In our recent Veterans webinar – as expected – the Q&A was ‘lively’ and we hopefully managed to get through most of your questions. Here we have drawn out a handful of points which are ‘Remedy’ related.
RSSs.
- Veterans UK has until 31 Mar 2025 to issue RSSs to all eligible personnel, we will hold them to account if this deadline is missed.
- The RSS will quote values for pensions at the time you left, they will not include inflationary uplifts. This is to ensure clarity for your decision making.
- The RSS includes details of dependant’s benefits. Providing for your partner and family after your death, may be a significant factor in your decision-making.
On-Line Pension Calculator
- The online pension calculator is (and has always been) built for serving personnel only. The recent update (Aug 2023) increased its functionality to take into account the Remedy and other factors, and it now caters for many more scenarios than previously.
- It must be pointed out that the online calculator only provides an indication of the benefits you could receive, it is not a definitive pension forecast and it is only as good as the information you put into it.
Underpayment Refunds following Remedy Election.
- If you are due an additional payment following your Remedy election, the payment will have interest added and some of the payment will be taxable.
- Additional lump sum payments (both pension and EDP lump sums) will not be subject to tax, but additional pension and EDP income payments will be taxed.
- Interest added to lump sums will not be taxed but interest added to pension and EDP incomes will be subject to tax.
- Veterans UK will have calculated the interest up to the date quoted in the RSS, and will calculate the actual interest once you have made your election.
Thank you to a very helpful participant who offered the following piece of advice in the chat: “When phoning Veterans UK enquiry centre to ask about RSS issues, choose option 5 to get to the Remedy Desk”
Do you know how to keep an eye on your pension entitlement, know who to speak to and when, along with how and when to apply for your pension? You may find this guidance useful – it covers all of this and links to other pension topics relating to Veterans.
