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Post by tommo475 on Apr 10, 2009 18:32:36 GMT 1
What age can you claim you Army pension from...? i served 14 years and 1 day....the chief clerk put my discharge back 2 days and said when i get my pension i would thank him for that.
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Post by Frenchie on Apr 16, 2009 11:03:15 GMT 1
Sorry it took so long to get back to you Tommo. Life's been hectic. - Immediate pensions. Officers may get a pension as soon as they leave the Army once they have completed 16 years' reckonable service from the age of 21. Soldiers may get a pension as soon as they leave the Army once they have completed 22 years' reckonable service from the age of 18. The level of pension in both cases would represent approximately 30% of the salary for the rank of the individual officer or soldier. A gratuity of three times the annual rate of pension awarded is payable in all cases. If you are eligible to receive an immediate pension, you can also opt to give up a portion of your pension in return for a lump sum - this is known as resettlement commutation. Commutation is, however, a privilege and not a right and you must apply for it before you are 55.
- Preserved pensions. If you leave the Army with insufficient service for an immediate pension, you are entitled to a 'preserved pension', provided that you have at least 2 years' service (counting from the age of 21 for officers and 18 for soldiers). Preserved pensions are payable at the age of 60, or earlier in the event of permanent disablement. Gratuities are also paid at this time, again at the rate of three times the annual pension awarded.
- Resettlement grants. In addition to a preserved pension, officers who complete at least 9 years' service from the age of 21 and soldiers who complete at least 12 years' service from age 18, receive a resettlement grant. If you get a pension as soon as you leave the Army, you will not be entitled to a resettlement grant.
- Index linking. Immediate pensions are not increased at all until you reach the age of 55. Then they are increased to include all pension increases that have been awarded since the pension was first paid. Rates are increased annually thereafter. When preserved pensions are issued at age 60, they are revised to take into account any increases in pension rates since the pension was earned. Rates are increased annually thereafter.
- Pensions on divorce. Your pension may be affected if you get divorced.
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