The MoD has launched a new video about the upcoming changes in armed forces pensions. Armed Forces Pension Scheme 2015 (AFPS 15) will be introduced from 1 April 2015 when most regular and reserve service personnel will transfer automatically to the new scheme.

The Ministry says that if you were within 10 years of your respective scheme's normal pension age on 1 April 2012, you have transitional protection and you will remain a member of your current pension scheme.

For those personnel transferring to AFPS 15, any benefits you have accrued in your current scheme are protected up to the point of transition and you will be able to draw that proportion of those benefits at the same time as you previously expected.

Those benefits will be based on your final salary (rank) at the point you leave the armed forces, not your salary (rank) at the point of transition to AFPS 15.

Here is the video, with more information below

More information on AFPS 15 is available here. You can also use the pension calculator to provide you with a forecast of the pension and non-pensionable benefits you could receive under AFPS 15, as well as the pension benefits you have already earned in your existing pension scheme.