30 | Financial
Have I lost money by moving to AFPS 15? AFPS 15 is still one of the very best pension schemes available; however, its overall value is lower than AFPS 75 and 05 because of its different structure and to ensure it remains affordable. Unlike virtually all other schemes it is non-contributory, so Service personnel pay no money towards their pensions. Other public-sector workers typically have to pay an amount between 8.5% and 13% of their salary towards their pensions. The AFPS 15 accrual rate (the proportion of pay that goes into a pension) is 1/47th of annual salary, which is the best accrual rate across the public sector, and is higher than that for AFPS 75 and AFPS 05 because of the Career Average rather than final salary structure of the scheme.
How do I find out how much my pension is worth?
The Armed Forces Pension Calculator is an excellent resource which enables you to forecast your potential pension income based on anticipated promotion dates, the date(s) you may be considering leaving the Service and it provides a range of indexation values to show how much a pension may grow over time. You can access the Armed Forces Pension Calculator via
mod-abc.co.uk. Every year around your birthday you will also receive a Benefits Information Statement that will inform you of the value of your benefits on your birthday, but it is not a forecast of the total benefits you will receive if you serve to the end of your current engagement. A free pension forecast that provides these details is available annually from Veterans UK, the form can be accessed via the Veterans UK website at:
veterans-uk.info/pensions/
forecastrequests.html
Where can I find out more about AFPS 15 and my accrued rights? Armed Forces Pension Scheme 2015 webpage
gov.uk/government/collections/armed-forces-pension- scheme-2015
AFPS 15 Video
defenceintranet.diif.r.mil.uk/News/ BySubject/ServicePersonnelmatters/Pages/
ArmedForcesPensionScheme2015newvideolaunched.aspx
DIN 2012DIN01-063 Pension rights accrued under AFPS 75 and AFPS 05
defenceintranet.diif.r.mil.uk/libraries/corporate/DINS%20 Archive/2012/2012DIN01-063.p
DIN 2013DIN01-205 Pension rights accrued for officers in AFPS 75 who commissioned from the ranks
defenceintranet.diif.r.mil.uk/ libraries/corporate/DINSpersonnel/2013/2013DIN01-205.pdf
Relative to other public sector schemes and most in the private sector, it remains the case that AFPS15 is one of the very best pension schemes.
Armed Forces Pay Review Body 47th Report, 2018.
ENVOY | Winter 2018 |
raf-ff.org.uk
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