Armed Forces: Loans and Personal Savings

Ministry of Defence written question – answered on 20th November 2018.

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Photo of Jamie Stone Jamie Stone Liberal Democrat Spokesperson (Armed Forces), Liberal Democrat Spokesperson (Defence)

To ask the Secretary of State for Defence, how many (a) service personnel and (b) veterans have received payroll and pension deductions for the purposes of savings and loans in each of the last five years.

Photo of Tobias Ellwood Tobias Ellwood The Parliamentary Under-Secretary of State for Defence

The table below shows the number of Service personnel and veterans who have deductions from payroll or pensions for savings and loans through the Armed Forces Credit Union since November 2015, when it became possible to do so. The facility for veterans to have deductions taken from pension payments has only been available since 2016.

2015

2016

2017

2018

Service personnel

240

1,220

3,120

4,590

Veterans

N/A

4

9

9

Yearly Total

240

1,224

3,129

4,599

Please note the 2018 data is provided up to 31 October 2018, and individuals may have deductions taken in more than one year.

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