The MoD has announced that the launch of the revised Armed Forces Pension calculator will be delayed.
The notice which is on DEFNET and Defence Connect states:
“The McCloud public sector pensions remedy will be delivered in two stages – the prospective and retrospective remedy. The prospective remedy will see all service personnel move into AFPS 15 on 1 April 2022. The retrospective remedy gives Service personnel an opportunity to choose, when they access their pension or EDP, which pension benefits they will receive (legacy scheme, or the equivalent AFPS15 benefits) for the remedy period. This is referred to as Deferred Choice Underpin (DCU).The MOD is developing additional calculator functionality to assist members in making their DCU election. Once finalised, the enhanced calculator will enable most members to input data to forecast and compare scheme benefits to determine their relative values based on their individual circumstances. The new calculator will be of similar format to the current calculator but will generate two separate forecasts to help Service personnel understand the potential value of their overall pension benefits.
The complexity of the remedy has resulted in a number of cross government policy issues that are yet to be finalised and until these are resolved, we are unable to launch the calculator.Ensuring that the calculator is programmed with all the required details and reducing potential inaccuracies is paramount, therefore, we will not release an unfinished version. At this stage we are not able to advise when the calculator will be available but will keep members regularly updated on its progress.
Whilst we understand the frustration of this delay, it should not cause undue alarm as decisions will not have to be made until late 2023 at the earliest. Members will be given plenty of time and appropriate support from a number of sources, including the calculator, and the Benefit Information and Remediable Service Statement (issued by DBS Veterans UK in due course), to ensure the benefits they choose for the remedy period are most beneficial to them. Members may also wish to seek external financial advice. Future and ongoing McCloud announcements will continue to be released throughout the year.” Ministry of Defence
While the Ministry of Defence is working on further updates, Society Members can read our latest McCloud SITREP here
1 Feb 2022