Pension Question

Discussion in 'Finance & Pensions' started by tommo, Oct 18, 2010.

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  1. Hopefully some of you or someone maybe able to help me.

    I've got a perserved pension on the old scheme from my first time round and I'm now on the new one this time round. Is it worth me transfering the old one to the new one? I don't know the ins and outs. I've not found anyone who can explain it to me in person yet.

    Any info would be appreciated.

    Ta very mucho :D
  2. If I don't have any luck getting free advice then I will contact them, just trying to find someone who may know first.
  3. To be honest Tommo the only way I would recommend is through 'real experts' as it's an absolute minefield.

    When the change happened I had the task of briefing re-entries at Raleigh - just a general brief I hasten to add - not an in-depth pay & pensions lecture. To be as helpful as possible I did quite a bit of homework on the new scheme (there was no crib to go by) but, what would have appeared to be straightforward questions from the individual re-entrants turned out to be very complex due to the individual nature of each person's circumstances. What was usually a fifteen minute chat turned into a two hour nightmare with a lot of understandable confusion and some anger from the re-entrants, many of whom had a totally different understanding of the transitional arrangements to that which I had been briefed.

    From the next batch of re-entrants all but the most straightforward questions were directed to the Captain running the show (or his civvy servant 'boss').

    Please get stuff in writing from the powers that be!
  4. Sol
    Have to agree,I had a few very complex questions and no one but the forces pension society was able to answer.
    Their man sent me a very concise e mail answering all my questions.
    Basically for me was that I was widowed,then remarried but after I came out of the Navy and wanted to know the entitlements for my new husband should I die before him!!
    Worth every penny of joining!!
    Glasgow could not help me!!
  5. Tommo (and Guzzler)

    I can only reiterate what Sol has already advised. ie these peeps;

    Pension complications will often arise and there is no other body who can pull all of the strings together on your behalf.

    When the new RR format appears then such matters may be much easier to research. (I posted something relevant at RR way back but I cannot find it amongst all the subsequent sh!te - whoops: "Hot Topics".)

    :oops: Sorry - But I almost swore there. 8O


    Edited to add - Hello Morses, welcome back.
  6. Thanks for your replies, looks like the best place to ask is there then.
  7. Ninja_Stoker

    Ninja_Stoker War Hero Moderator

    In my limited experience, I reiterate the advice above with regard talking to the experts Tommo, it's a bloody minefield. But, whenever a new pension scheme is introduced, rest assured it's done to save money, not to benefit the future pensioner.

    Your AFPS 75 pension is preserved, no-one can take that off you. Your AFPS 05 pension is a separate entity. When the 05 scheme was introduced, those on the 75 scheme were offered the chance to transfer to the 05 but not the other way around, those who switched were faced with a bigger theoretical pension - but it paid out a decade later. I'm not even sure you can still do this (see booklet downloads below).

    The question is: When do you plan on dying?

    If you're thinking of leaving the mob before your 05 pension matures then possibly there's something to be gained by merging if you still can, but otherwise my gut feeling is keep them separate regardless of the so called independent financial advisers that earn a living from the ether - or do they charge a commission?

    I'm assuming you've perused the following:

    The advice remains speak to an expert on the subject - after you've read the books (above).
  8. Thanks NS very useful, not read them before no but has helped alot actually.

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