Additional notes for active members of the FPS 1992 (protected)

These notes accompany your 2024 active benefit statement. 
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Age discrimination court case

On 1 April 2022 the Public Service Pensions and Judicial Offices Act 2022 (PSPJOA) came into force, and confirms that members will be returned to their final salary schemes for the period 1 April 2015 to 31 March 2022 in powers that will be enacted by 1 October 2023. This is known as the retrospective remedy. 

If your pension record is affect by the McCloud remedy, you will receive a Remedial Service Statement (RSS) instead of your usual ABS. 

If you have multiple pension records, you may receive an ABS for some records and an RSS for others depending on your eligibility for the McCloud remedy. 

For more information please see: McCloud/Sargeant/Age Discrimination

When can I take my benefits?

The information provided in this statement is based on you leaving active membership the day before your Normal Pension Age (NPA). The NPA is the earlier of 30 years service or age 55. However, it is also possible to take your 1992 benefits when you are 50 and have at least 25 years service - any lump sum would be restricted to 2.25 times your pension if you have less than 30 years service. If you retire from age 50 and have 30 years service, or retire at age 55 - your lump sum may be subject to tax.

If you leave the 1992 scheme before benefits are payable, your NPA will change to age 60.

What options do I have when I take my pension?

When you retire, you can exchange your annual pension to provide a retirement lump sum. The amount of the lump sum will depend on how much pension you exchange and your age when it is paid. If the lump sum is more than 25% of the total value of your Firefighters' pension, HM Revenue and Customs rules mean you will have to pay 40% tax on the excess.

Partner's pension

If you have a spouse or civil partner they automatically qualify to receive a pension if you die in service. This is a scheme benefit that is paid to surviving partners and will not reduce or affect your pension even if you do not have a partner.

A surviving partner's pension is shown if our records indicate you are in a partnership. This figure is only for illustration purposes and the actual amount paid may differ from the one shown depending on your circumstances and on the regulations that apply when a pension becomes payable. For example, if you are currently married, but subsequently re-marry after you retire, your new spouse may not be entitled to as much pension as your original spouse was.

Your dependent children may also be eligible to receive a pension if you die in service and they meet certain conditions. Please see our website for more information.

Deductions from your benefits - Pension sharing order

The amount of surviving partner's pension shown includes all benefits due from your membership of the scheme, including any additional contributions which bought additional survivor's benefits, but will exclude any deductions due to a pension sharing order.

Death grant lump sum

If you die while contributing to the scheme, a death grant lump sum will be paid to your spouse or civil partner, or to your personal representative as part of your estate.

Your pensionable pay

Your pensionable pay was provided by your employer. If you do not agree with the amount shown on your statement, please contact your employer.

Lifetime Allowance

The LTA applies to the value of your combined UK registered pension schemes and some overseas schemes; the value shown relates to this pension.

Most people's benefits will not exceed the LTA, but we need to provide this information to everyone.

The information shown here is not a transfer value. To obtain a transfer value, please complete a cash equivalent transfer value form, available from our website.

The LTA for 2021/22 is £1,073,100. The value shown is based on the pension benefits on this statement only.

Annual Allowance

HM Revenue and Customs sets an annual allowance, which is the amount by which your benefits can increase in a year without being subject to tax. The standard annual allowance is currently £40,000. If you have exceeded the standard annual allowance limit in the year you will receive a Pension Savings Statement by 6 October 2022.

A tapered annual allowance may apply for people with adjusted income of £150,000 and over. If you think this applies to you, please contact us.

You can find more information about annual allowance on our website.

Previous Years' Annual Benefit Statement Notes