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It is certainly true that AFPS 15 is not as generous as AFPS 75 or AFPS 05; that is one of the reasons it was introduced. But rather than look back, this article looks at what others are getting across the public sector and reveals that, in the round, the Armed Forces pension is better than others.
Part of the pension that you will receive under AFPS 05 is a pension lump sum of 3 times your annual pension. However, your benefits may be improved if you choose to give up your pension lump sum in order to increase the amount of taxable pension payable to you and your dependants.
AFPS 15 pays a pension immediately to those who serve until age 60 and defers it until the members state pension age (SPA) for those who leave before that age. AFPS 05 pays a pension immediately to those who serve until age 55 and preserves it until age 65 for those who leave before that age.
If you joined before 6 April 2005, youre likely to be a member of AFPS 75. If you joined between 6 April 2005 and 31 March 2015, youre likely to be a member of AFPS 05. And if you joined on or after 1 April 2015, youre likely to be a member of AFPS 15. However, there might be exceptions in certain cases.
AFPS 15 will not automatically pay you a pension lump sum. However, you can create a tax-free lump sum by surrendering a part of your annual pension, a process known as commutation. You can take up to 25% of your overall pension benefits as a lump sum.
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It is certainly true that AFPS 15 is not as generous as AFPS 75 or AFPS 05; that is one of the reasons it was introduced. But rather than look back, this article looks at what others are getting across the public sector and reveals that, in the round, the Armed Forces pension is better than others.
It continues until the member is 65. Transitional protection allowed older members of the Armed Forces (age 45 and over on 1 April 2012) to stay in legacy pension schemes and not move to the new CARE pension scheme AFPS 15. Those under the age of 45 were transferred to AFPS 15.
At age 55 the income is increased to 75% of the value of the preserved pension and CPI increases are applied. The EDP income continues until age 65. Because the pension and EDP come from separate schemes and individual is permitted to draw his pension early and have it paid at the same time as his EDP.

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