With preserved pension now catching up with CPI index linking at 60 rather than 55...

chieftiff

War Hero
Moderator
Then it may interest you to know that an average chief with between 16-30 years service who switches from AFP75 to 05, and is subsequently NSMBOS'd ends up worse off to the tune of over £200,000 over an expected lifetime of around 25 years?And you think they wouldn't be scared to take 15k from my pension LMAO

Not really, you missed my point about the service rule on tax free lump sums merely reflecting the HMRC rules. I think at this point it is worth mentioning that anyone who makes a change to his/her pension arrangements without seeking professional advice is likely to do themselves and their family a great diservice, it's complicated and I'm not a professional, I understand my pensions and their arrangements because its in my interest to, I don't get paid to give advice.
 

3yearstilltx

Badgeman
Mate, my last few months in the RN accrue pension benefits under 05, with all benefits accrued under 75 already in the bag.Soon everyone moves onto 05.Maybe it's your good self needs to look harder.As for the taxing of lump sums in the future, wait and see.The cut in over £200k following NSMBOS after transfer to 05, is from when I was the Chief of the NSMBOS. It happened to two individuals while I was there.
 

3yearstilltx

Badgeman
Sorry if my terminology isn't great on this, I'm an MA....lolYes I am under 45 and not leaving till the end of the year so accruing under 05 sorry but being on th enew scheme/accruing under the new scheme seems like shite=jobby to me lolNot trying to spread anything nasty
 

scouse

War Hero
Unfortunately pussers pensions are now all linked to CPI so have already lost a few grand over their lifetime, my company pension is still RPI linked but not for long I fear!
think you will find that like most final year salary pensions are RPI linked to annual rises, and are set in stone, as it is specified into that particular company pension trust deed act and cannot be altered.........unless the trustees want to try and change it!!!!!!!
 

Sumo

War Hero
Mate, my last few months in the RN accrue pension benefits under 05, with all benefits accrued under 75 already in the bag.Soon everyone moves onto 05.Maybe it's your good self needs to look harder.As for the taxing of lump sums in the future, wait and see.The cut in over £200k following NSMBOS after transfer to 05, is from when I was the Chief of the NSMBOS. It happened to two individuals while I was there.

Well as my tax free lump was spent many moons ago, I do not think I will worry on this one.
If you leave on AFPS75 and you have any injuries aches and pain etc. put a marker down and claim a war pension, you may get nothing now but if things get worst you can re-apply against the original. If you leave it for more than 7 years you have to prove it was the service that screwed you up, when you first leave they have to prove it was not their fault.
Learned this from a British Legion brief before I left, they also helped with all the paperwork.
 

wave_dodger

MIA
Book Reviewer
Remember where you heard it.Announcement date: Oct 2014Implementation date: March 2015 (5 months later)To avert mass mass exodus on 12 months notice.

Absolute a utter crap and you know why, SPVA can't implement anything that large in that timeline! I a also believe to alter the T&C of a pension to that extent requires parlimentary approval. Not 100% certain of that element.
 
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