MONEY&YOU
Financial fitness focus Your financial situation will almost certainly change when your soldier leaves the Armed Forces. Whichever route they take to civvy street, there’ll be consequences for their pension, resettlement and finances. The MoneyForce website has some great tools to help you make the right choices as you plan for your future…
MoneyForce recommends you make saving a habit, if you can. Check moneyforce.org.uk for advice
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HE Leaving Service section is a good place to start before your soldier hangs up their uniform for the final time. It covers: l Voluntary or compulsory termination l Medical discharge l Redundancy l Retirement l Early Service Leavers (less than four years’ service) l Foreign and Commonwealth leavers. Whatever your stage of life or career, it’s important to check your entitlements and make the most of what’s on offer for the whole family. Your spending is likely to change so it’s a good time to revisit your family budget and get your finances ready for your new life.
MoneyForce’s budget planner helps you measure how your new income will cover your commitments, while the MoneyFit Challenge gives you an action plan so you can focus on the important things you need to tackle. Getting a lump sum is exciting, but you’ll need to think about the best way to maximise it.
CREDITING YOU HAVE you accompanied your soldier on an overseas posting anytime since 1975? AFF has previously highlighted that, in 2016, the Government introduced a new scheme of www.armyandyou.co.uk
PENSION PREP You can use the useful Armed Forces pension calculator to get a forecast, or your soldier can ask for a free, written pension projection once a year from Veterans UK. Getting a lump sum is exciting, but you’ll need to think about the best way to maximise it. If you’d like professional advice,
there’s a section on choosing a financial adviser, or contact the Forces Pension Society (forcespensionsociety.org), which offers information and guidance for a small membership fee. If either you or your partner face unemployment or have long-term ill health and/or a disability, you can find out what state benefits and entitlements you may be eligible for by clicking grants and state benefits. Visit moneyforce.org.uk to help ensure your Army family keeps MoneyFit. &
Followed the flag since the mid-1970s? You may be eligible for thousands of pounds of National Insurance credits...
National Insurance credits to help spouses and civil partners cover gaps in their state pension. However, according to a BBC report last year, fewer than 4,000 applications have been made.
If you think you may be eligible, be sure to apply – these payments could be worth up to £30,000 over the course of a person’s retirement. l Find out more at gov.uk spring 2018 Army&You 25