The Submariners Lounge: Armed Forces Pensions

Career Transition Partnership (CTP)

The Ministry of Defence confirmed the final details of planned changes to forces pensions today.
A new armed forces pension scheme comes in from April 2015, bringing with it big changes to how pensions are calculated and when they are paid.
From April 2015 the Future Armed Forces Pension Scheme comes into effect, replacing the various current schemes.
The main changes are:
- It is no longer a final salary scheme, but is based instead on career average salary.
- The pension age rises from 55 to 60.
- The Early Departure Payment is still available at 40, but service leavers can opt to swap it for bigger pension payments later.
Almost 15,000 currently serving personnel will be exempt from the changes because they are too close to retirement age.
There are still details to work through, and it still has to get through parliament, but the experts say they are broadly happy with the deal.
It is just seven years since the last major changes to the armed forces pension scheme, but there is a promise of no more changes for the next 25 years.

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Downloads

Access to contributory state benefits for spouses and civil partners of the armed forces
Armed Forces Pension Scheme 1975
The first was introduced in April 1975 and was closed to new entrants from 6th April 2005.
Armed Forces Pension Scheme 2005
The new scheme was introduced 6th April 2005 for new entrants.
Your Compensation Scheme Explained
This booklet explains new arrangements introduced to compensate for injury, illness or death caused by service after 6th April 2005.
Your State Pension Entitlement - Explained
This document from the Forces Pension Society explains the significance of the State Pension to leavers of the Armed Forces.