Looks at the new Armed Forces Pension Scheme 2015
Armed forces pensions - 2015 (421 KB , PDF)
The Armed Forces Pension Scheme (AFPS) is an unfunded, defined benefit occupational pension open to most members of the armed forces. It is non-contributory for members but the value of pension benefits is taken into account in setting pay.
The AFPS was reformed in the early 2000s with the existing scheme – now Armed Forces Pension Scheme 1975 (AFPS 75) – closed to new entrants in April 2005. A new scheme – Armed Forces Pension Scheme 2005 (AFPS 05) – was introduced for new entrants from that date.
The Government legislated in the Public Service Pensions Act 2013 for longer term reform of public service schemes. A new pension scheme for members of the armed forces (AFPS 15) was introduced from 1 April 2015. Serving members on that date transferred to the new scheme covered by transitional protection arrangements for those ‘closest to retirement.’ The new scheme provides pension benefits based on career average rather than final salary. In addition, members of the armed forces (like police and firefighters) will have a normal pension age of 60.
Other relevant Library notes include: SN 5892 Armed forces pension reform, 1995-2005 (March 2011) and SN 1424 Armed forces pensions legacy issues – survivors’ benefits (November 2014 and SN 5768 Public service pension reform – 2010 onwards (October 2012).
Armed forces pensions - 2015 (421 KB , PDF)
This paper summarises UK defence expenditure (current, historic and planned). It also looks at international comparisons of the defence spending of NATO allies and UK spending in some key areas, including equipment and military operations.
A debate on Lord Etherton’s independent review into the treatment of LGBT veterans will take place on Thursday 12 December 2024, in the House of Commons chamber.
Covers the arrangements made for mineworkers' pensions (MPS) and British Coal Staff Superannuation Scheme (BCSSS) following privatisation of British Coal in 1994.
