Armed forces pensions (held by Veterans UK) include all military pensions for those serving in the army, navy and RAF.
Armed Forces Pension Scheme (AFPS) pensions are different in structure to most employer and personal pension schemes. Armed forces pensions can have a significant value, particularly if the serving member has reached a senior rank/commanding officer level.
They require careful consideration to protect the benefits and share in a fair way upon divorce. When dealing with pensions on divorce we will often look at making a pension sharing order. A pension sharing order means that a percentage of the pension is transferred to the non owning spouse’s name and is paid to them when they reach normal retirement age. It provides a clean break between the parties by splitting the pension immediately.
Dealing with military pensions on divorce requires specialist legal advice and can also require specialist financial advice to ensure the pension is protected and the benefits it provides maximised.