From 1 April 2015, the New Fire Pension Scheme (NFPS) is closed to new members. New members will be joined to the 2015 Fire Pension Scheme.
Current members of the previous schemes (FPS and NFPS) will also join the new scheme from this date unless they are eligible for full protection or tapered protection. Tapered protection members will transfer to 2015 Scheme at the end of the tapered protection period.
Highlights of 2015 scheme
- Career Average Revalued Earnings (CARE) scheme with a pension build up (accrual) rate of 1/59.7 of the member's pensionable earnings for each year; each year this is added to the member's pension pot
- Each year a member's total pension pot from the 2015 scheme is revalued until retirement in line with a Treasury index, based on changes in average weekly earnings
- There is no maximum length or service limit on benefits
- The normal pension age (NPA) is 60
- Option to take pension from 55, subject to reductions applied to your pension
- A death grant lump sum is payable of 3 times your final pay if you die in service and are an active member of the scheme
- Dependants' benefits payable in the event of your death, whilst a member of the scheme
- At retirement, you can exchange pension for a one off lump sum; for every £1 of pension you give up, you will receive £12 of lump sum (up to a maximum of 25% of your total pension pot)
- Immediate pension benefits payable if you are retired on the grounds of ill-health (subject to the criteria of the 2015 scheme regulations and grounds of ill-health retirement)
- Flexibility to pay more – through buying additional pension (up to a maximum of £6,565)
For more information, refer to the 2015 Fire Pension Scheme guide.