By David Scholey, Regional Manager Southeast and East.
Many serving personnel come to us asking for assistance with understanding their future AFPS pension entitlements. The best way this can usually be done is by explaining the output from the AFPS Pension Calculator. Alternatively, we can explain the Formal Pension Forecast which can be received by completing a Form 12. The differences between the two methods are that using the calculator allows you to give promotion aspirations whereby the Form12 will only consider current rank. Also on the calculator, by setting your furthest right TX date possibility you can then use the slider bar to advance your TX date to see the effect.
Veterans UK produced a handy guide to using the AFPS Calculator. It is quite well laid out and close attention should achieve a good level of accuracy. The guide can be found at:
Pages 11 and 12 of the guide gives instructions on completing a record of your salary on key dates. I find the easiest and most accurate record can be found on JPA, using the ‘Self Service Employee’ account. The details can be found using the salary tab in the middle of the screen and then navigating to the key dates and making notes. Take a record of any promotions, the date and salary awarded.
Before saving or printing the output it is important to take another step on the pension output section which can be found on page 22 of the guide. Where it gives the figures for immediate income and lump sum and the income at SPA. The guide shows a full breakdown of those figures. In practice the default output is with those minimised. In the guide you see three ‘minus’ signs on blue squares. To get to that state you need to click on the three buttons which will display ‘plus’ This expands the figures to show how much is coming from each pension scheme. This helps understand the commutation options later.
At some point before October 2023 a new pension calculator will become available. This will show choices under the McCloud Remedy.
We’d be happy to go through your forecast and explain what it all means. Why not bring it along to one of our regular visits to establishments. The locations and dates can be found at: Lectures and visits - The White Ensign Association