Armed Forces Pension are complex, so it’s really important to understand your benefits and pension scheme(s) throughout your service. How do you do that? Here are our top tips!
Attend a unit brief. Our briefing programme aims to help educate the Armed Forces community on all pension matters and raise awareness on the complexities and benefits of their Armed Forces Pension. We take our pensions Roadshows to ships, air stations and garrisons and you can book by emailing our Roadshow Manager Rob Morris roadshows@forpen.co.uk or see our full programme here.
Understand your BIS. The Benefits Information Statement (BIS) is circulated by MoD to all serving personnel should annually, shortly after their birthday. The BIS, which was updated last year, is a snapshot of the pension/EDP as if the member were leaving service on their birthday that year and the spouse or civil partner benefits which would become payable if they were to die in service at that point. It separates the benefits so that it is clear which benefits result from which scheme, and when they are payable. It does NOT show benefits transferred in from other schemes, the value of any Added Years or Added Pension purchased, or the impact of divorce-related orders on the pension. Read more about the BIS here.
Get to know the Pension Calculator. If you are still serving, do use the MOD’s online calculator. This can be used by the majority of service personnel to model benefits against future or potential ranks and exit dates. Once you have your projection of benefits, please feel free to send this to us and we will explain your options to you. You’ll need to be a Member of the Society of course! Join us here.
Obtain a pension forecast annually from Veterans UK. All serving members of AFPS are entitled to apply to Veterans UK in Glasgow, for a formal forecast free-of-charge, once a year. This is done by submitting AFPS Form 12, available here. This form must can be submitted in hard-copy by post or online. Additional forecasts can be requested within a 12-month period but they attract an administrative charge.
Seek advice if entering into a Pension Sharing Order. It is a sad fact that many marriages and civil partnerships end in dissolution and, on top of the emotional stress and strains of the whole experience, worries about the impact on pensions just add to the mix. There are also misunderstandings which ramp up the anxiety levels. The Society has experts in this field which our members can contact for guidance. We do have some basic tips here.
Seek advice if being considered for any medical awards. This is not easy stuff! Again we have experts in this field, and have written plenty on it. You may find this link useful Invaliding Benefits
And finally, TAKE OWNERSHIP OF YOUR PENSION
