Discussion in 'Finance & Pensions' started by tiddlyoggy, Feb 17, 2011.
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Anyone else seen the DIN (01-056) detailing the amounts being offered?
Quite tempting, I reckon.
The full calculation models are in JSP 864 (I think) part 5. It really comes down to personal circumstances and whether it's right or not for you. I am certainly looking very carefully at the financial package and timing etc.
You are spot on about timing. That is where the element of doubt creeps in for me, otherwise I think I'd be off.
Can't get my hands on a copy out here, is it available 'open source'?
If you pm me an email address I can forward it to you, better be quick though as I go on draft in a few days time.
Done, many thanks & appreciated.
Link - http://www.mod.uk/NR/rdonlyres/19129F71-2193-4964-ADF2-27A77795C1E4/0/JSP764Part5Amdt4.pdf
unless you get the email, sorry interview at your 16 year point
Are they putting a Redundancy Calculator on the web like the Pension Calculator, 'cos that is way to complex for me to work out.
you need to know how long you've been in....then you either you the daily rate basic times one and a half for time done if less than eighteen years. Or the sliding scale model if you've done over eighteen years...the longer you have left the more you get, but there is a limit of course...basucally if you've got between two and three years left, you get six months pay, tax free. You can also factor in days remaining...the latest din has this calculation. My figures here btw are rough as i don't have the din or jsp with me right now.
Not that I'm in the running for redundancy or looking for it, just curious as to what Pusser thinks 20 years service is worth. Problem is being SUY with only 1 year served as a Lt, I don't qualify for an immediate pension yet. Even though I've done at least 16 years from age 21, I have to serve at least 2 years as a Lt to get a WO1 IP, and a total of 5 years as a Lt to get a Lt IP. Not sure where the redundancy rules stand in that circumstance.
As a CPO with 28 years service I'm worth about 32k under the currency redundancy scheme in addition to my normal gratuity and an immediate pension, with 6 years left until I'm 50 they'd have to pay me in the region of 255k, they're getting a good deal & no thanks! IMO the only personnel who would benefit from the scheme are those that have done 18 years, they can claim 9 months wages, plus a gratuity & immediate full pension on leaving.
I'm one of the special one's who is protected from these cuts. I had a quick skim, but because it doesn't effect me so I ignored it. From what Chaz is saying, if you've completed 22 and into your EC, can you be pumped for the figures mentioned?
It basically works that if you've done more than 18 then you qualify for an immediate pension and gratuity. It then works that if you have at least 1 year left you get 3 months pay, at least 2 6 months pay and 3 or over then you got 9 months pay. I'm in EC (OE(10) as was) and have 6 years left, I still only get the 3 months pay. Personally it's not for me, however, I may not have any say in the matter!
Just so I get this right Chaz. If you've done over 18 or in your case into your EC, you recieve the normal resettlement package. An immediate pension and gratuity, plus a pay off of 32k.
Yep, thats right. The pay off is 9 months salary because I'd have more than 3 years of time left. More than one year is 3 months salary, more than two is 6 months salary. PM your email adderss and I'll send you the DIN if you'd like a look.
Don't forget that this calculation only applies to those of us who stayed on the old pension scheme (AFPS 75). Not sure about the new one as I stayed so haven't read it.
Yep, sorry, forgot to mention that. I too have no idea what the package entails for those on the new scheme.
So basically, if they sack me for failing the MESM course, I leave with a preserved pension and f**k all gratuity, but if they make me redundant, I get an immediate pension and gratuity.
Infinately more chance of me screwing up than being made redundant......:shock:
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