Your FREE Pension Forecast Explained
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- เผยแพร่เมื่อ 10 ก.ค. 2024
- Your FREE Pension Forecast Explained
In this video I'm breaking down how to request your annual one free pension forecast from VeteransUK and how to decipher the details on your Armed Forces Pension Scheme Benefits Forecast.
We'll explore the different methods to apply for your forecast, from the traditional pen-and-paper route using AFPS Form 12 or Form 14, to a more modern digital approach using DefNet. I’ll show you why the digital option can save you time and hassle, although it requires access to a ModNet device.
Once you've submitted your request, I'll walk you through the key components of your pension forecast. We'll cover the Armed Forces Pension Scheme 2015, including Early Departure Payments (EDP), deferred pensions, and how to interpret the financial figures provided. If you’re impacted by the 2015 Remedy, I'll explain how your forecast will reflect legacy benefits and what to expect from your Remedial Service Statement (RSS) by April 2025.
It's important to remember that the forecast provides estimates in today's money, and actual amounts may vary due to future CPI increases. Also, we'll touch on the Armed Forces Pension calculator for those wanting a more customised projection.
If you have any questions or experiences with your pension forecast, drop a comment below. Don't forget to like, subscribe, and hit the notification bell for more insights into managing your military benefits and finances.
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Useful Links:
AFPS Form 12 - assets.publishing.service.gov...
AFPS Form 14 - assets.publishing.service.gov...
Early Departure Payment Explained - • Ignoring This Could Co...
AFPS15 Explained - • AFPS15 Breakdown: What...
Armed Forces Pension Calculator - www.mod-pc.co.uk/
Pension Calculator Explained - • Have You Used The New ...
Timecodes:
0:00 Intro
0:20 How To Apply For An Armed Forces Pension Forecast
1:37 Understanding the Pension Forecast
7:29 Visual Walkthrough
9:42 Final Thoughts
10:34 Outro
Sources:
www.gov.uk/guidance/veterans-...
forcespensionsociety.org/2023...
DISCLAIMER:
The views and opinions expressed in this video are my own and do not necessarily reflect the views of the British Army or the Ministry of Defence.
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.
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Timecodes:
0:00 Intro
0:20 How To Apply For An Armed Forces Pension Forecast
1:37 Understanding the Pension Forecast
7:29 Visual Walkthrough
9:42 Final Thoughts
10:34 Outro
I requested mine to check how my own spreadsheet calculations looked based on getting my military pension at age 60. Surprisingly, after 30 years, I was only about 10% out, and would actually receive more than my calculations.
Great video. Just received my forecast, it's really easy to do. It's worth mentioning, that when applying you'll get to choose a leaving date so choose one on or after your 20/40 point.
Great point, thanks for adding.
I will. On the AFP75 . Due in 3 years.
Thanks for the great video, my forecast is split between schemes 75 and 05, I left in 2009. Just wondering will any of the two pension amounts stop when the other one kicks in or is it in addition to the first one at age 60? Thanks
Many thanks. From what you've said, my understanding would be that they are paid together just like my 05 and 15 schemes will be.
If you're a member of the forces pension society, they can offer a detailed explanation of benefits specific to your circumstances. The membership is around £45 a year
with regards to getting the pension forecast, I asked for one and received it back fairly quickly but as I already have the afps75 in payment, they only showed the afps15 entitlements. I would have thought it would show both, as the 75 scheme will increase at age 55 with all the PI increments added on (which I was looking for in the statement). Guess i wont find out till it becomes payable.
How long did you wait for yours to come through, I've been waiting for mine for over 2 weeks sent via the post signed for?
Thanks for the info, I applied weeks ago and have received nothing, is it a letter or email?
If you applied via ModNet then it'll be an email. If you applied by the paper form then it should come to you in the post.
Does it take into account any broken service, i.e. MPGS soldiers who have re-joined?
To be honest, I'm not 100% sure on this.
There is a small part on the cover letter which says, "If you have rejoined the Armed Forces within 5 years, the pension benefits in this forecast will replace any previous award notified to you."
@@thesavvysquaddie Thanks
How long does it generally take to get the forecast back via the post?
I can't accurately comment on that as I went the digital route. But I can't imagine it would take more than 10 working days to get back to you.
I requested mine by post and it was about 6 weeks after I sent it before I had my forecast returned. So don't hold your breath.
I think you've just helped people see how poor the pension actually is. It has been cut twice in 10y by a large amount.
Really? Can you explain to me where else I can expect to get £18k a year from a workplace pension when I don't contribute a penny towards it and after only working for 24 years?
The pension is not poor. It's one of the best workplace pension schemes currently available out there.