How do I know if I am unprotected?
You are unprotected, if at 1st April 2012 you were a member of the Firefighters’ Pension Scheme 2006 (FPS 2006) and were under the age of 46, or if at 1st April 2012 you were not eligible to be a member of the Firefighters’ Pension Scheme 2006 (FPS 2006)
What does that mean for me?
At 1 April 2015, you will move across to the Firefighters’ Pension Scheme 2015 (FPS 2015). Your existing 2006 scheme pension rights will not transfer with you, and they will remain fully protected in the 2006 scheme.
When can I access my pension?
As you will have pension rights in both the 2006 and 2015 scheme you will have a ‘two part’ pension.
Part 1 – The first part of your pension remains fully protected in the 2006 scheme and, if you remain an active scheme member, can be taken, on retirement, from age 55 with an actuarial reduction (based on the existing 2006 scheme arrangements) or from age 60 without a reduction. Your 2006 scheme pension will be calculated on your ‘final salary’ at retirement.
Part 2 – The second part of your pension is in the 2015 scheme. If you remain an active member, this can be taken; from age 55 with a reduction, at age 60 without any reduction, or after age 60 with a pension enhancement. If you have left service before being entitled to take your 2015 scheme pension, it will come into payment in full at your state pension age.
At what rate will my 2006 and 2015 scheme pension be reduced?
The Public Service Pensions Act 2013 requires the Normal Pension Age to be age 60 and pension taken before that to be reduced. The table below sets out the reduction to the separate 2006 and 2015 elements of your pension:
| 55 | 56 | 57 | 58 | 59 | |
| 2015 scheme | 21.8% | 17.9% | 13.9% | 9.5% | 4.8% |
| 2006 scheme | 40.5% | 37.6% | 34.4% | 31.1% | 27.5% |
What pension will I get at retirement?
There is no cap on the amount of pension that can be earned in the 2015 scheme. Firefighters who transfer from the 2006 scheme to the 2015 scheme will be able to receive a bigger pension than had the reforms not taken place.
What contributions will I be paying?
At 1 April 2015, you will join the FPS 2015 Scheme, details of the current contributions can be found at How much do I pay?
Opting out
Be aware that opting out or not joining the 2015 scheme has long-term implications and members should not make any such decision until they are aware of all the implications. Anyone who is considering this course of action should take independent financial advice.
Withdrawing Pension Savings
From April 2015, individuals aged over 55 with Defined Contribution pension savings will be able to withdraw pension savings, subject to their marginal rate of taxation and scheme rules.
The Firefighters Pension Scheme is a Defined Benefit public sector pension scheme, therefore the change in the rules cannot be directly applied to this Scheme. From 6th April 2015 transfers out from Defined Benefit public sector pension schemes (such as the Firefighters Pension Scheme) to Defined Contribution schemes, will no longer be possible.