pensions

Discussion in 'Joining Up - Royal Navy Recruiting' started by masha35, Oct 20, 2009.

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  1. Hi everyone. just a question about pensions really. Ive spoken to various people on the other end of the phone, but as yet, havent had a clear answer on pensions.

    I know now that you only receive a 'full' pension after 22 yrs, even though a career is 18 yrs. I 'gather' the term 'full' in this case means you get the pension immediately and a tax free lump sum 3x yr leaving/last wage etc.
    This , according to them, adds up to a yearly pension pay out of roughly 33% of yr ending wage ie 12k a year if you left on 36k, excluding the lump sum etc

    Aprt from having a non-immediate commencing pension(ie have to wait until 65), what would be the difference if you left after 18 years, other than the fact you may leave on a lower ending wage. I mean, is the percentage you get of that final wage LOWER than if you leave after 22 yrs. IE 28% of ending wage etc.......???

    The same question applies to leaving at 12 years, 16 years.

    Basically what do they mean exactly by 'full, pension...does that just refer to the fact you get a bigger lump sum, or that its immediate or both?

    Im 35 and would start ct until 37, making me 55 fater 18 years. At that age, even if im good, the pencil pushers may see me as a great candidate for retirement and cut me off, thus meaning id lose the last 4 years and the full pension. Would be nice to know what one would lose if that were the case........and by same token what i could take away after 12 years, while young enough to pursue other things. At 59 its going to be hard to find civvie work as a ct cos of age etc.

    thx
     
  2. Computer says "NO".



    Just a bump for ye until some kindly expert appears. Stand Fast Zoid, Chico etc, etc
     
  3. All sorts of useful pension information here including this booklet about AFPS 05.
     

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