In 2015 a new Firefighters’ Pension Scheme (FPS) was introduced.
If you were previously a member of the 2006 Firefighters’ Pension Scheme, your pension will automatically transfer to the 2015 scheme in a process called ‘tapered protection’.
This transfer will happen on a date determined by your date of birth unless you retire before this time. This is known as your ‘taper protected date’.
Check your taper protected date (1992 and special modified members).
How do I know if I am taper protected?
You will be taper protected if you are a member of the Firefighters’ Pension Scheme 1992 (FPS 1992) and, as at 1 April 2012, who were between 2 April 1967 and 1 April 1971.
What does that mean for me?
You will have a taper protection date which is personal to you. At the taper date, you will move across to the Firefighters’ Pension Scheme 2015 (FPS 2015).
Your existing 1992 scheme pension rights will not transfer with you, and they will remain fully protected in the 1992 scheme.
If your taper protection date falls after you choose to retire, you will not move across to the 2015 scheme.
When can I access my pension?
Unless you retire before transferring across to the 2015 scheme, you will have pension rights in both the 1992 and 2015 schemes. This means that you will have a ‘two part’ pension.
Part 1
The first part of your pension remains fully protected in the 1992 scheme and can be taken, on retirement, from age 50 if you have completed 25 or more year’s service.
Your service in the 2015 scheme will also count towards your 25 year total.
Your 1992 scheme pension will still be calculated on your ‘final salary’ at retirement and you will continue to have access to the same commutation rights for your 1992 scheme pension.
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, or earlier with a reduction.
I will lose out on double accrual in the 1992 scheme
There will be an enhancement to your protected 1992 scheme pension to proportionally reflect the double accrual on the 1992 scheme service you have already built up.
Firefighters who complete 30 years service (1992 and 2015 schemes combined) before retiring will have each year of their 1992 scheme service converted, on average, to 45ths from 60ths.
Why will my 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.
This table sets out the reduction to your 2015 scheme pension only, your 1992 scheme pension will be taken unreduced
| Age | 55 | 56 | 57 | 58 | 59 |
|---|---|---|---|---|---|
| 2015 Scheme | 21.8% | 17.9% | 13.9% | 9.5% | 4.8% |
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 1992 scheme to the 2015 scheme will be able to receive a bigger pension than had the reforms not taken place. The online calculator provides more details.
What contributions will I be paying?
Until you taper date, your contributions will continue to be paid into the 1992 scheme, details of the current contributions are
FPS 1992 employee contribution rate
| Bottom of range (Full time equivalent rate) | Top of range (Full time equivalent rate) | Contribution for FPS 1992 scheme members – April 2014 |
|---|---|---|
| £0 | £15,000 | 11.0% |
| £15,001 | £21,000 | 12.2% |
| £21,001 | £30,000 | 14.2% |
| £30,001 | £40,000 | 14.7% |
| £40,001 | £50,000 | 15.2% |
| £50,001 | £60,000 | 15.5% |
| £60,001 | £100,000 | 16.0% |
| £100,001 | £120,000 | 16.5% |
After your taper date, you will join the FPS 2015 Scheme, details of the current contributions are
| Salary | Contribution to FPS scheme members – April 2017 |
|---|---|
| £0 up to £27,543 | 10.5% |
| Over £27,543 up to £51,005 | 12.7% |
| Over £51,005 up to £142,500 | 13.5% |
| Over £142,500 | 14.5% |