Joining FTRS

Discussion in 'Finance & Pensions' started by SiriusF40, Jan 16, 2014.

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  1. Hi I leave the RN June this year after 31 years, I have been offered a post as FTRS in the same job, I am on the AFPS 05 , in a nut shell I know my EDP is frozen etc but do I lose my lump sum payment?

    SiriusF40
     
  2. If you are intending coming straight back in then YES - they will want the EDP back. Be very, very careful and seek proper advice. Even NPT(Res) in West Battery will tell you the basics; as a general rule AFPS 05 and FTRS do not work!
     
  3. FTRS is not normal. Your benefits are determined by your level of commitment. Life in uniform with no allowance package has got to be questionable. It wouldn't suit me but it may be good for you. You may be better off with a civilian employer collecting your EDP and a pension. Weigh up the pros and cons and don't forget the family.
     
  4. sgtpepperband

    sgtpepperband War Hero Moderator Book Reviewer

    ...and let it go. There is more to life than the RN. It's a job, not a way of life. :wink:
     
    • Like Like x 2
  5. From MMP116 reemployment (found through Google):

    Effect on EDP Lump Sum
    If you rejoin the Regular Armed Forces voluntarily or accept an FTRS appointment without a break of at least the period represented by the EDP lump sum you will have to pay back the ‘unexpired’ proportion. This means that if your EDP lump sum was of equivalent value to 12 months’ pay, and you rejoined the Armed Forces after six months, you would have to pay back half of the lump sum

    If you repay part of your lump sum on taking up an FTRS job it is lost to you, as FTRS terms and conditions do not include EDP.
    If you repay part of your lump sum on rejoining the Regular Armed Forces and leave again before the age of 55, you will receive a new EDP lump sum based on your total service less the amount of your original EDP lump sum that you did not repay.

    Looks a bit guff to me. Not sure it'd be worth it really.


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  6. Thanks guys,

    rang SPVA today at different times and spoke to different people there from the same desk , from them and have their names too " if joining FTRS from RN on 05 scheme your give up your EDP whilst FTRS but keep your Lump sum in total when you leave FTRS your EDP re starts
     
  7. Okay. I like your thinking on having their names as that advice totally contradicts the publication (not sure if you read it - link below). I'd also caution that it's ok having their names but I'd want it in writing cos I've been screwed over a couple of times when what I've been told to expect doesn't transpire to be true and they can deny stuff to their hearts content.

    http://www.raf.mod.uk/community/getmedia/downloader.cfm?file=6739A02A-5056-A30A-09662EFFE6F3C308


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  8. Yeah read that one awhile back, all these pension booklets are confusing, the staff at SPVA were all singing off the same hymn sheet too, scenario is on 05 Pension scheme , that I have done 31 years this June when outside, my position is available as FTRS in Sept 2014 on HC, only EDP monthly payment stops whilst in FTRS and lump sum is not touched, this all changed to this in 2009
     
  9. Noooo. The lump sum info is not correct. Let's say that the lump sum was worth 9 months' pay and you join the FTRS 2 months after receiving it. You would have to pay back 7 months' worth of pay.

    I am afraid FTRS and EDP do not mix. MMP116 reflects the correct position.

    I think they might be confusing the position with pension lump sums. Before RFPS came into being these used to be recovered if you joined the FTRS within 30 days of leaving the regulars but that all stopped when FTRS service was recognised for pension purposes by RFPS membership. My edit was to make the 30 day break clear - I know it is history but it is best that I should get it right!
     
    Last edited: Jan 19, 2014
  10. The voice of sanity speaks here SiriusF40, take heed and ignore at your (financial) peril. You could speak to 20 people in SPVA, you would get 20 answers and they'd probably all be wrong!
     
  11. Just join the RNA, I'm busier doing that than I ever was in the RN :)


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