Timecodes: 0:00 Intro 1:41 Who is entitled to the Army Retention Payment? 2:39 How much is the Army Retention Payment? 3:29 What is the return of service conditions? 5:09 Other eligibility criteria 5:38 How long is the Army Retention Payment running for? 7:09 How do I apply for the Army Retention Payment? 9:14 Final thoughts 9:46 Outro
@@sam3346 there’s plenty examples of tax free payments. Also it’s the government that pays it, they make the rules so it’s a easy one to make a tax free payment. It’s a terrible deal and also one that annoys serving people to add to that. Potentially 70+ million in cost when that money could be given to everyone and make our “lived experience” they forever go on about better.
@@sam3346 Utter BS. Examples of tax free payments: The reservist annual bounty, Armed forces compensation payments, Pension lump sum payments, £12,000 resettlement payment for serving 12 years, Redundancy payments up to £30,000, Universal Credit, Insurance payouts, Winnings from gambling etc etc. The government writes the rules, they could make this tax exempt if they wanted to.
It baffles me why govt departments pay (very occasional) taxable bonuses. Why not just tell people they'll get £5700 tax free, it sounds more attractive and costs the same?
It’s ridiculous that they set it to dates not if personnel have served 3 years, this will make those who miss the eligibility date by a few months or a year to sign off as it feels like not being valued
I don't know your situation mate but in my experience the chain of command's attitude is your a private you'll like it and lump it .... which I'm sure in no way is related to why they need a payment in the first place.
If it was 15k tax-free, I might see this working. Depending on your qualifications, leaving the army after 4 years and getting a civvy job will pay a lot more than that 8k bonus.
@@thesavvysquaddieyou’d rather be earning more money now and choosing to save that in an investment ISA rather than wait till your 65 due to the new pension scheme
It's not either or. You can do both. And that's exactly what I do. I will be able to fully retire when I leave the forces in my early 40s after a 24 year career. And that's because of the armed forces pension and my investments I've been making. Investments I can make because of the financial benefits of the military. Investments I wouldn't be able to make if I was working in civvie street as I would have a lot less disposable income then I do now despite potentially having a higher salary.
@@thesavvysquaddie I’m kinda in agreement with you, army has some superb benefits. The current pension scheme ain’t anything like the old one unless your incredibly knowledgeable retirement at in your early 40’s is a stretch
@@rab8198 Agree the 15 is not as financially generous as the 75. And it is much harder to retire fully after 24 years because of it. But it's not impossible which is what I am trying to teach people.
So a lump some payment of something you could make in about 4 months (even less if earning lsa and loa) as a private anyway for 3 years return of service...and it's taxed?? what's the point ?
8k to turn ur min of 4 years into a min of 7..... good but ill pass i dont want to be locked in for 3 more years when im done i like the idea of 1 years leaving notice for me im currently infantry so ill prob leave after 4 years any way as my body will be in bits
Ever thought about transferring? I did and the grass was greener. I'm in a trade where many of the transferees have come from the infantry. There are a lot of better jobs in the military then a frontline bod.
@@thesavvysquaddiei have tbf but no clue what id do and i like my reg atm as in based close to my house ik the army give u housing but my partner and kid wouldn’t come to army housing so🤷🏻♂️ but im only a year into my career so i guess ill so what there is at my 4 years May i ask what you joined as and what u do now
@@ryanredmond5559 Sure. I joined the Kings Royal Hussars. Was a Challenger 2 gunner. Did that for around 4-5 years. I did photography/videography as a hobby and found out it was a job in the army so I transferred to the RLC to become an Army Photographer. I enjoyed my time in KRH but I left at a good time. Looking back, I think I would have found it hard to do a full career in that job. I recently had a reunion with a bunch of mates from KRH. 2 are civvies, 4 of us transferred and much happier and 2 are still KRH - not as happy. It's not for everyone but I think transferring should be something people should look into before signing off. I love my time as an Army Photographer and I will happily finish my career as one but I am also looking at where I can move to next and I will be looking at transferring again.
Orrrr the military could simply make the recruiting process much easier rather than messing round solid recruits like myself around for over a year until I was forced to pursue a new career because it was a waste of time. Also treat soldiers correctly, cut out the SJW rubbish advertisement, and other common sense stuff.
@@jackpilkington6770 depends on whole host of factors like which trade they want to go in for and when the phase 1 slots for the that trade in relation to when you applied.
People always dip out on these schemes, when there was an infantry retention bonus my mate qualified the day after it stopped. Under the old scheme I was briefed on the retention table all amounts added up to £15k and you could pick which ever amounts you wanted, took the first two amounts for £6k then got told you could only pick 2 amounts, it was acknowledge everyone had been briefed wrong but there was nothing that could be done.
Timecodes:
0:00 Intro
1:41 Who is entitled to the Army Retention Payment?
2:39 How much is the Army Retention Payment?
3:29 What is the return of service conditions?
5:09 Other eligibility criteria
5:38 How long is the Army Retention Payment running for?
7:09 How do I apply for the Army Retention Payment?
9:14 Final thoughts
9:46 Outro
Shocking, 3 extra years of service for 8k that's been taxed. Absolutely abysmal.
Another “great idea” from the army.
You can’t “untax” any payments in the UK
@@sam3346 there’s plenty examples of tax free payments. Also it’s the government that pays it, they make the rules so it’s a easy one to make a tax free payment. It’s a terrible deal and also one that annoys serving people to add to that. Potentially 70+ million in cost when that money could be given to everyone and make our “lived experience” they forever go on about better.
@@sam3346 Utter BS. Examples of tax free payments: The reservist annual bounty, Armed forces compensation payments, Pension lump sum payments, £12,000 resettlement payment for serving 12 years, Redundancy payments up to £30,000, Universal Credit, Insurance payouts, Winnings from gambling etc etc. The government writes the rules, they could make this tax exempt if they wanted to.
It easier to throw money and hope for the best than you know fix the underlying problems.
It baffles me why govt departments pay (very occasional) taxable bonuses. Why not just tell people they'll get £5700 tax free, it sounds more attractive and costs the same?
@@jonbeake3200 that level of common sense is not welcome in service.
@rab8198 🤣 apologies, what was I thinking?!
@@jonbeake3200 a sensible idea 🤣
missed commitment bonus by a few months and missed this too. smh.
It’s ridiculous that they set it to dates not if personnel have served 3 years, this will make those who miss the eligibility date by a few months or a year to sign off as it feels like not being valued
I don't know your situation mate but in my experience the chain of command's attitude is your a private you'll like it and lump it .... which I'm sure in no way is related to why they need a payment in the first place.
If it was 15k tax-free, I might see this working. Depending on your qualifications, leaving the army after 4 years and getting a civvy job will pay a lot more than that 8k bonus.
But will it have a 43.8% employer contribution to the pension?
@@thesavvysquaddieyou’d rather be earning more money now and choosing to save that in an investment ISA rather than wait till your 65 due to the new pension scheme
It's not either or. You can do both. And that's exactly what I do. I will be able to fully retire when I leave the forces in my early 40s after a 24 year career. And that's because of the armed forces pension and my investments I've been making. Investments I can make because of the financial benefits of the military. Investments I wouldn't be able to make if I was working in civvie street as I would have a lot less disposable income then I do now despite potentially having a higher salary.
@@thesavvysquaddie I’m kinda in agreement with you, army has some superb benefits. The current pension scheme ain’t anything like the old one unless your incredibly knowledgeable retirement at in your early 40’s is a stretch
@@rab8198 Agree the 15 is not as financially generous as the 75. And it is much harder to retire fully after 24 years because of it. But it's not impossible which is what I am trying to teach people.
8k is not enough. Waste of time
Rewarding troops who have hardly any experience and performing at a B- level is mental😂
So a lump some payment of something you could make in about 4 months (even less if earning lsa and loa) as a private anyway for 3 years return of service...and it's taxed?? what's the point ?
I remember signing up for a longer period to receive a retention payment.
I didn't get it.
Don't believe a word you are told.
So if you join in 2025... as it stands now... you wouldn't be entitled to this when you get into your 4th year?
That's correct. The scheme will be closed by the time you enter your 4th year.
@thesavvysquaddie and is it one lump sum payment or is it distributed through the monthly payslips?
Lump sum payment.
I signed up September 2021, I am technically entering my 4th year, bit confused if I am eligible or not?
You did not attest during the specified period so you are not eligible.
Fair one, this payment is just a slap in the face really, not going to retain more experienced bods
@@thesavvysquaddieI signed up january 2020,i am eligible or not please need more info, bit confused
@@siamakuli1884 You didn't attest (join) within the specified period so you are not eligible.
I signed up in 2023 when will I be eligible for this payment it’s all confusing
2026
8k to turn ur min of 4 years into a min of 7..... good but ill pass i dont want to be locked in for 3 more years when im done i like the idea of 1 years leaving notice for me im currently infantry so ill prob leave after 4 years any way as my body will be in bits
Ever thought about transferring? I did and the grass was greener. I'm in a trade where many of the transferees have come from the infantry. There are a lot of better jobs in the military then a frontline bod.
@@thesavvysquaddiei have tbf but no clue what id do and i like my reg atm as in based close to my house ik the army give u housing but my partner and kid wouldn’t come to army housing so🤷🏻♂️ but im only a year into my career so i guess ill so what there is at my 4 years May i ask what you joined as and what u do now
@@ryanredmond5559 Sure. I joined the Kings Royal Hussars. Was a Challenger 2 gunner. Did that for around 4-5 years.
I did photography/videography as a hobby and found out it was a job in the army so I transferred to the RLC to become an Army Photographer.
I enjoyed my time in KRH but I left at a good time. Looking back, I think I would have found it hard to do a full career in that job.
I recently had a reunion with a bunch of mates from KRH. 2 are civvies, 4 of us transferred and much happier and 2 are still KRH - not as happy.
It's not for everyone but I think transferring should be something people should look into before signing off.
I love my time as an Army Photographer and I will happily finish my career as one but I am also looking at where I can move to next and I will be looking at transferring again.
I joined in 2021. Am I eligible ??
Afraid not.
How about they just increase the pay?
To increase the pay of all those in the military would cost a hell of a lot more then the amount they've been allocated for financial incentives.
Orrrr the military could simply make the recruiting process much easier rather than messing round solid recruits like myself around for over a year until I was forced to pursue a new career because it was a waste of time. Also treat soldiers correctly, cut out the SJW rubbish advertisement, and other common sense stuff.
You're trying to apply common sense to the military ... I don't think a military career was for you 😅😅😅
I’d love to know what held up your application for a year? I managed to get in door to door in about 4 months
@@jackpilkington6770 depends on whole host of factors like which trade they want to go in for and when the phase 1 slots for the that trade in relation to when you applied.
People always dip out on these schemes, when there was an infantry retention bonus my mate qualified the day after it stopped.
Under the old scheme I was briefed on the retention table all amounts added up to £15k and you could pick which ever amounts you wanted, took the first two amounts for £6k then got told you could only pick 2 amounts, it was acknowledge everyone had been briefed wrong but there was nothing that could be done.