If you have been a member of the NFPS for three or more months (or less but have transferred pension benefits from another scheme into the NFPS), you can choose to receive your pension early if you leave service between age 55 and 60. Your pension would be reduced to reflect the fact that it is being paid early. The amount is decided by the Government Actuary and it depends on your age in years and months.
This table shows the percentage reductions that would apply if you took your pension early.
|55||37.8 to 40.5|
|56||34.7 to 37.6|
|57||31.4 to 34.4|
|58||27.9 to 31.1|
|59||24.1 to 27.5|
- You can choose to exchange (commute) part of your reduced pension to provide a retirement lump sum
- If you do not take your pension when you leave service, it will normally be payable at age 65
The pension would be calculated as normal and then it would be reduced:
- 1/60 x service x final pay = annual pension
- annual pension - reduction % = reduced annual pension
The pension for a firefighter who chooses to retire at age 59 with 10 years' pensionable service would be reduced by 27.5%. Let's say their final pay was £27,000:
- 10/60 x £27,000 = £4,500 annual pension, before reduction
- £4,500 - 27.5% = £3,262.50 reduced annual pension