Reserve Forces Pension Schemes Explained

Reserve Forces Pension Schemes Explained
The United Kingdoms Armed Forces has a reservist’s element to it. This consists of full-time reservists, part time reservists, additional duties commitments and non-regular permanent staff.
For many years only a couple of these were entitled to armed forces pensions whether that was through Full-Time Reserve Service Pension Scheme 1997 (FTRS97), the Reserve Forces Pension Scheme 2005 (RFPS05) and the Non-Regular Permanent Staff Pension (NRPS11).
But with the introduction of the Armed Forces Pension Scheme 2015 (AFPS15), all members of the reserve forces, including part time volunteer reserves are now eligible for a pension.
This video breaks down the fundamental basic of each of these schemes and explains the entitlements and when they can be claimed. It also covers abatement when it comes to joining the reserves once a pension from the regulars is already in payment.
For many years, the reserve forces were neglected in the area of pensions but with the introduction of the AFPS15, they are now covered by the same scheme as the rest of the regular armed forces in the UK.
Links:
EDP Explained - • Ignoring This Could Co...
Timecodes:
0:00 Intro
2:00 Full Time Reserve Service 1997 Pension Scheme - FTRS97
5:06 Reserve Forces Pension Scheme 2005 - RFPS05
9:26 Non-Regular Permanent Staff Pension Scheme - NRPS
11:15 Armed Forces Pension Scheme 2015 - AFPS15
16:35 Joining the Reserves from the Regulars
20:12 Abatement
21:16 Final thoughts
21:53 Outro
Sources:
FTRS97 - assets.publishing.service.gov...
forcespensionsociety.org/pens...
RFPS05 -
assets.publishing.service.gov...
assets.publishing.service.gov...
assets.publishing.service.gov...
assets.publishing.service.gov...
forcespensionsociety.org/pens...
forcespensionsociety.org/2021...
NRPS -
assets.publishing.service.gov...
assets.publishing.service.gov...
www.gov.uk/government/consult...
AFPS15 -
assets.publishing.service.gov...
assets.publishing.service.gov...
Transferring In/Out -
www.gov.uk/guidance/pensions-...
forcespensionsociety.org/2020...
Abatement -
forcespensionsociety.org/2021...
forcespensionsociety.org/2022...
forcespensionsociety.org/2021...
forcespensionsociety.org/2021...
DISCLAIMER:
I am not a professional financial advisor and this video is not financial advice. Please do your own research before making any decisions with your money and seek professional financial advice if need be.

[@thesavvysquaddie]

Timecodes:
0:00 Intro
2:00 Full Time Reserve Service 1997 Pension Scheme - FTRS97
5:06 Reserve Forces Pension Scheme 2005 - RFPS05
9:26 Non-Regular Permanent Staff Pension Scheme - NRPS
11:15 Armed Forces Pension Scheme 2015 - AFPS15
16:35 Joining the Reserves from the Regulars
20:12 Abatement
21:16 Final thoughts
21:53 Outro

[@andygray4418]

I like your channel my man. I'm subscribing. I'm just about to join the reserves for the next 12 years. I don't suppose you would make a video for reservists on how to get the most out of your reserve life would you? I've been told the key to the reserves is go on as much adventure training and education courses as you can and aim for about 80 - 100 days a year.

[@thesavvysquaddie]

Heya thanks for the comment and I'm glad you like the channel. I probably won't make a reserve specific video on that topic but I'll do an overall video. Opportunities for reservists are quite similar to regulars including the AT offer.

[@Allied-Aircraft-WW2]

Very good video. I’m personally considering FTRS upon leaving. Service is creating the new role in next rank and what you’ve said will affect my decision to transfer. Thanks

[@thesavvysquaddie]

No problem. Glad I could help.

[@wowwow-rh6zn]

hey man could you do a whole video about reservist as there is not much this video helped a lot thanks

[@thesavvysquaddie]

What specifically would you like to know?

[@loopers822]

Hi, I am currently in the process of joining the reserves. Im not doing it for the money and would prefer to put everything i earn into a pension, is there an option to do thos with the Army pension, so basically tell them i dont want any pay and just have it all go in the pension?

[@thesavvysquaddie]

I have a video on Added Pension which you could look into doing. There are also personal pensions you could set up and pay into them but seek professional advice should you go down that route.