YOUNGER members of the armed forces face a longer wait before they can claim their pensions under plans confirmed by the government.
The military pension entitlement is set to rise in April 2015 from 55 to 60. The change will affect those under 45, though the Ministry of Defence said just 2 per cent of those serving in the armed forces do so until they are 55.
They will also be switched from a final salary pension to a career average arrangement, the system already proposed for public sector workers. The benefits already built up by members of the armed forces pension schemes will not be affected.
The changes also include a rise from 18 to 20 years in the length of service needed before personnel aged 40 are allowed to take an early lump sum.