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Some general advice please

Good morning,

I hope someone here can just furnish me with a little advice. I left the RN in 2010 after 22 years as a WO2. I commuted the maximum that I could and that left me with an immediate pension of about £10,500 a year. My current understanding of how this goes when I get to 55 is that my pension will then go back to what it would have been if I had taken no extra on my commutation amount, so about £15,500. Am I correct in my assumption or is there a yearly increase to also take into account? Obviously a £5K a year increase is better than a poke in the eye but if there was more to come from yearly increases then that's even better.

Your advice/answers would be greatly appreciated.

R
 

vauxhall

Lantern Swinger
Good morning,

I hope someone here can just furnish me with a little advice. I left the RN in 2010 after 22 years as a WO2. I commuted the maximum that I could and that left me with an immediate pension of about £10,500 a year. My current understanding of how this goes when I get to 55 is that my pension will then go back to what it would have been if I had taken no extra on my commutation amount, so about £15,500. Am I correct in my assumption or is there a yearly increase to also take into account? Obviously a £5K a year increase is better than a poke in the eye but if there was more to come from yearly increases then that's even better.

Your advice/answers would be greatly appreciated.

R
Your pension goes back to its pre commutation level AND is increased by all the CPI increases that have occurred since you left. It then rises each April by CPI thereafter.
 
That’s really helpful and thanks guys, I really appreciate the advice, maybe in four years time I shall two bits of toast with my beans then!!
 
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