Army pension

Peter, your posts seem to suggest that actuaries know exactly how Forces pensions are calculated on divorce. Is that the case?
I can see how there might be a case for getting a report in some circumstances but in the scenario of a long marriage where both parties are the same age and in their early 50s and pension is not yet in payment, it seems that just going for a 50/50 split would be reasonable.

"The basic facts regarding the pension rights were these. Sergeant Logan was in the armed forces and was due to retire, as is the standard practice in the army, on his 40th birthday in November 2001, which is what he duly did. A value was obtained, from the scheme, of the pension rights on the date of separation, in September 1999, of just under £45,000. This value was based on the unlikely presumption that Sergeant Logan would have left the Armed Forces Pension Scheme (AFPS) at the date of separation. Had he done so, his pension rights would have been payable from age 60 in terms of the rules of the Scheme.
An independent valuation of his pension rights showed that the true value of his pension rights, on the realistic assumption that his pension rights would be payable from age 40, was just under £112,000."

Sadly for Mrs Logan Scottish law didn't recognize any valuation other than the CETV produced by the AFPS - luckily English/Welsh law does.

Not sure if Scottish Law has now been changed to allow more accurate valuations than CETVs.

Surely the Army don't pay pensions from age 40? That seems very young!

If a soldier leaves the army at 40 and has been in the army from 18 he will have served 22 years.

On retirement at 40 he will receive a lump sum payment and a monthly pension until he reaches the age of 55 when he receives his full pension.

Im sure Phasta will be able to be more specific with regard to this.

asram

AFPS online pension calculator -
83.138.137.164:8080/WizDisclaimer.aspx

any help in understanding how the scheme works/what the pension benefits are really worth?

maggie wrote:

AFPS online pension calculator -
83.138.137.164:8080/WizDisclaimer.aspx

any help in understanding how the scheme works/what the pension benefits are really worth?

I tried using the online calculator to show true worth when in mediation meetings but was told quite bluntly that CETV figures would be required and used to calculate final figures.

My STBX nearly had a fit when she realised just how little I was to receive on retirement, she prefers the CETV figure, maybe as it looks bigger