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55.20% x $2,976.60 (1/1/99 active duty rate for an E-8 over 21 yrs) = $1,643.00 + 2% (COL Increase) = $1675.00. The changes, which apply to members of the Armed Forces Pension Scheme 75 (AFPS 75) and the War Pensions Scheme, will allow those who qualify after 1 April 2015 to retain their armed forces . Pension increase @ age 55. Two . A. The Resettlement Grant is increased each year at the same rate as armed forces pensionable pay. Service Retirement Plans and Benefits for Tiers III/IV you can join AFPS 05 and preserve your pension in AFPS 75, see section 13. Lump Sum Choices - Forces Pension Society 6 Your Pension Benefits Your Pension Benefits7 . The CPI increase which will come into force this year is 0.5%. Defined Benefit is. Pension Forecast Calculator - How Much is My Pension Worth? Recent military retirees receive COLA based on the quarter in which they retired. Surviving spouse with no dependent children. This subject is too broad and complex to be explained fully in an article, but in very general terms, a soldier establishes a . The first increase will never commence later than age 60. For example, if you retire after 40 years of active service, then you can expect to receive 100% of your monthly base pay as your retirement pension. This is known as re-valuation or indexation. (a) Prior to age 62: 2.5% times the number of years of service minus 1.0% for each year of service less than 30, times the average of the member's highest 36 months of basic pay. Estimate for taking at 60 (unreduced pension) are: Full pension £13000 or £9700 with £65,000 lump sum. SPFO - Will my pension increase? In addition to your annual pension, you will also receive a pension lump sum (tax-free) of 3 times your annual pension. Retirement Calculators | The Official Army Benefits Website