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Thinking and Planning Ahead – Do You Understand the Benefits You Have Earned?

In this month's issue of Pathfinder, we talk about the Financial Aspects of Resettlement (FAR) briefing open to all service leavers and how it can be of use to you. If you are reading Pathfinder the chances are that you are in the last couple of years of service in the Armed Forces. The Ministry of Defence has an efficient Resettlement organisation and a comprehensive programme to help you as you transition into civilian life – and, of course, planning and training are the key to settling smoothly in to Civvy Street. Part of that programme is a one day briefing called Financial Aspects of Resettlement (FAR). The FAR day comprises two briefings. The first, which is delivered by members of the Forces Pension Society’s Pensions Team, is about all aspects of your pension entitlement; the second covers wider financial matters such as mortgages, insurances and wills. In this short article Mary Petley of the Forces Pension Society explains what the pensions part of the FAR briefing covers so that you can assess the gaps in your tax and benefits knowledge, and book your place on the FAR accordingly. The majority of you will have been members of Armed Forces Pension Scheme (AFPS) 75 or AFPS 05 when you joined the Armed Forces, and will have been transferred to AFPS 15 on the 1 April 2015. Some of you who are members of the Full Time Reserve Service (FTRS) will have been members of the Reserve Forces Pension Scheme (RFPS), and will have been transferred to AFPS 15 too. This means that you will have benefits in both your ‘old’ scheme and AFPS 15. Only regular personnel who were in service on 1 April 2012 and born before 1 April 1967 remained on their original schemes: for RFPS those born before 1 April 1962 remained on RFPS. The Pensions Brief, which is the first part of the FAR briefing, covers not only member benefits payable by all three AFPSs and RFPS but wider entitlements. Some of you will be completely on top of your benefit entitlements but many will be blissfully unaware of the gaps in their pensions knowledge. Let’s see if a FAR briefing can be on any use to you: See more on page 6 of Pathfinder  here   MORE ARTICLES HERE  

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