Forces Pension Society - no longer provide forecasts

[Dan_Brown]

Had some disappointing news from the FPS. I submitted a pension forecast to them, something i have done 3 times in the past several years, and they would reply giving:

1. Spreadsheet with all the different options.
2. Actual figures of what each option was.
3. An explanation of the figures.

This was the main reason I and many others joined the FPS, these forecasts are invaluable. The response i got?

"The Forces Pension Society has recently changed the way that it deals with pension forecast requests. Whilst we are happy to audit/check forecasts, we no longer routinely act as the first provider or model potential discharge dates. In order to assist you, please find an extract from our website which sets out the protocols that we encourage our members to follow."

and then pointing me to the online Pension Calc or requesting a forecast from Glasgow.

Mentioned this to a few of the lads and the general response was, "In that case, I may bin them off next renewal". I think the FPS do a great job, roadshows, keeping us up to date with McCloud, but the fact that a Pension Society will no longer provide forecasts is something i cannot fathom or get onboard with.

I'll be cancelling my subscription next renewal

 

[Spearmint]

Yeah, pretty much the main reason for joining them as well. May have to reassess my membership now.

 

[Vauxhall]

We recommend, in the first instance, that members obtain a formal pension forecast from Veterans UK because they have access to your service record, and also they are responsible for calculating and, with Equiniti, paying your benefits when you leave the Services. When a copy of the forecast is sent to us, we will continue to provide audits and explanation. Moreover, we can also highlight any apparent anomalies in the forecast, which can then be dealt with before a member leaves service. This is not possible in the absence of a forecast from Veterans UK. If requested, using the forecast as a baseline, we can provide illustrations for other exit dates.



In some situations, notably medical discharge cases, we are aware that forecasts are not available until shortly before point of exit. In such cases we will continue to build forecasts from the information that is supplied to us by the member.



We hope that this helps to explain our position.

 

[UlsterExile]

Hmmm, I'll be thinking twice now as i was going to join to ask about the reserve pension side of things. I'll email Glasgow and see what comes back.

 

[the_worrier]

I -like many others- will not renew my membership. In my view this change is a huge mistake by FPS.

Glasgow are very difficult to converse with as they don’t take calls and will limit the number of scenario’s they will provide you with figures for. If you think you have been clever outlining clearly and in depth the intricacies of your circumstances they will likely ignore much of your effort and send you out a basic forecast. This is where FPS had the edge and it was worth 40 odd quid each year for that alone.

 

[busby1971]

Seems to me that the FPS just need a base set of data from the system to then do their value added service, which I guess the VA just don’t do, and in my experience I wouldn’t trust them to get it right.