If you’ve built up pension benefits before joining the Armed Forces, you may be able to transfer their value into your Armed Forces Pension Scheme. Doing so could provide you with a service credit, which may increase the benefits you receive from your scheme.
Transferring a pension from a previous job is optional, but there are deadlines and rules you’ll need to follow if you do.
Things you should know:
- You must be already serving in the Armed Forces to transfer a pension into the scheme.
- Transfers must be completed within 12 months of joining AFPS 15
- Once agreed the decision is permanent. You won’t be able to change your mind later, and you will give up all rights — including dependants’ benefits — under your old pension scheme.
- Members serving who remain solely in AFPS 75 and AFPS 05 may still make transfers in from a non-public service scheme. AFPS 75 the transfer in must be made before your 54th birthday and in AFPS 05 the transfer in must be made before the beginning of your final year of service before your pension is due.
To start the process:
- Ask your previous pension provider for your transfer value. This tells you how much your old pension is worth.
- Request an estimate from DBS Veterans UK. They will tell you how much extra pension this transfer value could buy in your Armed Forces Pension Scheme.
- Decide whether to go ahead. Once you have both pieces of information, you can choose whether a transfer is right for you.
- If you want to proceed, you’ll need to submit your transfer request to DBS Veterans UK in writing.
DBS Veterans UK Pensions Division, Mail Point 480, Kentigern House, 65 Brown St, Glasgow G2 8EX
