In the Summer issue of Easy Resettlement magazine our Chief Executive shares his own personal experience of resettlement.
Resettlement is something many of our frontline staff have been through, myself included. It’s why we place so much emphasis on supporting those going through the process, believing as we do that the Society exists to help you make the best pension choices by keeping you up to date and well advised about your pension options.
In my own case, I left the Army after a fulfilling 33-year career, but before completing my full career commission. The timing of my decision to leave was of course a very personal one, but it worked for me. After a couple of years in consultancy, I succeeded in my application for the CEO role at The Forces Pension Society which has allowed me to be part of an exceptional team, supporting those serving, veterans and the wider military community. Importantly, I was already a Member of the Society which had helped me through the Resettlement financial planning process.
Since leaving the Army I’ve met scores of highly motivated, successful former military folks from diverse backgrounds in all kinds of inspiring roles. This has led me to consider the keys to success. While I can only give you some personal reflections, or top tips to consider, you might be interested in viewing this short video of me explaining my own decision process to Jim Hughes (aka “The Untamed Entrepreneur”)
LOOKING BACK, HERE’S WHAT WORKED FOR ME
- Take Control and use the network. Resettlement is not something that’s done to you but rather something you undertake. So seize it and exploit every opportunity to educate, train and develop. There’s a great network of people and organisations only too willing to help. Speak to them, develop your own network and let them advise and influence you.
- Understand yourself. Self-awareness is critically important. Have an honest conversation with yourself and understand where you may be a good or bad fit. Look back on your military career and identify where you were happiest and best. That may indicate where you should concentrate your efforts.
- Have a plan but be prepared to deviate from it. We all know a plan never survives contact with the enemy so don’t be surprised if your plan doesn’t deliver exactly as you thought it would. Take an occasional punt on a Resettlement course that catches your eye. Even if it doesn’t take you to your ultimate destination, it can be an enriching and worthwhile experience.
- “Do the Math” (as my American buddies would say). Your financial situation is unique, like your Armed Forces Pension. It’s highly likely that your pension will be the foundation on which your financial future is based. Once you’ve worked out what you need to meet your financial commitments then you know the salary level at which you can afford to enter the market. Your embedded military qualities will then see you progress, even if your initial income is below expectation.
Which brings me to today’s environment and its uncertainties. While it’s too early to predict the mid and long-term consequences of the Covid-19 pandemic, it will certainly have a profound impact on the job market. But with significant change will come a host of opportunities for those prepared to adapt to changing circumstances, seize the initiative, work collaboratively and make things happen; the very qualities inherent in the military’s USP.
For our part at The Forces Pension Society, we are adapting to the changing environment to continue to support you with guidance when you need it most and give you a voice where it counts, on the representative bodies for Armed Forces and Public Services Pensions. In the coming years, we believe this representation will be particularly vital. And remember, it pays to understand your pension. With that in mind, I look forward to welcoming you as a Member of the Society and supporting you through your Resettlement and beyond.
With my best wishes for your future
See this and our article on lump sum choices in the Summer issue of Easy Resettlement