1. What is the AFPS 15 Pension Scheme?

The Armed Forces Pension Scheme 2015 (AFPS 15) is a career average revalued earnings (CARE) scheme for UK armed forces personnel. It provides a pension based on pensionable earnings accumulated over the service period.

2. How Does the Calculator Work?

The calculator uses the AFPS 15 pension formula:

Where:

• \( Pension \) — Annual pension amount (GBP)
• \( PE \) — Pensionable earnings each year (GBP)
• \( n \) — Number of years of service
• 47 — The accrual rate divisor

Explanation: Each year, 1/47th of your pensionable earnings is added to your pension pot. The total pension is the sum of these annual contributions.

3. Importance of Pension Calculation

Details: Accurate pension calculation helps armed forces personnel plan for retirement, understand their future income, and make informed career decisions.

4. Using the Calculator

Tips: Enter the number of years of service and annual pensionable earnings in GBP. The calculator will compute your estimated annual pension under the AFPS 15 scheme.

5. Frequently Asked Questions (FAQ)

Q1: What is the accrual rate in AFPS 15?
A: The accrual rate is 1/47th of pensionable earnings each year, which is approximately 2.13% of your annual earnings.

Q2: How is pensionable earnings defined?
A: Pensionable earnings typically include basic pay plus any pensionable allowances, but exclude non-pensionable elements.

Q3: Are there any employer contributions?
A: The AFPS 15 is a non-contributory scheme for members - there are no employee contributions required.

Q4: What is the normal pension age?
A: The normal pension age under AFPS 15 is State Pension Age, which is currently 67 for those born after April 1977.

Q5: Can I take my pension early?
A: Early retirement may be possible with actuarial reduction, or from age 55 without reduction if you meet certain criteria.