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Features | 23


sum is worth 2.25 times the deferred pension and the EDP income is at least 34% of the deferred pension –and the deferred pension includes the Added Pension element.


•Even someone approaching retirement can enter into an Added Year contract.


•The Added Pension element increases each year by Consumer Prices Index in the same way as the pension.


And the cons?


•You cannot take the money out of the scheme as acash lump sum.


•Ifapension increases too much in one year HMRC’s Annual Allowance could be breached. Breaching the Annual Allowance results in an in-year tax bill.


•You must weigh the cost against your other financial commitments.


How do Iapply?


Submit an AFPS Form 6to Defence Business Services (Glasgow) to obtain a quote. Getting aquote does not commit you to entering into an Added Pension contract –itis only if you like what you see and apply on an AFPS Form 6A that you enter into the contract. These forms are available on JPAoronthe internet at gov.uk/government/ publications/service- personnel-and-veterans- agency-spva-pensions- forms


If you are aMember of the Forces Pension Society and have questions on this or any other pension related matter, email pensionenquiries@forpen.co.uk If you are not aMember but would like to know more about us, visit forcespensionsociety.org


MILITARY KIT AND HOME INSURANCE FROM £8.96/MONTH*


Licence to occupy cover up to £20.000 included 10% Off with code ENVOY10


Trinity Insurance Services Ltd is authorised and regulated by the Financial Conduct Authority number 307068. *Based on a basic level of cover for a customer based in the UK, quote is subject to eligibility criteria.


www.raf-ff.org.uk |Spring 2018 | ENVOY


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