Timecodes: 0:00 Intro 0:20 How To Apply For An Armed Forces Pension Forecast 1:37 Understanding the Pension Forecast 7:29 Visual Walkthrough 9:42 Final Thoughts 10:34 Outro
Great video. Just received my forecast, it's really easy to do. It's worth mentioning, that when applying you'll get to choose a leaving date so choose one on or after your 20/40 point.
I requested mine to check how my own spreadsheet calculations looked based on getting my military pension at age 60. Surprisingly, after 30 years, I was only about 10% out, and would actually receive more than my calculations.
with regards to getting the pension forecast, I asked for one and received it back fairly quickly but as I already have the afps75 in payment, they only showed the afps15 entitlements. I would have thought it would show both, as the 75 scheme will increase at age 55 with all the PI increments added on (which I was looking for in the statement). Guess i wont find out till it becomes payable.
Thanks for the great video, my forecast is split between schemes 75 and 05, I left in 2009. Just wondering will any of the two pension amounts stop when the other one kicks in or is it in addition to the first one at age 60? Thanks
Many thanks. From what you've said, my understanding would be that they are paid together just like my 05 and 15 schemes will be. If you're a member of the forces pension society, they can offer a detailed explanation of benefits specific to your circumstances. The membership is around £45 a year
To be honest, I'm not 100% sure on this. There is a small part on the cover letter which says, "If you have rejoined the Armed Forces within 5 years, the pension benefits in this forecast will replace any previous award notified to you."
EDP is designed for the in-between period and we can claim the pension early at 55. The Finance Act 2004 prohibited pensions from being paid before the age of 55 which is why we saw the change from the 75 to the 05 scheme.
Really? Can you explain to me where else I can expect to get £18k a year from a workplace pension when I don't contribute a penny towards it and after only working for 24 years? The pension is not poor. It's one of the best workplace pension schemes currently available out there.
Mate, do you (or anyone else stumbling across this comment) know why the cut off for the remedy from 05 to 15 is 31 Mar 2012? It's a full 3 years when they have back dated it to. Id understand if it was for a qualifying period but you only need 2 years of regular service to be able have an Armed forces pension so that is unlikely to be the reason. I am out by 3 months having joined in June 2012...bloody gutted 😅
Timecodes:
0:00 Intro
0:20 How To Apply For An Armed Forces Pension Forecast
1:37 Understanding the Pension Forecast
7:29 Visual Walkthrough
9:42 Final Thoughts
10:34 Outro
Great video. Just received my forecast, it's really easy to do. It's worth mentioning, that when applying you'll get to choose a leaving date so choose one on or after your 20/40 point.
Great point, thanks for adding.
I requested mine to check how my own spreadsheet calculations looked based on getting my military pension at age 60. Surprisingly, after 30 years, I was only about 10% out, and would actually receive more than my calculations.
I will. On the AFP75 . Due in 3 years.
with regards to getting the pension forecast, I asked for one and received it back fairly quickly but as I already have the afps75 in payment, they only showed the afps15 entitlements. I would have thought it would show both, as the 75 scheme will increase at age 55 with all the PI increments added on (which I was looking for in the statement). Guess i wont find out till it becomes payable.
How long did you wait for yours to come through, I've been waiting for mine for over 2 weeks sent via the post signed for?
What happens to EDP if you take actuarial reduction at 55 to claim your pension early?
It will continue to be paid up until state pension age
Thanks for the great video, my forecast is split between schemes 75 and 05, I left in 2009. Just wondering will any of the two pension amounts stop when the other one kicks in or is it in addition to the first one at age 60? Thanks
Many thanks. From what you've said, my understanding would be that they are paid together just like my 05 and 15 schemes will be.
If you're a member of the forces pension society, they can offer a detailed explanation of benefits specific to your circumstances. The membership is around £45 a year
How long does it generally take to get the forecast back via the post?
I can't accurately comment on that as I went the digital route. But I can't imagine it would take more than 10 working days to get back to you.
I requested mine by post and it was about 6 weeks after I sent it before I had my forecast returned. So don't hold your breath.
Does it take into account any broken service, i.e. MPGS soldiers who have re-joined?
To be honest, I'm not 100% sure on this.
There is a small part on the cover letter which says, "If you have rejoined the Armed Forces within 5 years, the pension benefits in this forecast will replace any previous award notified to you."
@@thesavvysquaddie Thanks
Thanks for the info, I applied weeks ago and have received nothing, is it a letter or email?
If you applied via ModNet then it'll be an email. If you applied by the paper form then it should come to you in the post.
Shocking that you have to wait till state pension age.
EDP is designed for the in-between period and we can claim the pension early at 55. The Finance Act 2004 prohibited pensions from being paid before the age of 55 which is why we saw the change from the 75 to the 05 scheme.
ah I see. My mistake. Thanks for clarifying mate
I think you've just helped people see how poor the pension actually is. It has been cut twice in 10y by a large amount.
Really? Can you explain to me where else I can expect to get £18k a year from a workplace pension when I don't contribute a penny towards it and after only working for 24 years?
The pension is not poor. It's one of the best workplace pension schemes currently available out there.
Mate, do you (or anyone else stumbling across this comment) know why the cut off for the remedy from 05 to 15 is 31 Mar 2012?
It's a full 3 years when they have back dated it to. Id understand if it was for a qualifying period but you only need 2 years of regular service to be able have an Armed forces pension so that is unlikely to be the reason.
I am out by 3 months having joined in June 2012...bloody gutted 😅