Armed Forces Pension Scheme
The Armed Forces Pension Scheme (AFPS) is an integral component of the remuneration for members of the UK military, providing comprehensive retirement benefits to service personnel from the Army, Navy, and Air Force. This scheme is tailored to acknowledge the unique demands and sacrifices associated with military service. It operates under three iterations—AFPS 1975, AFPS 2005, and AFPS 2015—reflecting changes in policy and structure to better meet the needs of its members across different generations. Each version offers defined benefits, which are calculated based on factors like length of service and rank, with the more recent schemes focusing on average career earnings rather than final salary. The AFPS also includes provisions for early retirement due to injury or illness, a recognition of the risks inherent in military duties. The management of the scheme emphasizes security and adequacy of benefits, ensuring long-term sustainability and a focus on the welfare of both current members and veterans. This comprehensive approach helps provide financial security for service personnel as they transition to civilian life, recognizing their contributions to national security.
The UK Government provides pensions to members of the British Armed Forces (Royal Air Force, British Army, and the Royal Navy).
The Ministry of Defence provides these specialist types of pensions to everyone who served for their hard work and years of dedication.
If you have worked for the British military and been given advice about transferring your pension or a Veterans’ UK Armed forces pension then you might be entitled to compensation.
There are only a limited number of circumstances where the transfer of a British Armed Forces pension is seen to be suitable.
Following the British Steel pension scandal, it was found by the regulatory body that there were many flaws in the advice and they asked members to put forward complaints even in those cases where the individuals felt that they were happy with the advice they received to transfer their pension pot.
This could be the case with you if:
- The firm advised you that they didn’t recommend a pension transfer but did it anyway.
- The firm stated that a transfer was suitable for you for the purpose of releasing a cash lump to repay debt.
- The firm informed you that your loved ones would benefit financially from the transfer in the event of your death.
- Your pension has grown in size and you cannot see a loss.
Even though you might be happy with your decision to transfer your pension, you should still think about making a claim sooner rather than later, as there is a time limitation in place. If you do not act quickly then you might end up getting not as much money as you were entitled to.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
