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Originally Posted by Five-O  and could explain the pension scheme? |
This won't be 100% but i will try and keep it short and simple. Whilst in the Army you never pay a penny into a pension like i said its non contribrituary. You qualify for your half pension on 12 years which is quite small, you will only get about 8-10k when you leave and a pension when you turn 55. The full pension is when you do 22 years, and this depends on what rank you get. As an example when you leave on your 22 year point you will get around 50k golden hand shake followed by £800 per month until you turn 55 (generally 15 years) and then that will go up to £1500 per month till the day you die.
Typically for those that join at 16 -18 years old you will reach your 22 year point when you are 40 years old, so still young enough to start a second career depending on motivation.
Bare in mind though this is just a rough guide there are alot of factors like age on enlistment and what rank you achieve, and 22 years isn't the max now you can extend past that.