Navy Net - Royal Navy Community

Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

Pension increase at 55

Sumo

War Hero
Hi I had a butchers around site and cannot see this Qraised.
As a % does anyone know how much the pussers pension goes up to for those thatdid max commutation on leaving after 22year service?

 
Hi I had a butchers around site and cannot see this Qraised.
As a % does anyone know how much the pussers pension goes up to for those thatdid max commutation on leaving after 22year service?

Whatever advice you receive at RR might be useful but even at its best it will be 'Unofficial'.

That might be Ok if you only want a rough idea.

Otherwise these people are your best bet for a relatively small stake (I don't know if their special promotion is still valid though)

http://www.navy-net.co.uk/finance-p...ension-society-protecting-your-interests.html



Bob
 

Sumo

War Hero
Thanks, ball park % was all was after, does not realy matter how much as her indoors will spend all + more
 

SONAR-BENDER

War Hero
Sumo, prepare to be disappointed........, much better than nothing and grateful for it etc. Try doubling what you are getting now, then knocking about 10% off.
 

chieftiff

War Hero
Moderator
It's fairly simple to calculate how much you should get, obviously you won't know exactly how much until you are within a few months of turning 55 but you'll get a good guide. Take your pension on discharge, before commutation, and compound all the annual pension increases in (RPI until last year then CPI - available from the National Statistics website) If that's too tricky try reading this thread on ARRSE which also includes a handy spreadsheet on page 1 that you just need to fill in with the appropriate information (RPI rates and pension on discharge: Pension Increase
 

REDMIST

Lantern Swinger
If your not arsed doing all your sums and percentages, you will get around a grand a year extra.
 

chieftiff

War Hero
Moderator
Complete bollocks.
Quite, if you assume 2% pa (the target inflation rate) and take my own pension of £12800, that will rise to £17227 after 15 years just using a basic compound interest calculation. In reality recent years have seen a 5% RPI, a 4.2% RPI and 0% RPI for pension purposes (it was actually -0.8% but thankfully negative RPI doesn't reduce your pension incremental increase) so in the long term you are likely to see a higher rise especially with inflation set to rise year on year marginally for the next 4-5 years.
 

Guzzler

War Hero
Oddly enough, on reading this thread, I used the 2% without being aware that it was a target inflation rate, I just wanted to be conservative (there's a first). My guess is that I can roughly double (very roughly) and bung on a hundred for the commutation. Think I'll transfer my basic tax rate to my civvy pay as well so pension will be 'Guiness & Smarties' whilst pay can cover DDs. mortgage etc and grow into a bit of a nest-egg. Then I'll buy a yacht. A small yacht.

Eighteen months...mmm...
 

chieftiff

War Hero
Moderator
Guzzler if you follow the link you'll find the public sector preserved pension multipliers in an excel spreadsheet, simply find the month your pension came into payment and multiply the full pension amount by the multiplier, that's what your pension is worth today pa. Pensions increase - HM Treasury
 

Guzzler

War Hero
Many thanks. I've been a tad lazy to be honest, but may as well have a look. Ta.

Edit: Thanks but that just gave me a headache - didn't really understand a word. It would appear that I have Norway Chris-esque levels of thickness. Depending which bit I read I get either x1.0416 or x1.3664 increase. Even the latter is shit and nowhere near the almost double I had been hoping for.
 
Last edited:

WreckerL

War Hero
Super Moderator
Oddly enough, on reading this thread, I used the 2% without being aware that it was a target inflation rate, I just wanted to be conservative (there's a first). My guess is that I can roughly double (very roughly) and bung on a hundred for the commutation. Think I'll transfer my basic tax rate to my civvy pay as well so pension will be 'Guiness & Smarties' whilst pay can cover DDs. mortgage etc and grow into a bit of a nest-egg. Then I'll buy a yacht. A small yacht.

Eighteen months...mmm...

That's what I did, I now get more in the bank per month from my pension than I do from the civvy job, And very nice it is too :)
 

Guzzler

War Hero
That's what I did, I now get more in the bank per month from my pension than I do from the civvy job, And very nice it is too :)

To be honest applying one's tax code to pension makes sense as it's a constant. As usual something making sense was my stumbling block. Having a vague idea of your income (and an even vaguer one of your pension) that doesn't sound too bad - more than I'll expect of course but not bad.

Edit: Belay that. Forgot that you did about 70 years. Man's time.
 
Last edited:
Thread starter Similar threads Forum Replies Date
T Will my Pension increase automatically. Finance & Pensions 4
vauxhall Changes to the Forces Pension Society Roadshow Programme Finance & Pensions 0
MoD_RSS Pension costs review for Northern Ireland Water MoD News 0
MoD_RSS Simple statements boost for pension planning MoD News 0
MoD_RSS Landmark pension proposals will protect savers from scams and help tackle climate change MoD News 0
MoD_RSS Pension boost protected by new bill MoD News 0
MoD_RSS Government launches cross-sector Working Group to help address multiple small pension pots MoD News 0
MoD_RSS Government to help pension schemes seize long-term opportunities MoD News 0
MoD_RSS Taking action on climate risk: Improving governance and reporting by occupational pension schemes MoD News 0
MoD_RSS Britain’s pension schemes lead on climate risk MoD News 0
MoD_RSS New Chair of Firefighters’ Pension Scheme Advisory Board of England appointed MoD News 0
K AFPS 75 - preserved pension rates Finance & Pensions 2
MoD_RSS Landmark Pension Schemes Bill proceeds to House of Commons MoD News 0
MoD_RSS Canada Pension Plan MoD News 0
MoD_RSS GAD's support on pension entitlements for fee-paid judges MoD News 0
MoD_RSS Pension Credit claimants now able to apply online MoD News 0
MoD_RSS GAD project helps 1,000+ pension scheme members MoD News 0
MoD_RSS Pension investment advisor banned MoD News 0
A OR2 full career pension rates 1998 Finance & Pensions 8
B Commute my pension or not? Finance & Pensions 4
MoD_RSS GAD pension specialists share expertise at industry conference MoD News 0
theoldti FTRS effect of pay rise on pension abatement Finance & Pensions 4
MoD_RSS GAD’s review of the Local Government Pension Scheme (Scotland) MoD News 0
MoD_RSS Statement from the Secretary of State on the Clinician Pension Tax Scheme MoD News 0
vauxhall How good is your pension? Finance & Pensions 0
MoD_RSS Russell Agius reappointed to the Judicial Pension Board MoD News 0
E Added pension Finance & Pensions 5
MoD_RSS Changes to the currency of UK State Pension and Industrial Injuries Disablement Benefit paid into Yemeni bank accounts MoD News 0
J Collection Pension From Overseas Finance & Pensions 2
vauxhall Pension Roadshow Schedule 7-11 October Finance & Pensions 0
B Pension for reservist 1 year operational service Finance & Pensions 1
MoD_RSS Multi-million-pound pension liberation bosses banned for 34 years MoD News 0
MoD_RSS Pension entitlements for fee-paid judges MoD News 0
vauxhall Keeping an eye on your pension! Finance & Pensions 0
MoD_RSS Non-Executive Chair to the Civil Service Pension Board: 5 September 2019 MoD News 0
MoD_RSS Pension company wound-up after mismanaging £14m of funds MoD News 0
MoD_RSS Uprating guarantee for UK State Pension recipients living in EU MoD News 0
vauxhall Telegraph Reports on Pension Tax Trap Finance & Pensions 0
vauxhall Pension Tax Update Finance & Pensions 0
vauxhall Forces Pension Society Appoints New Chief of Staff Finance & Pensions 0
vauxhall BBC reports that 'woman wins rights to her late partner's military pension Finance & Pensions 0
Sumo 'Unlawful' pension schemes to cost government £4bn a year Finance & Pensions 3
MoD_RSS Pension scheme negligence lands insurance boss seven-year ban MoD News 0
Archstoker Forces pension and age pension Finance & Pensions 6
vauxhall AFPS 15 and Added Pension Finance & Pensions 0
vauxhall Flexible Service - How does it affect your Armed Forces Pension? Finance & Pensions 0
MoD_RSS News story: Review of the Local Government Pension Scheme Northern Ireland actuarial valuation MoD News 0
MoD_RSS Press release: Trustees to mitigate the effect of unequal GMP's on pension income MoD News 0
vauxhall Over 75 and not yet dipped into your Pension Pot? Finance & Pensions 0
F Navy Pension Finance & Pensions 3
Similar threads


















































Latest Threads

Top