Financial planning and Pensions for Armed Forces
Please see below some useful resources and projects to help Royal Navy and Royal Marines families with planning their finance.
1. Financial Planning
If you’re looking for free and impartial advice, check out the MoneyHelper website. It is sponsored by the Department for Work and Pensions. It has a joint commitment to ensure that people throughout the UK have guidance and access to the information they need to make effective financial decisions over their lifetime.
They can help you improve your finances, using tools and calculators to keep track and plan ahead, they also provide support over the phone or online.
3. Free Legal Advice
The Queen Mary Legal Advice Centre provides free legal advice to members of the public.
These services are provided by their Undergraduate and Postgraduate law students, supported by a number of qualified lawyers. This enables Queen Mary students to learn from practical experience whilst supporting clients with their concerns.
The Centre offers legal support during term-time (October to May) to individuals, groups and businesses on a wide range of legal issues.
Visit their FAQ page for more information.
4. Making a Will
It’s important to make a Will and keep it up-to-date, to ensure that your money and possessions are allocated according to your wishes. Failure to leave a Will can mean that family and friends have to make difficult decisions on your behalf when they are unsure of your wishes.
- Exemption from Inheritance Tax for Fallen Personnel
There is an unlimited exemption from inheritance tax for members of the Armed Forces, and former members, where active service was a contributory factor in their death, whenever it occurred. If you’d like to find out more please see section 154 of the Inheritance Tax Act which is referred to by the MOD and HMRC. To find out more information, please contact the Joint Casualty and Compassionate Centre (JCCC).
Power of Attorney
RBL - Free Will Writing Service
RNRMC - Make a Will
The Royal Navy & Royal Marines Charity (RNRMC) has partnered with legal experts to offer free Will writing services.
You are not obliged in any way to leave a gift in your Will to the RNRMC although this is always apperciated.
Will Aid - Free Will Month
5. NFF Surveys
The NFF meets annually with the Armed Forces’ Pay Review Body (AFPRB) to present feedback from Service people and their families. The AFPRB makes recommendations to the Prime Minister and the Secretary of State for Defence on military pay, allowances and charges.
Each year we carry out a survey to collect your views. You can access the results below: