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Change to Military Pensions

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ProfilePosted byOptionsPost Date

ChrisofWessex

ChrisofWessex Report 24 Dec 2010 09:32

Have signed

Elisabeth

Elisabeth Report 24 Dec 2010 09:09

A nudge for the morning folks. If this change is made, there will be much less pension for the many ex-service people, but also the injured and widows and children.

Elisabeth xx

Elisabeth

Elisabeth Report 23 Dec 2010 22:20

Here is the text of a Petition to protect military pensions:

"The PetitionWe the undersigned petition the Prime Minister to:

Realign the annual cost of living adjustment of the Armed Forces Pension Scheme (AFPS) to that of the Retail Prices Index (RPI).

A vast majority of the Armed Forces retire at or before they are 40. This puts the members in the unique position of seeking a new career normally at the bottom of the ladder with their chances very much diminished compared to those starting at a younger age.

Over the years the Armed Forces Pay Review Body (AFPRB) has taken into account all factors affecting pay including the use of RPI as an indicator of inflation, therefore changing to CPI effects long term recommendations given in the past by the AFPRB.

A change to the Consumer Price Index (CPI) does not take account of the unique needs of the Armed Forces as it fails to take account of housing costs which includes mortgage, rent, council tax, insurance etc. The magnitude of the losses involved is quite staggering:

In all of the examples given below a change in indexation to CPI would hit individuals extremely hard, uniquely, for up to 45 years.

1. Disabled double amputee 28 year old Corporal £587,000 by age 70
2. 40 year old Sergeant Royal Marines £212,000 by age 85
3. 40 year old Squadron Leader £319,000 by age 85.

4. 34 year old wife of a S/Sgt killed in Afghanistan £750,000.


(Figures courtesy of the Forces Pension Society)


Therefore we the undersigned believe that it is not fair and, very importantly, will not protect those vulnerable ex service personnel with poor health, who have served their country well, and rely on the Government to uphold the Military Covenant to treat them fairly. If Government wish to treat members of the Armed Forces fairly then they should act accordingly and reinstate the link to RPI."

If you value our Armed Forces, I would urge you to go to the site and add your name to the Petition:

http://www.ipetitions.com/petition/protect-our-military-pensions/

Thank you for taking time to read this.
Happy Christmas
Elisabeth xx