Military Pension

Lewix

Hello, I'm currently looking at setting up a private pension. I'm currently in the military and was wondering if it's possible to go through salary sacrifice? If this is possible and anyone has done it info would be appreciated. Many thanks.

Dazed_and_C0nfused

Do you mean sacrifice some of your military salary so your employer pays into a personal pension?

Lewix

Yes, I realise I get a military pension so I assume they probably don't contribute. I cant seem to find any info on this. 

Dazed_and_C0nfused

Salary sacrifice is where you agree to have a lower salary in return for your employer contributing more to your pension.  I think it is unlikely the military would be willing to contribute to a personal pension but all you can do is ask.

Assuming that isn't an option have you considered contributing yourself? 

MX5huggy

https://www.gov.uk/guidance/pensions-and-compensation-for-veterans

Are you in the 2005 or 2015 (or even the one before that?) Scheme both have options for increasing your benefits. You need to get a quote to see if it represents value.

Lewix

 I'm on the 2015 scheme. Thanks for the link, I found the part on added pension. I will have to find out more about it. If I'm not able to do salary sacrifice I will be contributing myself, I was asking about salary sacrifice due to saving on NIC.