The expression ‘full pension’ is taken to mean a pension reflecting the maximum amount of reckonable service allowed under the pension scheme rules. As the majority of service personnel belong to either the armed forces pension scheme 1975 (AFPS 75) or the armed forces pension scheme 2005 (AFPS 05) my answer is in respect of those schemes.
Under AFPS 75 the most an officer can accrue is 34 years reckonable service from age 21 and, for another rank, the limit is 37 years reckonable service from age 18. The earliest that a full pension can be paid is age 55 and this full pension is worth 48.5 per cent. of representative pay.
Officers who leave having accrued at least 16 years reckonable service from age 21 under AFPS 75 and other ranks who leave having accrued at least 22 years from age 18 are entitled to a pension paid immediately upon discharge but this is a proportion of the full career pension. Those who leave with two or more years service but insufficient to qualify for this immediate pension are awarded a preserved pension payable at age 60 for service before 6 April 2006 and 65 for service after that date.
Under AFPS 05 the most that a member can accrue is 40 years reckonable service with no minimum age limit. The normal full pension entitlement is age 55. A full pension under AFPS 05 is worth just over 57 per cent. of final pensionable pay.
AFPS 05 members who leave before age 55 with two or more years reckonable service are entitled to a preserved pension payable at age 65. Those who have given at least 18 years reckonable service and attained age 40 are eligible for payments from the early departure payments scheme. Their pensions are preserved until age 65.
Finally, members of the armed forces do not typically serve to age 55 or beyond. In 2005-06 approximately 10 per cent. of officers and approximately 7 per cent. of other ranks served long enough to receive a full pension.