Paphos People

Veterans pension being reduced!!!

Few military friends getting letter from ‘paymaster’ that their military pension has been over calculated
Quote “A long term reconciliation exercise between HMRC and MoD (and all other Government Departments) have revealed errors in the levels of GMP being credited to some members. This has exposed some overpayments and, less often, underpayments of pension benefits (principally pension increases have been incorrectly applied).”




Anyone had one?

https://forcespensionsociety.org/2021/02/guaranteed-minimum-pension-reconciliation/?fbclid=IwAR2qL6o2MPYFQLcK171dn_T-bndtB6ceBm8_sRZJnrA2HvGnjaessx4eikI

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”

There is a bit more to it than that, basically it has a lot to do with SERPS, most people in the military contributed to the pension scheme whilst serving, then along came SERPS and 99.99% opted out, no longer contributing to the pension.
The MOD continued to pay towards your pension, along with NI contribution's, basically there was a massive C**K up, the HRMC want the money back, so they along with the MOD have started to claw it back.

It however does not effect everyone, some are more unlucky than others, as they say luck of the draw, depends on your paymaster at the time.

In January I started drawing my state pension, it has affected my Army pension, I have a state pension and a Army pension which is more than my personal allowance, to pay that that tax they are deducting it from from my Army pension so I am getting a reduced amount.

I have posted another link that might help explain it.

https://www.gov.uk/government/publicati ... dification

I did wonder what I would splash out on with my 0.5% increase this year but now it appears they may be taking money off me

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”

I never got to my army pension, I took redundancy when they disbanded my regiment.