Contribute to your pension
You contribute a percentage of your pensionable pay towards your pension. Your contribution rate is determined by your whole-time pensionable pay for the role that you hold even if you are a part time fire-fighter.
2018/19 and 2019/20
These rates are applicable for 2 years from 1 April 2018.
Pensionable pay range Contribution rate Up to £15,609 11.00% £15,609.01 to £21,852 12.20% £21,852.01 to £31,218 14.20% £31,218.01 to £41,624 14.70% £41,624.01 to £52,030 15.20% £52,030.01 to £62,436 15.50% £62,436.01 to £104,060 16.00% £104,060.01 to £124,872 16.50% £124,872.01 or more 17.00%
Pension contributions receive tax relief which means that the amount of your pay that is assessed for income tax is after the deduction of any pension contributions.
- Pension build up
Your 2006 Modified Fire Pension Scheme is based on your actual pensionable service and your average reference pay over 365 days to date of leaving. Reference pay is the whole time equivalent pensionable pay that a regular firefighter in the same role would receive.
For each year of service, you accrue 1/45th of your final year average reference pay. The maximum service that you can accrue is 30 years. This will provide a maximum 30/45th pension.
Pensionable service for a retained firefighter is based on the actual pay that has been received in the year.
Example – How 2006 Modified Fire Pension service is calculatedAverage reference pay = £30,000Actual pay received = £7,500Service accrued for the year£7,500 / £30,000 = 0.250.25 x 365 = 91 days
Example – How 2006 Modified Fire Pension is calculatedFinal year average reference pay = £30,000Retirement at age 55Calendar service at age 55 = 27 yearsWorked 25% of full time for 27 yearsPensionable service = 6 years 274 daysTotal annual pension = 6 years 274 days x 1/45 x £30,000 = £4,500.46
- Pay more into your pension
If you are not able to achieve 30 years pensionable service by age 55, you may be able to purchase additional 45ths to count towards your pension.
The cost depends on your age next birthday and the number of 45ths you wish to purchase. The factors increase each year, meaning that the older you are the more expensive it becomes.
If you would like more information about this option contact Hampshire Pension Services.
You will need to provide the following information to enable a quote to be sent to you:
- How many additional 60ths you wish to purchase or
- How much you wish to pay per month as a fixed amount or
- How much you wish to pay per month as a percentage of your pensionable pay
- Transfer in another pension
The 2006 Modified Fire Pension Scheme closed to new recruits on 5 April 2006 and as such it is no longer possible to transfer other pension rights into this scheme.
The only transfer that is possible is if you are transferring from another Fire & Rescue Authority and you are continuing your membership of the 2006 Modified Fire Pension Scheme.
If you have previous membership of the Fire Pension Schemes with any Fire & Rescue Authority, complete the membership option form and return it to Hampshire Pension Services.