MONEY
Benefit Payable Gratuity payable on Exit
(Tax Free) Pension on Exit AFPS75 AFPS05
3 Times the Pension payable using 3 Times the Pension payable for those discharged under Tier Two the enhanced ‘Invaliding’ Rates.
Annual Pension payable using enhanced ‘Invaliding’ Rates.
Index Linked from the day of receipt. Tax Free if your discharge is
attributable to Service.
and Tier Three and those under Tier One who are aged 55 or more. Tier One
If aged 55 or more on discharge a pension based on the length of their reckonable service.
Tier Two Pension based on your reckonable service on your date of discharge, plus
one third of further potential reckonable service between date of discharge and 55th birthday.
Tier Three Pension based on your reckonable service on your date of discharge, plus one half of further potential reckonable service between date of discharge and 55th birthday. However, if this equates to less than 20 years then 20 years is to be substituted for this calculation.
Lump Sum on Exit (If no Gratuity is payable) Not Applicable Tier One
If you have not yet completed 18 years’ reckonable service and are aged under 40.
A tax free Lump Sum based on one-eighth of your pensionable pay pay multiplied by the length of your reckonable service (subject to a minimum of 6 months’ and a maximum of 24 months’ pensionable pay).
EDP Lump Sum on Exit Not Applicable Tier One
If you have completed at least 18 years’ reckonable service and have past your 40th birthday but not your 55th birthday, equal to the Preserved Gratuity you have earned that is payable at age 65.
EDP Income Stream on Exit
(Tax Free if you discharge is deemed Attributable to Service and the subsequent Preserved Pension payable at age 65 is Tax Free too)
Preserved Pension Preserved Gratuity Not Applicable Not Applicable Not Applicable
Tiers Two & Three: Not payable Tier One
If you have completed at least 18 years’ reckonable service and have past your 40th birthday but not your 55th birthday, equal to 50% of the value of the pension earned on exit at the 18/40 point; increased by 1.6667% for each complete additional year beyond the 18/40 point.
Tiers Two & Three Not payable
Tier One Payable at age 65 Tiers Two & Three Not payable
Tier One Payable at age 65 Tiers Two & Three Not payable
The New Armed Forces Pension Calculator
The upgraded Armed Forces Pension and Annual Allowance Calculator, which now includes a projection of benefits from the new Armed Forces Pension Scheme 2015 (AFPS 15) was launched in early Jun 13. This upgrade is designed to be used by Regular Service personnel including those with Transitional Protection and those who will leave Service before 1 Apr 15. There is a video online providing greater detail on how to get the best out of the calculator and Service personnel are encouraged to view the video and read the Terms and Conditions before proceeding further.
www.mod-pc.co.uk
www.raf-ff.org.uk Envoy Summer 2013 33
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