Date: Thursday August 29, 2019 at 3:49pm
Leaving the Services with
an Armed Forces pension is pretty straightforward. From about two years
out, start thinking about your options and planning for the choices you’ll need
to make to stay MoneyFit. Moving to Civvy Street is a big step.
retirement pension depends on which Armed Forces Pension Scheme you're in.
Get a pension forecast
use the Armed Forces Pension
get a pension forecast. Alternatively you can ask for a free, written forecast
of your pension once a year from the Veterans UK (formerly
The Forces Pension
also give you information and guidance on your pension entitlements. You will
need to pay a small membership fee, but their advice is free.
Forces Pension Schemes are defined benefit schemes. This means that your
pension depends on your length of service and your final rank (AFPS 1975) or
final salary (AFPS 2005). AFPS 2015 is a career
Life after the Armed Forces
Your financial situation will
almost certainly change when you retire from the Armed Forces. If you have your
own home, your mortgage might be paid off or you might use some of your pension
lump sum to pay it off.
don't have your own home, you'll probably need to think about where you'll
live, you can see our information in Buying
a property or Renting
a property at https://www.moneyforce.org.uk/. You may be able to take advantage
of the temporary housing at the Services
spending is likely to change now that you have more time on your hands or you
start a new career. It’s a good time to revisit your budget and to get your
finances ready for your new life – use our Budget
British Legion and
the many Service charities can help you as you start your new life, whether
you’re going to take it easy or embark on a new career. Take a look at the
Street website for
masses of information about changing career.
completed over 16 years of service you will be entitled to the maximum number
of days of Graduated Resettlement Time (35 days), the Full Resettlement
Package, an Individual Resettlement Training Grant of £534 and up to seven
travel warrants for attendance at resettlement activities.
of briefings is
carried out all over the country (and overseas) each year by the Forces Pension
Society. Take a look at their website for the current programme, but
always check with your local resettlement organisation in case there have