You will receive your pension when you leave service if you are:
- age 60 or over and
- you have been a member of the NFPS for at least three months or
- have transferred pension from another scheme into the NFPS
Your pension will be based on your pensionable service and final pay. The calendar length of any part time service will be scaled down.
When you retire, you can exchange up to 1/4 of your pension to provide a retirement lump sum. For every one pound of pension you exchange, you will receive a lump sum of £12.
Your pension is worked out like this:
1/60 x service x final pay = annual pension
A firefighter with 40 years' pensionable service and final pay of £30,000 would receive:
40/60 x £30,000 = £20,000