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Is this right

Tell me if I'm correct or not please shipmates
The following is what I believed to be true when I left
I joined June 1992 and left April 2013 I swapped over to the AFPS 05 Scheme to take advantage of the 18/40 EDO
I had a lump some plus immediate pension I should get an increase at 55 and another when I'm 65 plus a further lump sum yes?
 

cjg375

Lantern Swinger
From this Government document: https://assets.publishing.service.g...FT_-_AFPS_05_Your_Scheme_Explained.pdf#page10

Deferred Pension
When can I receive my benefits?
Your age and the amount of paid Service you complete determines the point at which you are entitled to benefits:
If you leave the Service at age 55 (normal pension age) or over, you will be entitled to an immediate pension.
If you leave the Service before age 55, you will become a deferred member and will be entitled to a deferred pension paid at age 65 (pension benefit age). You might also be eligible for either:
• Early Departure Payment (EDP) (see section 4),
• Ill-health pension (see section 5), or
• Resettlement Grant (see section 6).

and

EDP
How do I know if I’m eligible?
To be eligible for an EDP, you will have to reach age 40 or over (but before the age of 55) and serve as a Regular for at least 18 years. This is known as the 18/40 EDP point, since both the 18 and 40 year marks have to be passed.
What will I receive and when?
If you leave the Regular Armed Forces on or after the 18/40 EDP point but before age 55 (normal pension age), you will receive a tax-free lump sum, equal to 3 times your annual deferred pension.
You will also receive a taxable monthly income, which is worth no less than 50% of the value of your annual deferred pension. For each year served beyond the 18/40 EDP point, the value of the EDP will be increased by 1.6667% of your deferred pension. Refer to the table below for illustrative examples.
From age 55, the EDP income increases to 75% of the value of your deferred pension.
Since an EDP is not a pension, once you reach age 65 (pension benefit age), the EDP income stops. At this point, your deferred pension becomes payable. It is important to remember that you must claim this pension from DBS Veterans UK (see section 3).


So it looks to me like you are on EDP of 50% of your ultimate preserved pension until you hit 55. At 55 it increases to 75% until age 65 (changed to SPA?) when you will begin to receive your actual pension.

The bold bit is really important. You have to ask for your pension at 65 (or SPA)
 

vauxhall

Lantern Swinger
Tell me if I'm correct or not please shipmates
The following is what I believed to be true when I left
I joined June 1992 and left April 2013 I swapped over to the AFPS 05 Scheme to take advantage of the 18/40 EDO
I had a lump some plus immediate pension I should get an increase at 55 and another when I'm 65 plus a further lump sum yes?
Your EDP was not your pension. Your EDP income is paid at a flat rate until age 55 when it is increased to 75% of your preserved AFPS 05 pension and it picks up all the CPI increases that have occurred since you left. From age 55 the income is increased each April by CPI and continues until age 65.

AFPS 05 pensions are normally payable from age 65 but can be claimed at any point from age 55 at a reduced rate. If you were to claim before age 65, the EDP income would not be affected.
 
Thanks for the reply I've seen that but my concern is that te wording has changed it says lump sum not limp sums ie a further lump sum at 65 if there wasn't I wouldn't have signed up to it
 

vauxhall

Lantern Swinger
If you are have benefits in AFPS 05 and leave with an AFPS 05 EDP and a preserved AFPS 05 pension, the system works as is set out in my email above.

You need to separate the EDP from the pension in your mind. You get your EDP which is paid until age 65. Quite separately, sitting there waiting, is your preserved pension (which includes a lump sum of three times the annual income) which can be claim at any age from 55. Nobody is altering that.

We await the outcome of the consultation document on how to put right what went wrong with the transfer of public sector workers to the 2015 pension arrangements but that is not going to affect what you have already built up under AFPS 05 rules.
 
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