yes thats right nick but still a lot of lads that are out still think you can clam their pension at 55 where we got that from i dont know ,it must have been when we were leaving probably miss information just have to what another 5 years ...
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yes thats right nick but still a lot of lads that are out still think you can clam their pension at 55 where we got that from i dont know ,it must have been when we were leaving probably miss information just have to what another 5 years ...
There may be a number of reasons for the confusion, as there have been many changes over the years.
A service pension is paid at 22 years service point. Whether commuted or not that pension remains the same until the pensioner reaches 55. In the years between, the pension is index linked to the cost of living. The increases are not reflected in the pension until the age of 55.
Prior to 1975, there was no provision for Preserved pensions (for those who served less than 22 years). On the 6th April 1975 provision was made for personnel over the age of 26 with 5 years service to be eliglble for preserved pension at the age of 60. In 1978 the age criteria (26) was dropped. On 6th april 1988 the criteria for service was dropped from 5 years to 2 years service, claimable at age 60.
On 6th April 2006 the age for claiming changed from 60 to 65. However the years of service prior to that date (minimum of two) may be claimed at 60 then the rest at 65.
Preserved pensions may be claimed early (subject to SPVA discretion) by personnel whom through
ill-health, cannot permanently work full-time and the ill-health will take them up to their qualifying age.
The individual is responsible for making a Preserved pension claim and will not be contacted by SPVA.
I'm sure there are members on this site who are confused or even unaware that they are eligable to claim so hopefully this will help. The address you need is in Rob's post above, get claiming or checking it is your dosh but they wont give it unless you ask for it.
When you claim your preserved pension you will get a terminal grant of 3 times your annual pension tax-free so it is not to be sniffed at.
i had my preserved pension at 47 because of ill health
This topic regarding Army Pensions has now been posted to the Facebook Page as requested
The pension increase this year is 3.1 percent as per the CPI (consumer price index) for September 2010. If you look at the same (CPI) this coming September, you will know what your pension increase will be next year. (Always supposing there is no pension freeze which seems highly possible in this financial climate).
Note, that if you have been recieving a pension for less than a year the increase is paid pro-rata and may not add up to the 3.1 percent.
(Not teaching granny to suck eggs but it may be informative to some members)
Gwyn,Quote:
Originally Posted by Gwyn Nicholas
Do they write to you confirming this as I have not recieved anything to date?
Paul, I believe the rise is as of 11th April. You will no doubt get an update from Xafinty paymaster in due course, due to the pay rise and change in the personal allowance.
Thanks Gwyn.Quote:
Originally Posted by Gwyn Nicholas
The CPI (consumer price index)on which our pension increase is based upon, is currently at 4.4% so unless there is a remarkable turn around in the inflation figures this month that is roughly what the pension increase should be for 2012 barring some bizzzare change of minds by our illustrious leaders in Westminster.
Note: Dont punish yourselves looking at the RPI....we dont get that anymore.
Just a reminder. If you're entitled to an army pension, now or in the future, you can phone SPVA Glasgow and request a written forecast. I believe you're allowed one request per year. So if you're already in receipt of an army pension and wondering what you will receive at 55, they will give you an estimate. The forecast is normally received with 7days of the person making the request.