Concessionary travel on TFL for Veterans

This is an excerpt from the TFL website: If you receive payments under the War Pensions Scheme, or Guaranteed Income Payment under the Armed Forces Compensation Schemes, you may be eligible for concessionary travel.

With a Veterans Oyster photocard you can travel free on bus, Tube, tram, DLR, London Overground, TfL Rail and most National Rail services in London.

You may be eligible for a Veterans Oyster photocard if you're:

• Receiving ongoing payments - in your name - under the War Pensions Scheme: this includes widows, widowers and dependants
• Receiving Guaranteed Income Payment under the Armed Forces Compensation Scheme - in your name: this includes widows, widowers and dependants

Ongoing payments are awarded to service personnel who have sustained a certain level of physical or psychological injury in the line of duty. If you received a one-off gratuity payment instead of ongoing payments, then you're not eligible for a Veterans Oyster photocard

Read the full article on the TFL website

Find out how to apply for a Veterans Oyster photocard

Thanks to Peter Bradley for making aware of this on our Facebook page - if you have any savings or advice that you'd like to share with other veterans, please do get in touch.

Pensions deadline looms for Armed Forces veterans

This week the government announced the legislative changes to the pensions system outlined in Chancellor George Osborne’s Budget in March – and the consequences for veterans of Britain’s Armed Forces.

#109787921 / gettyimages.com

Under the new rules, members of private sector and funded public sector defined benefit (DB) pension schemes will be able to transfer to defined contribution (DC) schemes – such as a Personal Pension or SIPP – which allow much more freedom, including the option for those aged from 55-57 to access up to 100% of their pensions as a lump sum, or to leave 100% to loved ones.

However, members of unfunded public sector schemes such as the Armed Forces will not be able to transfer their pensions after April 2015.

The reason behind this apparent disparity is because unfunded schemes are supported by general taxation rather than relying on the reserves and assets set aside by funded schemes – which means that approved transfers could have a major impact on the Exchequer’s coffers.

If you served in the UK Armed Forces for more than 2 years and would like to find out about your options regarding your pension benefits, then get in touch with us now for a free no-obligation review.