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Increasing Your Pension Benefits

The AFPS 05 provides nominal pension benefits as those provided by the state pension, ensuring that members have an adequate income to draw upon in retirement.

HMRC (Her Majesty’s Revenue and Customs) allow some tax concessions on pension schemes not availble on other retirement savings. For further details check their website: www.hmrc.gov.uk

Adding Years
This is an obvious benefit – the purchase of added years is 15% of pensionable years. These added years can be bought as a whole or in part years by regular contribution. However refunds are not given on stopped payments. Contribution tables and application form are in JSP 764, Part 4.

Stakeholder Pensions
This is a flexible low cost pension scheme – these are money purchase arrangements under which contributions are invested to provide a fund at retirement. They cannot be used to increase or top up benefits under AFPS 75 or AFPS 05 but are separate from those already provided.

Remember that you must take independent financial advice about purchasing additional benefits

Scottish Widows is one of the preferred providers of stakeholder pensions to the Armed Forces. If you wish to contact them:

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