MONEY
CALCULATING THE VALUE OF YOUR PENSION
Did you know that the MoD provides a calculator on the internet to help you work out the value of your pension? It can be found at
www.mod-pc.co.uk Here Lt Cdr David Marsh, the Pensions Secretary of the Forces Pension Society, explains why you should consider familiarising yourself with it.
I
f you are not familiar with the new Armed Forces Pension Calculator, I strongly advise you to take a look and find out what
your pension is worth. If you have seen it before, you may be interested to know that on 3 Jun 13 the MoD updated it with a new calculator. This tool allows individuals to make pension forecasts, not only for their current pension scheme (AFPS75 and AFPS05) but also for potential awards under the new AFPS15 pension scheme too.
After watching the videos available on the home page that introduce the new calculator, and ticking the box to accept the terms and conditions of use, the opening few pages are of a similar presentation to the old calculator. One thing of significance that might be noticed on the opening page is the removal of a number of caveats and explanations (which hardly anybody took the trouble to read, unless the end forecast was nothing like that which was expected).
On the second page, where you tell the calculator which scheme you are a member
32 Envoy Autumn 2013
of, the machine will, based on the data you input into the first page, only offer you the chance of selecting the scheme(s) that is (or are) applicable to you. That is to say, if you were aged 45 or over on 1 Apr 12, you will not move onto the new AFPS15 scheme that comes into force on 1 Apr 15, but will remain on AFPS75 or AFPS05 as appropriate; in such a case the calculator will offer you a choice of either AFPS75 or AFPS05.
Those individuals in this position will not see any difference in the layout or appearance of the calculator from this point in proceedings. However, if you were under age 45 on 1 Apr 12, and have an exit date after 31 Mar 15, you will move onto the new AFPS15 scheme on 1 Apr 15, and under these circumstance the calculator offers you a choice of AFPS75/AFPS15 or AFPS05/AFPS15, and from this point things get a little more interesting.
Having told the calculator whether or not you have split service (joined up and re-entered after a break); are in receipt of a salary from a specialist pay scale or are commissioned from the ranks; you come
www.raf-ff.org.uk
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