Stress Awareness Week and Debt

 

Serve and Protect's new Cash ISA

Introducing Serve and Protect Credit Union's new Fixed Cash ISA account! 💼💰

The account offers a guaranteed tax-free return of 4% AER for the 2024/25 tax year so it could be a great opportunity for you to grow your savings.

​Learn more

Armed Forces Pension Schemes: Pension Savings Tax Changes and the 2015 Pension Remedy

A newsletter has today been published on the Armed Forces Pension Schemes Gov.uk website, providing guidance on:

​1. Pensions Savings tax and the latest changes
2. Pensions Savings tax and the 2015 Pension Remedy

Links to supporting guidance and sources of further advice can be found on pages 13-15 of the publication.

Please go to this LINK to view the newsletter, or to Armed forces pensions - GOV.UK (www.gov.uk)​ for all AFPS-related information and guidance.​

Serve and Protect Credit Union - March Free Financial Webinars

Free financial webinars this March from Serve and Protect Credit Union! Boost your financial resilience with actionable tips. Don't miss out! 💪💰

Domestic Violence - The Financial Impact

🕑 Friday 8th March 2024 13:00 - 14:00

Managing the Cost of Living

🕑 Friday 8th March 2024 14:00 - 15:00

Budgeting & Spending

🕑 Thursday 14th March 2024 14:00 - 15:00

Boost Your Credit Score

🕝 Thursday 21st March 2024 14:00 - 15:00

What Lenders Look For

🕑 Thursday 28th March 2024 14:00 - 15:00

​🔗 Register for free here

Forces Pension Society: Online Veterans Pensions Update Briefing, 19 Mar

The Forces Pension Society will deliver an online AFPS update for Veterans at 1230-1315 on Tue 19 March via MS Teams. It will cover:

• The latest on the 2015 Remedy (McCloud) implementation
• A reminder of how pension benefits were earned during service and the ages that deferred pensions are paid
• When and how the pension benefits increase
• How to obtain a forecast for a deferred pension from Veterans UK
• Dependants Benefits
• How to claim a deferred pension
• The benefits of membership of the Forces Pension Society

For further information and details of how to join the briefing, please go to: Veterans' Pensions Update - Forces Pension Society

Couples Can Save up to £252 a Year on Their Tax Bill

Some couples can save up to £252 a year on their tax bill by claiming Marriage Allowance.

To benefit from Marriage Allowance, the following circumstances must apply:
the couple are married or in a civil partnership

• one person does not pay Income Tax because any income they have is below their tax-free Personal Allowance (usually £12,570)
• their partner pays Income Tax at the basic rate

Do you know someone who could be eligible?

​They can find out more and apply for Marriage Allowance on GOV.UK and use the free online calculator to find out how much tax they could save.

DWP: National Insurance - Detailed Information

Guidance for National Insurance. Including how to apply for a National Insurance number and check your record. As well as rates, paying, refunds, voluntary contributions, and pensions.

Link: National Insurance: detailed information - GOV.UK (www.gov.uk)

DWP: Child Maintenance Service Reformed to Crack Down on Parents Who Refuse to Pay

The government is reforming the Child Maintenance Service (CMS) to crack down on parents who refuse to pay and ensure children get the support they deserve more quickly.

Link: Child Maintenance Service reformed to crack down on parents who refuse to pay - GOV.UK (www.gov.uk)

Serve and Protect Credit Union - free financial webinars

Serve and Protect Credit Union are running a number of free webinars throughout February, aimed at boosting financial resilience.

Budgeting & Spending
🕑 Thu, 8 Feb 2024 14:00 - 15:00

Boost Your Credit Score
🕝 Thu, 15 Feb 2024 14:00 - 15:00

What Lenders Look For
🕑 Thu, 22 Feb 2024 14:00 - 15:00

​Register for free here: https://www.eventbrite.com/cc/upcoming-free-financial-webinars-2231869
 

Support for Households - Cost of Living Support

 

See what support is available to help with the cost of living and save money with our energy saving tips at: 

https://helpforhouseholds.campaign.gov.uk/

Coming soon reminder: Easier registration and claims process for Wraparound Childcare

 From 19 February 2024 the way that personnel register and claim WAC funding is changing. The process will be fully integrated in JPA and will be much simpler to use.

• Personnel that are currently registered will receive an email from the WAC team explaining what this means for them.
• Personnel that haven't yet registered but may be eligible should note that there will be a freeze to the registration process from 31 January 2024 until the switch over on 19 February 2024.
• Personnel that register between 19 February and 31 March 2024 will be able to backdate their registration to 1 February 2024, subject to eligibility.

Where can you find further information?​​

• Read the FAQs or visit the Defence Childcare Information Page on defnet or Defence Connect.
• Visit the Discover My Benefits Army, RAF, Navy or Marines webpage or contact the HIVEs, RN FPS and Families Federations information sites.
• Look out for more updates, on defnet and Defence Connect.

If you have any further questions you can email the WAC team at PEOPLE-AFFS-WAC-FRO-mailbox@mod.gov.uk

Minimum Income Requirement - Incremental Approach to New Threshold Amount

You may have seen reference to the announcement from the Home Office that the planned increase to the MIR to £38,700 will happen incrementally, with a figure of £29,000 applicable from Spring 2024. The Home Office have released a Factsheet that explains more. Among other things, this advises that under the new provisions there will no longer be a separate child element.

Defence continues to liaise with the Home Office in order to understand how this will impact Service Personnel (Officers and Soldiers) and their families, and further information will be provided once more details are known.

link for the factsheet 

Defence People Communications: Child Benefit – Get Financial Help if you Have Children

 

With the rising cost of living, the Government are offering parents and carers up to £1,248 a year to help with the cost of raising their first child – and up to £826.80 for any other children. This means that by the time a child is 16 years old, their child benefit claim could be worth almost £20,000.

DWP - Benefit Payment Dates December

DWP Benefit payment dates over Christmas are as follows:

Payments due 25-26 December will be paid on Friday 22 December.

Payments due 27 December: Universal Credit paid as normal, all other benefits paid on Friday 22 December.

Payments due 1 January will be paid on Friday 29 December.

Military Mortgage Advice Webinars: 5th November to 26th November

 

 

Serve and Protect Credit Union: Eventbrite Free Financial Webinars

Serve and Protect CU are hosting a range of free financial webinars between now and December 2023, covering topics such as:

• ​Budgeting & Spending
• Boosting Your Credit Score
• Managing the Cost of Living
• What Lenders are looking for

You can view and register for the webinars here

There are a limited number of places available on the webinars, so they are offered on a first-come-first-serve basis.

Household Support Fund Awareness Week - 16-22 Oct

The Government has made an extra £842 million available to help the most vulnerable across England.

The funding is an extension of the Household Support Fund and has been allocated by the Department for Work and Pensions to councils in England, who will then use it to support those in need in their local area.

Councils can decide how best to use the funding to support people in their local area quickly and efficiently. The fund runs from 1 April 2023 to 31st March 2024.

The Household Support Fund is there to help low income households, including families, pensioners, unpaid carers, care leavers and disabled people. It provides immediate help for those who are struggling. This could include help with your energy, water, broadband and phone bills, as well as other essentials such as food, clothing and hygiene products. The fund can also assist with transport-related costs such as car repairs, buying a bicycle or paying for fuel.

Those wanting to find out what support is available in their local area should visit their Council’s website or contact their local council office.

For further information, go to the Household Support Fund on gov.uk.

Help Stop Young People Falling Victims to Loan Sharks

Recent research has shown that a higher proportion of people in the 18 to 24 year old age bracket are at particular risk of being targeted by loan sharks in the current climate. 

More young people are having financial services or products refused by mainstream banks and many are being forced to borrow from friends and family to make ends meet.

With this in mind, Stop Loan Sharks want to highlight the services offered by credit unions, producing a new grime music video in conjunction with Find Your Credit Union and Nourish Social in the hope that it will appeal to young people and show them that other options that are available. 

Click the image above to watch the video online.

Service Personnel can also utilise the Joining Forces Credit Unions, supported by the MOD to make saving simple and loans more affordable to the Armed Forces community.

Forces Employment Charity: Pension Awareness Webinar, Wed 13th Sept Online

The Forces Employment Charity is running a webinar on pensions! It's being delivered by the Forces Pension Society on Wed 13 Sep over lunchtime from 1-2 pm. To find out what the webinar will cover, head over to: https://loom.ly/2n2PeeA​ ​

Armed Forces Pay Award - Non-UK National Personnel