Don't get caught out ..

Ninja_Stoker

War Hero
Moderator
It begs the obvious question: Why don't Equinity or Veterans UK automatically notify those paid EDP, three months before the chop date?
 

vauxhall

Lantern Swinger
It would be nice if they did. My guess is that it is a question of resources.

Just for clarification, the veteran in the case above was an AFPS 05 member - hence the EDP income continued until age 65. For AFPS 15 linked EDPs, EDP income continues until the member's state pension age.
 

vauxhall

Lantern Swinger
No. Relax.

When you left you left with either a pension or a preserved pension. EDPs were introduced because the 2004 Finance Act said that pension schemes could only pay a pension before age 55 in the event of ill health. AFPS 75 was safe as it was closed to new entrants before the provisions of the Act commenced (6 April 2006). EDP when introduced was a way to pull people through to at least age 40 with at least 18 yrs, letting them leave with a lump sum and an income stream.
 

Taztiff

War Hero
When you left you left with either a pension or a preserved pension. EDPs were introduced because the 2004 Finance Act said that pension schemes could only pay a pension before age 55 in the event of ill health
Feww! Glad I turned down that 2OE in 2000 then!
 

WreckerL

War Hero
Super Moderator
I did 2OE10, left in 2007 and resisted all of the growns up who kept pressurising me to change from AFPS75. They kept trying to convince me that I'd be better off but the spidey senses had kicked in full bore, especially when I got blank looks when I said they'll only change the pension scheme to save money, so how am I better off? The waffle that usually followed was a joy to behold, I assume that's a course they do at Dartmouth :)
 

Sumo

War Hero
I did 2OE10, left in 2007 and resisted all of the growns up who kept pressurising me to change from AFPS75. They kept trying to convince me that I'd be better off but the spidey senses had kicked in full bore, especially when I got blank looks when I said they'll only change the pension scheme to save money, so how am I better off? The waffle that usually followed was a joy to behold, I assume that's a course they do at Dartmouth :)
I think it's called the BS or don't have a clue course.
 

WreckerL

War Hero
Super Moderator
I think the new system worked well for a few, there are a couple of ex RAF WO's here who dipped in a stinker :(
It all depended on length of service and how long you had left, for me it was a no brainer to stay on '75. A bloke I know who was the same rate and branch, same length of service fell for it. I still see him and he still keeps trying to convince me he's better off. For a lucky few changing over worked, but they were in a minority.

I often wonder, with those that changed schemes, just how much has the MoD saved?
 
I did 2OE10, left in 2007 and resisted all of the growns up who kept pressurising me to change from AFPS75. They kept trying to convince me that I'd be better off but the spidey senses had kicked in full bore, especially when I got blank looks when I said they'll only change the pension scheme to save money, so how am I better off? The waffle that usually followed was a joy to behold, I assume that's a course they do at Dartmouth :)
Its funny that they all of a sudden became fully qualified financial advisors able to offer such sage advice. As you say, they would hardly be likely to introduce a new scheme that would actually cost more money and be beneficial to everyone. Someone, somewhere would inevitably lose out.
 
I think the ones that dipped in have to make at lease 65 to reap the full benefit of jumping across. One WO I knew was Mr RAF and would have stayed in forever, but the financial package was far to good and he was gone as soon as he could. As mentioned it only benefited a small minority and it wasn't hard for people to work out if they were in the zone.

I left as a PO and its not a massive pension but it pays the mortgage every month, and I got it at 40.
 

CRMS

Newbie
I switched to 05 from 75 and went at 55. Much better off.
Believe 75-05 change was financially neutral. Reduced immediate pensions etc paid for increased widow's benefits etc.
 

Ninja_Stoker

War Hero
Moderator
Each pension scheme differs but in my experience,whenever a new armed forces pension is introduced, the only person that makes gains is the government.

Changes aren't made to pay more.
 

slim

War Hero
Each pension scheme differs but in my experience,whenever a new armed forces pension is introduced, the only person that makes gains is the government.

Changes aren't made to pay more.
I remember in the 70s paying in extra money to enable my wife to have a Full half of my pension when I die. Without these extra contributions she would have only been entitled to 50% of any pension due after a certain date.
Was it worth it?
We will only find out if I pop my clogs first
 

Sumo

War Hero
I remember in the 70s paying in extra money to enable my wife to have a Full half of my pension when I die. Without these extra contributions she would have only been entitled to 50% of any pension due after a certain date.
Was it worth it?
We will only find out if I pop my clogs first
Then you will never know:rolleyes:
 

metocman

Lantern Swinger
Feww! Glad I turned down that 2OE in 2000 then!
No. Relax.

EDPs were introduced because the 2004 Finance Act said that pension schemes could only pay a pension before age 55 in the event of ill health. AFPS 75 was safe as it was closed to new entrants before the provisions of the Act commenced (6 April 2006). EDP when introduced was a way to pull people through to at least age 40 with at least 18 yrs, letting them leave with a lump sum and an income stream.
So, if I was due to leave in 2019, was given a five year extension of service but then decided that I wanted to leave during those five years I wouldn't get an immediate pension because I'm not in ill health?
 
Thread starter Similar threads Forum Replies Date
MG Maniac Don't get caught fancying pigeons! Diamond Lil's 8
MoD_RSS Don’t be a Space Invader: stay safe, stay back MoD News 0
MoD_RSS British Embassy Warsaw launches 'Don't Become a Victim of Modern Slavery' campaign MoD News 0
MoD_RSS Don’t get Petfished: Vets and celebrities lead public warnings against ‘cruel and opportunist’ lockdown pet sellers  MoD News 0
MoD_RSS Don’t rely on temperature screening products for detection of coronavirus (COVID-19), says MHRA MoD News 0
MoD_RSS Don’t call us – we’ll call you MoD News 0
MoD_RSS Don’t miss out, claim Child Benefit by phone or post, HMRC tells new parents MoD News 0
MoD_RSS Update on 'Do’s and Don’ts' of completing an application to incorporate a CIC to include 'Online' applications MoD News 0
MoD_RSS Alec Don named as new DECA Chairman MoD News 0
MoD_RSS Summer fun – don’t fake it! MoD News 0
MoD_RSS Don’t Blow It! Phase 2 Launch Event MoD News 0
MoD_RSS News story: Don't Blow it! Collaboration Day MoD News 0
MoD_RSS Speech: Please don’t waste this moment MoD News 0
MoD_RSS Press release: Don’t miss out on Help to Save MoD News 0
MoD_RSS Speech: I don’t want you to panic MoD News 0
MoD_RSS Press release: ‘Don’t be a Space Invader’ - says former ‘Stig’ Ben Collins MoD News 0
MoD_RSS News story: Salmon found in River Don at Sheffield MoD News 0
Ballistic Like/funny/don't like etc. facility not working. Site Issues 13
MoD_RSS Press release: Crack down on suppliers who don’t pay on time MoD News 0
MoD_RSS News story: Defence and Security Accelerator Dial-in: Don't Blow It! MoD News 0
MoD_RSS Speech: "You don't recruit an arsonist to put out a fire. You especially don't do that when the fire is one they caused." MoD News 0
vauxhall Don't forget to claim your pension! Finance & Pensions 5
MoD_RSS News story: Notice of competition launch 'Don't Blow It! Safely eliminating munitions on the battlefield MoD News 0
fishhead Don't mention the war Boris Current Affairs 11
H Why don't they increase supplies of food on submarines? Submariners 60
Stirlin Don't try this at home. Sports and Adventure Training 3
Passed-over_Loggie Don't Eat The Snow! Diamond Lil's 0
SONAR-BENDER Yippee! Don't need to come up the beach! Diamond Lil's 0
P I just don't get those defending the "Joint" F-35 concept The Fleet Air Arm 28
finknottle Tories;don't you just love them! The Gash Barge 57
F Don't panic Captain Mainwaring Diamond Lil's 24
soleil So the Septics don't think we're up to it! Current Affairs 68
S Don't ask Don't tell Joining Up - Royal Navy Recruiting 3
daffy1 Don't get mad, make hot wets and biscuits. Current Affairs 1
scouse The Jocks don't want the Sundodgers Submariners 8
soleil Defence Management Journal: "MoD Admits 'We Don't Know' Over F-35B Fighter Problems" The Fleet Air Arm 7
Rumrat Ah well ( fuckin don't snigger Rumrat) The Gash Barge 14
Ninja_Stoker Pompey Diving Team don't have a boat shocker Diamond Lil's 9
trelawney126 Asking directions in London.....Don't bother The Gash Barge 15
Rumrat Not for the religiouse.... don't look, honestly. Diamond Lil's 2
Seaweed 'History' Threads Don't Paint in 'Last 50' Site Issues 2
finknottle I don't Believe It! Current Affairs 37
F Don't panic, they don't like it up 'em ! Current Affairs 24
broadside They just don't get it do they? Current Affairs 23
soleil Sun: "Nuke Test That Says: Don’t Mess With The UK" Submariners 5
janner I don't remember a lot of these places. The Gash Barge 14
trelawney126 Blair " Don't Hang the Bankers" Current Affairs 3
BillyNoMates You don't have to look like Jet Li to be a Ninja-a-a-aaaa Diamond Lil's 4
whitemouse 'Don't tell him, Pike' ! Films, Music, TV & All Things Artsy 4
S I Don't Understand Women! The Gash Barge 16
Similar threads


















































Top