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Armed Forces Pensions set to rise significantly for the second year running

forces pension society

Armed Forces Pensions set to rise significantly for the second year running

Neil Marshall

Maj Gen Neil Marshall, CEO of the Forces Pension Society

The Forces Pension Society welcomes the Government’s decision to increase  Armed Forces pensions in line with the Consumer Prices Index for another year. It means this years’ increase will be 6.7% and follows last years’ uplift of 10.1%.

For those serving, there will be an even better deal than last year, with an increase of 7.7% in line with average weekly earnings (AWE), compared with 7% last year.

The uplifts will begin in April 2024.

Commenting on these increases, Maj Gen Neil Marshall, CEO of the Forces Pension Society said:

“With everyone serving now on AFPS15, which is one of the most beneficial of public services pensions, this news will have a positive impact on the well-being of our Armed Forces personnel. It will increase the individual worth of everyone across the military community.

“It’s appropriate that those who continue serving should see their financial worth grow over time. The equivalent value of their pensions in the private sector would run into substantial six-figure sums.

“For our part, at the Forces Pension Society, it’s gratifying to see our efforts in championing Armed Forces pensions being recognised so emphatically, with our membership numbers rising to record levels.”

The Forces Pension Society is an independent, not-for-profit organisation that serves as a pension watchdog for the whole military community. For further information about how guidance from our Forces Pensions Consultants might support you, visit forcespensionsociety.org