Do You Understand The Benefit Information Statement?

Do You Understand The Benefit Information Statement?
Every year you will get an Armed Forces Benefit Information Statement (BIS) in the post around the time of your birthday. This form illustrates to you how much Armed Forces Pension you have currently accrued and how much you could have if you serve until you are 40. And it will also show how much Early Departure Payment (EDP) you will be entitled too as well.
It is a very useful form which can help with the future planning of your life but many people do not understand it. In this video, I set out to explain the BIS by going through my own most recent statement in the hopes that it will help you better make use of your own Benefit Information Statement.
Links:
Armed Forces Pension Schemes - • Armed Forces Pension S...
Armed Forces Pension Calculator - • Armed Forces Pension C...
Added Pension Form - www.gov.uk/guidance/veterans-...
Timecodes:
0:00 Intro
0:40 Part 1 - Amount of pension so far
4:12 Part 1 - Dependants benefits should you die in service
4:39 Part 2 - Early Departure Payment Amount
5:38 Part 3 - Projected pension if a full career is completed
6:42 Part 4 - Information on the McCloud Remedy
7:08 Part 5 - Where to find out more information
7:26 Final Thoughts
7:58 Outro
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
0:40 Part 1 - Amount of pension so far
4:12 Part 1 - Dependants benefits should you die in service
4:39 Part 2 - Early Departure Payment Amount
5:38 Part 3 - Projected pension if a full career is completed
6:42 Part 4 - Information on the McCloud Remedy
7:08 Part 5 - Where to find out more information
7:26 Final Thoughts
7:58 Outro

[@arslansattar5699]

thank you so much for sharing with us all the vital information. please stay safe and healthy. God always bless and protect you 🙏 🙌 ✨️ ❤️

[@thesavvysquaddie]

Thank you

[@petersimpson633]

Thanks for the interesting video. That 1 to 12 commutation rate seems to be common across the public sector. It's widely seen as terrible financial value unless absolutely desperate for a lump sum, as you're giving up that pay for life, losing the inflation protection and spousal/dependants benefits all in one fell swoop

[@on_the_mooch2708]

I've been wondering about this myself. Now I'm at my 16 years point going I to my 17th, I'm wondering if I do t need a lump sum when I leave, but take it, am I going to be worse off? I've saved since I joined so I'm OK but if taking a lump sum, EDP will be lower aswell.

[@2036scott]

Thank you!

[@thesavvysquaddie]

No problem, you're welcome.

[@robertgreen3801]

Hi,
I was in the army from September 2004 until September 211. I was on the old pension scheme AFPS75.
Is there any way you could tell me when and what my army pension would be?
I joined a few months before turning 17. I know that the years before age 18 didn't used to count, but I hear that the rule changed Recently and those years now count as regular service.
Thanks

[@thesavvysquaddie]

I wouldn't be able to tell you what you would get but the pension calculator is your best bet for a prediction of your pension and for when. I've made a video on it which will help you fill out the information and show you how to read it. Hopefully that helps.

[@ThatguyGears]

I think the armed forces pension society maybe able to help you with that question.

[@danielpotter8957]

I joined in 1996, I have served on the 75, 05 and 15 schemes. Am I on the 15 with accrued 75 rights or the 15 with 05 accrued rights? Its very confusing and feels like it's meant to be that way! Good video!

[@thesavvysquaddie]

This is very dependent on your circumstances. I am not a pension professional by any means of the imagination. If you were on the 75 scheme in 2005, then you would have been given the option to either move over to the 05 scheme or stay on the 75 scheme, but you should know as you would have had to sign something for that. When the 15 scheme rolled around, unless people had transitional protection, then they would have been moved to the 15 scheme. This was found to be ageist and the official remedy and all its factors should be finalised in October. You potentially might fall into this remedy bracket. But for the sake of a simple example to answer your question, if you leave in 2026 and you also signed to move over to the 05 scheme, then you will have time on all three of the pension schemes and your pension will be calculated accordingly as per each scheme. The new pension calculator should be introduced in August and that will help a lot with seeing what is coming your way when you leave.

[@johnohara167]

i am ex forces and in receipt of AFPS , but never get that BIS in the post and been on the pension for 4 years, how do i get them to send me it? Also seems to state on one of the AFPS Docs on Gov uk, that you need to keep your JPA up to date, yet dosent tell you how to access it ?? Anybody know how to access your JPA in case you want to change details? They dont make it easy , thats for sure..

[@thesavvysquaddie]

Now that your pension is in payment, you won't receive one. I believe they also stop once you leave the forces, however, a pension forecast can be requested via VeteransUK by filling out Form14 for those who are no longer in Service. When it comes to keeping JPA up to date, I don't believe you are able to once you are out. But you are able to phone up VeteransUK to keep them up to date with your details. Contact information can be found on the Gov website.

[@ffrs1444]

Wish they would hurry up with the McCloud stuff dragging there feet

[@Mercedesbentyeah]

Nice to hear this without the speech impediment

[@thesavvysquaddie]

Thank you.