Armed forces pensions Overview
When armed force officers attain their retirement age, they get the most substantial pension structure available in the United Kingdom. This legitimately reflects an exclusive scheme for the service they have provided to their country all through their employment with the armed forces. All officers of the armed forces are automatically registered into the Armed Forces Pension scheme and unlike all other schemes, here officers pay 0% in contributions every month. The structure is also secured by regulation, so it can be banked upon. Armed force officers can estimate their final pension through an online pension calculator. The Armed Forces Pension and Annual Allowance Calculator (AFPAAC) encompasses an estimate of remunerations from the Armed Forces Pension system. The calculator is intended to be used by Military Provost Guard Service (MPGS), Regular Service, and Reserve member personnel comprising those with Transitional Protection. In order to encourage the armed forces pension scheme, Veterans UK (discussed in details later) launched a movement to inspire Veterans, Service Personnel, and their relatives to get ‘Pension Ready’
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Types of pension schemes
There are 3 amendments of the Armed Forces Pension scheme – each of the three schemes are titled after the year in which they were put into practice. Below mentioned are the three pension schemes:
The first 2 i.e. 1975 scheme and 2005 scheme are locked for new recruits. The 2015 scheme was presented, post the Hutton assessment of pension schemes, as the residents life expectancy rates were increasing, hence, there was a necessity to make certain that disbursements of armed forces pensions were workable. In case the officials are not sure about the scheme they fall into, please refer the contact information below:
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Armed forces pensions enquiries:
Address: Joint Personnel Administration Centre (JPAC), Mail Point 480
Kentigern House, 65 Brown Street
Glasgow G2 8EX
Telephone number: 0800 085 3600
Armed Forces Pension Scheme 2005
This pension scheme is applicable for regular service recruits, for all new applicants to the United Kingdom armed forces beginning 6-Apr-2005, and also for those who were shifted from AFPS 75 on 6-Apr-2006. For the reserve forces, there is another pension scheme referred to as the Reserve Forces Pension Scheme 05 (RFPS 05).
Armed Forces Pension Scheme 2015
The latest Armed Forces Pension structure was introduced in Apr-15. According to the new scheme, all service persons who are affiliates of an Armed Forces Pension Scheme and those who will be recruited beyond Apr-15 will be, by design of the scheme, transferred to AFPS 15, unless they meet the requirements for transitional protection. Lord Hutton of Furness was asked, by the government in 2010, to chair the Independent Public Service Pensions Commission (IPSPC). The IPSPC made its ultimate report on Mar-11 and suggested modifications to the whole public service pensions, comprising those for the Armed Forces. The government set out its chosen scheme proposal for public service pension in the HM Treasury paper ‘Public service pensions: good pensions that last’.
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Main scheme design parameters
The United Kingdom government has provided transitional protection to members who were inside 10 years of their individual scheme’s standard pension age on 1-Apr-12. Armed forces pensions scheme (AFPS) 75, Armed forces pensions scheme (AFPS) 05, and Full Time Reserve Service (FTRS) 97 have a Normal Pension Age of 55. Reserve Forces Pension Scheme (RFPS), FTRS 97, and Non Regular Permanent Staff (NRPS) have a Normal Pension Age of 60. This means, if an individual is a member of AFPS 05, AFPS 75, or FTRS 97 (FC) and is aged 45 or above on 1-Apr-12, he/she will continue to be on their current pension scheme and benefits will be unaffected. Furthermore, if an individual is a member of the RFPS, FTRS 97 (on LC or HC) or NRPS and is aged 50 or above on 1-Apr-12, then an individual will remain in their current pension scheme and benefits will be unaffected. Approximately 7,800 officers and 7,000 supplementary ranks will benefit from transitional protection.
Veterans UK is governed by the UK MoD (Ministry of Defence) and it is an out-and-out support organisation for armed forces personnel, veterans, and their relatives. Veterans UK administer the war pension, armed forces pension scheme, and armed forces compensation scheme. It also provides a fully dedicated welfare service and round-the-clock freephone helpline for veterans, and their families. Veterans UK takes accountability of the following:
Armed forces pensions Application form
Completed and signed Armed Forces Pension Scheme application forms must be sent to Veterans UK at the below mentioned address:Veterans UK MP 335, Kentigern House 65 Brown Street, Glasgow G2 8EX Freephone: 0800 085 3600