheme advice please

Discussion in 'Current Affairs' started by stan_the_man, Mar 3, 2012.

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  1. Guys
    Chatting with my daughter yesterday and she mentioned that a new Armed Forces Pension Scheme is due to come into force in 2015, and for anyone who has done less than 10 years qualifying service it is compulsory to change to the new scheme.
    As we all are far to aware noboby will ever get a better pension scheme than the one you are currently signed up to particularly with the current state of the nations finances.
    It seems unusual that they are making the scheme compulsory for some ratings when at least everyone was given an option to change on previous AFPS have occured.
    We recently saw strike action by many Public Sector workers when the goverment have attempted to change Civil Service Schemes and the goverment has backed down and only introduced the new measures to new members of the Public Sector.
    If this is true this is a very sad time for HM Forces given that pay has been frozen for the last 3 years can anyone enlighten me??
    People on benefits got a 5% rise!!!
    Bad enough that they altered the current pension schemes to increase in line with CPI rather than the higher RPI last year.
  2. I have a feeling that we are ALL required to change to it, however we have preserved rights. Happy to be corrected though.
  3. So would happen if I transferred my civil service pension - 9 years on around 32k, to AFPS05 on entry? Does transfer of service count in their calculation of service?

    They are gonna stiff me no matter what I do. *******.
  4. As SJRM says, everyone has to transfer to the new pension scheme, there is no option to remain on AFPS75 or 05. All pension accrued up to 2015 remains protected though and this is detailed in a DIN released three days ago.

    It is still yet to be decided what the new rates will be for AFPS2015 but you can bet they won't be good. I and others I know are already looking into private pensions to run alongside from then.

    Get her to print out all the DINs and read through them.
  5. As MLP says, there is a very recent DIN. I haven't inwardly digested it yet, but in principle I believe that, in my case, what I have accrued under 75 will stand and from then on the new terms will kick in. As ever, you can bet we wont be getting more money!
  6. I read the DIN on Thursday and EVERYONE under the age of 45 will have to transfer to the new scheme on 1st April 2012 that's correct 2012
    Surely this is age discrimination. Should it not be length of service???

    Follow this to NFF site Breaking News from NFF
    Last edited: Mar 3, 2012
  7. SJRM_RN. I see your links but we are not public sector workers but Armed Forces! The absolute biggest farce of this whole DIN is that there is no mention of commutation (this has not been agreed yet) and it quite clearly states that if you are under 45 on 1st April 2012 you will automatically be pushed over! Imagine they (the government) raised the pension with a months notice to 75? This is why the public sector, who can strike are kicking off.
    Also as mentioned by others, I got the choice of going to the 05 scheme but have no choice on this one.
    In my opinion the DIN should never have been released as the model for this new scheme isn't finalised. Total farce!!!
  8. I am afraid that they are in a total no-win situation regarding the DIN. This has been dragging out for ages - the Framework Document was supposed to be out in October but, due to delays a Treasury, they have only just go the bare bones of the scheme and the agreement on accrued rights. This has caused an awful lot of worry and moaning so, rather than keep silent until they have all the facts to give you, they told you what they know. As I say, a no-win situation.

    The Forces Pension Society are the nearest to a union you have got and we will be keeping close to the design process to ensure that Service personnel get the best scheme possible within Treasury constraints. We are also part of the consultative process, so MOD have to talk to us. Keep an eye on our website Forces Pension Society - Fighting for the forces and their families.

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