Transfers Out

Dan Jarvis MP, asked Johnny Mercer, Parliamentary Under Secretary of State, how many members had left the Armed Forces Pension Scheme.

The answer was “Prior to the public sector pension reforms of 2015 which prohibited Service personnel from making transfers to non-defined benefit schemes, Service personnel had the right to transfer their pension benefits to any HMRC registered scheme. Between 2010 and 2015, some 4,600 members of the Armed Forces Pension Schemes transferred their pension benefits to non-defined benefit schemes, such as other private or occupational pension schemes.”

If you think that you (or a veteran you know) may have been misadvised, you should contact the compliance department of the firm that handled the pension transfer. If you do not get satisfaction, you should appeal to the Pensions Ombudsman at https://www.pensions-ombudsman.org.uk/our-service/make-a-complaint/