Armed Forces Pension are complex, so it’s really important for families/dependants to also understand the pension scheme your spouse/partner is on and the benefits it offers throughout service, and on retirement. Here are our top tips!
Get to know your scheme: AFPS15 Booklet – AFPS05 Booklet – AFPS75 Booklet (Downloads)
All serving personnel have now been transferred to AFPS15, so it’s important that you know the benefits of that scheme. AFPS15 remains one of the best public sector pension schemes in operation as you can see here: Key Benefits of AFPS15
Encourage your service person to obtain a pension forecast annually from Veterans UK. All serving members of AFPS are entitled to apply to Veterans UK, 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.
Know the benefits you or any other dependants might receive if the worst happens. Here’s some very useful information on this topic. Family Pension Benefits (Download)
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. You might find this handy Q&A helpful. Pension Sharing Orders and Divorce Q&A
Nomination: Although you don’t have to nominate, if you do, keep it under review or a hefty lump sum might be paid to the wrong person! Read more about this here. AFPS Nominations (Download)
Know who to contact: The MoD/Veterans UK explain here what to do when a service person or veteran dies in regards to the pension.
IT PAYS TO UNDERSTAND YOUR PENSION!
