Redundancy reduction in payment? - changes to AFPS 75

Discussion in 'Finance & Pensions' started by Ninja_Stoker, Oct 11, 2010.

Welcome to the Navy Net aka Rum Ration

The UK's largest and busiest UNofficial RN website.

The heart of the site is the forum area, including:

  1. Ninja_Stoker

    Ninja_Stoker War Hero Moderator

    Hmmn, interesting timing.

    My attention was drawn to the following amendment, incorporated 06 April this year. To be honest I haven't a scooby what the maximum payment was beforehand, but am advised it was double, possibly treble this amount. Relevant text highlighted in red, below.

    On left side of page, Under opening options, open as whole instrument:

  2. Saw this myself. I believe the previous amount was 18 months pay. Suspicious timing, huh?

    I complete my 22 on 5th November 2010, but have EC5. I am guessing that once past the 5th Nov I will still get my gratuity, full pension + 6 months pay if made redundant.
  3. very interesting reading.
  4. This Statutory Instrument applies to members of AFPS 75. The 2006 Statutory Instrument applies to members of AFPS 05.

    There were DINs about this in 2004 and, if you still have your OTT booklet, you will find reference to these changes being planned - the idea being that the redundancy benefits should be very similar for Service personnel whichever pension scheme they belong to.

    Take a look on the MOD website under 'armedforcespension' - there should be a booklet which puts the rules in plain English. If you still have questions join the Forces Pension Society.
  5. Ninja_Stoker

    Ninja_Stoker War Hero Moderator

    My bold.

    :lol: The idea, in actual fact. having diddly-squat to do with pensions parity, but being: "Let's reduce our legally committed liabilities."

    We've yet to come across an "improved scheme" that didn't do just that.
  6. tiddlyoggy

    tiddlyoggy War Hero Book Reviewer

  7. I don't think so.

    I have the din in front of me and Gratuity is never mentioned. 8O

    I read it as you would get 9 months pay and your Immediate pension monthly.

Share This Page