Financial services Covenant support for Service families and the Bereaved

Managing your money now and the future can be confusing for any of us, but you can get get advice and support specific to those in the armed forces community. 

Find out more about financial and pension advice and support services for the defence personnel and families that you may be able to take advantage of.

We would also recommend using  a free service provided by the Money and Pensions Service which is an arm’s-length body (sponsored by the Department for Work and Pensions). It has a joint commitment to ensure that people throughout the UK have guidance and access to the information they need to make effective financial decisions over their lifetime, and is funded by levies on both the financial services industry and pension schemes. The MOD is working with MoneyHelper to generate content specifically aimed at the Armed Forces community.

The MOD has published a helpful guide on financial top tips for service personnel. It provides service personnel with advice on getting a fair deal when they need to access financial services. This page is under regular review.

The Armed Forces Railcard offers your family up to 1/3 off rail fares. Spouses/partners of currently serving armed forces personnel can sign up for the Defence Discount Service, which offers online and high street discounts to members of the defence community. Businesses and local authorities can sign up for free and offer a discount for the armed forces community.

Joining Forces is 3 credit unions working together to provide savings accounts and loans to the armed forces and their families. Credit Unions are not there to make a profit and have a proven track record of ethical lending and better in many instances levels of interest for savings, and are available to offer free and impartial advice.

The British Insurers Brokers’ Association published on their website a list of their members that can provide tailored support to the armed forces community. The Association of British Insurers provides a list of members providing specific policies that remove disadvantage from aspects of motor insurance.

Finally, we have put together a useful summary of businesses who offer support to the Armed Forces community with mortgages, motor insurance, broadband, media packages, and mobile phones. Click on the link to find out more.

Finance: Overseas Investment and Scam-avoidance

The Covenant team has worked in collaboration with UK Finance, the collective voice of the banking and finance industry, and the Service Families Federations, to provide an Overseas Investment and Scam-avoidance advice note for those service personnel and their families serving, or due to be assigned, overseas.

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