Armed forces pension calculator
A pension is available to all serving members of the Armed Forces – this includes members of the Territorial Army, Royal Naval Reserve, Royal Air Force Volunteer Reserve and the Royal Marines Reserve. It can also be claimed by any dependants of these members, veterans, and any dependants of veterans. There are lots of pensions for the Armed Forces; they differ depending on the specific circumstances of the individual wishing to claim. Because there are so many different types of pensions, it is sometimes easier to use an Armed Forces pension calculator to make the options clearer.
If you are a member of the Armed forces and you want to find out how much you will receive as you pension when you leave the army or when you reach retirement age, an Armed Forces pension calculator is a simple way to get an idea of what kind of pension you are looking at. In most instances, the Armed Forces pension calculator is used as a guideline to give a rough idea of what pension benefits are available, and not as financial advice.
To begin with, the Armed Forces pension calculator needs to know which of the two pension schemes the applicant comes under, the Armed Forces Pension Scheme 1975 (AFPS 75) or Armed Forces Pension Scheme 2005 (AFPS 05), and the results are based on the up to date pension codes for the year. To use the Armed Forces pension calculator, you need to input the details requested to find out what your pension is on your current engagement or what it could possibly be in the future, if you were to receive a promotion or extended your service. Generally speaking, a calculator used to work out an Armed Forces pension does not show payments applicable to dependants, any benefits for ill-health or pension sharing figures. It also does not take into account future pay or any inflation rises, so take note that the number shown at the end is changeable and may not be the same as any future pension benefits you may be eligible for. With so many variable present when trying to calculate a pension for a member of the Armed Forces, the system will sometimes make some assumptions to speed up the process, for example; it may assume that the leaving rank you use is your defining rank and that you have held this rank for more than two years.
If you have all the information available to you, an Armed Forces pension calculator is a very useful tool, allowing you to gain an estimated idea of what your total pension is likely to be when you come to retire.