What you need to know
Financial Incentives are payments made to Service personnel to support trades in meeting their required numbers for operational output. They are used as an aid to support other non-financial measures.
It is important that you have read and understood JSP 754 Tri-Service Regulations for Pay (chapter 5, section 21) before proceeding.
Each Financial Incentive has a unique set of eligibility criteria and a closing date. Should the trade meet the numbers required before the closing date the scheme will be closed early and there will be no more payments from that date.
The different types of incentives are as follows:
- Golden Hellos assist with encouraging new entrants into the Armed Forces
- Re-joiner Bounties assist with encouraging previous serving personnel to re-join the Armed Forces
- Transfer Bounties assist with encouraging current serving personnel to transfer to a different trade within the Armed Forces
- Recruit Bounty Schemes are designed to encourage current serving personnel to assist in recruiting non-Service Personnel into the Armed Forces
- Financial Retention Incentives assist with encouraging current serving personnel to remain in Service within their current trade
The rates of payment vary depending on the scheme and each are considered on a case by case basis.
They are not pensionable, i.e. do not contribute to the amount of pension you accrue, however they are subject to Tax and National Insurance.
They would usually be paid as a lump sum once you are eligible, usually paid the month after application.
What you need to do
- Review the current schemes available, your career manager will also have details of these.
- If you meet the eligibility criteria detailed in the scheme and wish to make an application for payment, you should complete the form at Annex A of the relevant scheme.
