Before I offer my 2024 look forward, it is worth reflecting briefly on 2023’s key highlights in the world of Armed Forces pensions. First, the AFPS 15 Remedy (McCloud) entered its implementation phase. Second, the much-anticipated Haythornthwaite Review into Armed Forces Incentivisation was published. And third, the Society welcomed more new members, answered more pension enquiries, and engaged directly with more of the Armed Forces Community via our Roadshows and other events than ever before. So, another record-breaking year for the Society and in many ways, this sets the context for what is shaping up to be an equally high octane, high tempo 2024.
So, what’s in store for the year ahead and how will it affect you? Well, I’m sure events in the political, economic or security domains will set much of the context for 2024, but so too will matters affecting your Armed Forces pension and overall worth.
First, the 2015 Remedy implementation should begin to settle into a steady state with those of you affected being contacted by MoD Defence Business Services between now and April 2025. This will include important information and you may be required to make a decision. Our team are here to help you make an informed choice when the time comes. Our latest AFPS 15 Remedy Sitrep is here and will be updated as necessary.
Next, the MoD will begin to publish its plans on how it intends to implement the Haythornthwaite Review recommendations. The areas for potential change in our arena include creating a pension value statement; reviving previous work that considered alternatives to the Early Departure Payment; and to examine a pay in lieu of pension scheme and pension recycling. We will remain very close to this work and will continue to represent your interests throughout. We will support initiatives to improve AFPS understanding and highlight the interdependencies and potential trade-offs and risks associated with the other changes being considered. Our initial assessment of the Review was published in Autumn 2023’s Pennant and is reproduced here. Stay tuned for further updates.
Next, we will strive to keep providing a first-class service to our members by answering your individual Armed Forces pension enquiries and improving our Membership Benefits package, which already includes exclusive deals across a wide range of products and services including new cars and white goods to insurances, legal and financial services, coffee, wine and much more. Find out more here and take full advantage of your FPS membership.
And we will continue to get out and about both physically and virtually to help raise awareness of the benefits and complexities of the Armed Forces Pension Schemes; our Roadshows are in high demand but there are still opportunities to book an event for your organisation. Please follow the guidance here and make 2024 the year you truly take ownership of your Armed Forces pension.
Best wishes for the year ahead and stay connected. Neil Marshall, Chief Executive
