Did you know? Many veterans who served in the British military often don’t know about or claim their ‘preserved pensions.’
The good news is that for many, the preserved pension is claimable if they have qualifying service and it can be claimed when a veteran reaches a particular age. The bad news is that the MOD doesn’t remind veterans of this fact, and puts the onus on veterans themselves to apply for it.
In 2019, the Association of British Insurers (ABI) estimated that over 1.6 million pension pots (worth over £19.4 billion) are ‘lost’ and unfortunately, scheme providers have no way of tracing which individuals have not claimed theirs
Our welfare team can offer support, guidance and signposting to VOS registered Service Users around claiming pensions. We want to make sure that your ‘preserved pension’ is not among the many pensions that go unclaimed in the UK.
What is a Preserved Pension?
preserved pension is a pension that’s earned through time in qualifying service and can be claimed once a veteran reaches a certain age (which differs by scheme, but is often 60 or 65). Once you reach the age stated by the pension scheme rules, you can gain access to your preserved pension for the rest of your life to use as you see fit. You must submit an application to claim a preserved pension. Until it is claimed by you, it is held securely for you and the value increases annually in line with the Consumer Price Index (CPI).
It can be quite complicated to work out which Pension Scheme applies to you. All the Armed Forces Pension Schemes (AFPS 1975, 2005 and 2015) have different rules and resources for preserved pensions. If you think you may qualify, it’s important that you apply!
Do I Qualify for a Preserved Pension?
There are a few people who joined after 1975 who do not qualify for a preserved pension. These are people who joined on non-pensionable terms (like gratuity-earning short service commissions), volunteer reserve members, personnel who opted out of the Armed Forces Pension Scheme, and those who transferred their benefits into another occupational pension scheme.
Preserved pensions can be claimed by ALL veterans of qualifying service, including any LGBT+ veterans who served in the above time frames. Many LGBT+ veterans were banned from receiving military pensions previously, which has been officially recognised as “an appalling failure of the British State” since the recent publication of Lord Etherton’s Independent Review.
There is no entitlement to preserved pension for those who left before 1975, and did not qualify for an immediate pension.
How Can I Claim Mine?
To claim your preserved pension, it’s best to submit an application three to six months before it is due to start (which is essentially the birthday when you turn the particular age specified by your Pension Scheme). This is done by completing an AFPS Form 8 and submitting it to Veterans UK in Glasgow. If you miss the date, it is still sometimes possible to receive a backdated preserved pension.
Unclaimed pensions are a long-standing issue and VOS would like every veteran with a pension entitlement to receive it! If you are a VOS service user and need help filing the forms in to claim yours or have any questions about the preserved pension, please do contact the office on 02392 731 767, or email us on admin@vosuk.org.
How Can VOS help?
We’ve created a downloadable information pack to help you check eligibility, with links to the official MOD pensions website and Veterans UK, details of how to obtain a pension forecast, and more.
The Forces Pension Society offers a range of services to members; there is a fee to join.
If you’re a veteran from the UK Armed Forces or the Merchant Navy (from any time of service) or a partner, spouse, or carer to one, and live in our area of operation (Portsmouth, IOW, South Hampshire) VOS would love for you to join our community. We are here to offer our support: call us on 02392 731 767, visit an upcoming drop-in, or email admin@vosuk.org.
If you’re a veteran from the UK Armed Forces or the Merchant Navy (from any time of service) or a partner, spouse, or carer to one, VOS would love for you to join our community. We are here to offer our support: call us on 02392 731 767, visit an upcoming drop-in, or email admin@vosuk.org.
