Lingyai said:Ayone have any idea how you can do a "rough" forecast to get some idea what pension can be expected at 65 or whatever. Is there some kind of equation used per length of service?
Greenie said:Lingyai said:Ayone have any idea how you can do a "rough" forecast to get some idea what pension can be expected at 65 or whatever. Is there some kind of equation used per length of service?
Very rough equation is RN pension at 22 years rate you will get a fraction of it say you did 9 years then at age 60 you will get 9/22 nds of the current 22year rate.
At 65 you will get the state oap and an additional pension based on your contributions to SERP that the Navy would have paid for you.
OAP is dependant on your National health stamp contributions-and years paid in. So if you live and work abroad make sure your salary is into a UK bank and gets taxes paid on it!!
Greenie said:I think Lingyai didn't do pension time [ie 22 years] so as he's on the old 1975 scheme of SERPs he'll get proportional pension from the Gov at 65 and OAP at 65
Lingyai said:Greenie said:I think Lingyai didn't do pension time [ie 22 years] so as he's on the old 1975 scheme of SERPs he'll get proportional pension from the Gov at 65 and OAP at 65
That;s right, I jumped ship after 17 years (2 of which were boys time), therefore I should get 15 years worth of a PO's pension which will probably work out to, let's say......not very much at all![]()
Thanks for the info, these forums give you a much better feel thanks to the been there done it and got the t shirt crew, there is no substitute for experience.
Thanks again.
janner said:My understanding of NI contributions is that you need to pay in (or have paid if unemployed) for 44 years to obtain a full OAP. However if you continue working you continue paying NI contributions until the age of 65, if you continue to work after 65 you do not pay NI contribs.
As far as an RN pension goes, if you served between (I believe) 1953 and 1976 you get no pension at all, a group called something like the Armed Forces Pension Group have been fighting to get something for people that served between those date but I believe they have been unsuccesful,
The_Black_Pig said:janner said:My understanding of NI contributions is that you need to pay in (or have paid if unemployed) for 44 years to obtain a full OAP. However if you continue working you continue paying NI contributions until the age of 65, if you continue to work after 65 you do not pay NI contribs.
As far as an RN pension goes, if you served between (I believe) 1953 and 1976 you get no pension at all, a group called something like the Armed Forces Pension Group have been fighting to get something for people that served between those date but I believe they have been unsuccesful,
Whats up Janner , lost your glasses ??????
READ MY POST , I GET A PENSION and I left in Nov. 1975.
In fact I think I was one of the lucky ones , the new pension rules came into force on (would you believe it!!!!) the 1st of April 1975, so anybody who left before that date dipped out.