Firefighters’ Pension Schemes

Overview of pension schemes

1992 Firefighters’ Pension Scheme

• Open to regular firefighters
• 1/60th accrual rate
• Double accrual after 20 years pensionable service
• Maximum pensionable service is 30 years
• Earliest retirement age 50 (with 25 years’ service)
• Final salary scheme• Commutation factors depending on age
• Injury benefits
• Built in ill-health benefits/life cover
• Pension for widows/children but not cohabiting partners
• Deferred pension age 60

2006 Firefighters’ Pension Scheme

• Open to regular and retained firefighters from 6th April 2006
• 1/60th accrual rate• Maximum service 40 years
• Retirement age 60
• Earliest retirement age 55 (subject to reductions)
• Final salary scheme
• Commutation based on 1:12 ratio
• Built-in ill health benefits/life cover
• Pension benefits for partners/children
• Deferred pension age 65

Special Members of the 2006 Firefighter Pension Scheme (Modified)

Ability for those who were excluded from a scheme from 2000 to 2006 to join a scheme similar to the 1992 scheme

• Benefits reflect 1992 scheme in part
• 1/45th accrual rate
• Retirement age 55
• Built-in ill health benefits/life cover
• Pension benefits for partners/children
• Deferred pension age 60

The options exercise ended September 2015

2015 Firefighters’ Pension Scheme

All members transferred on 1 April 2015 however transitional protections apply for existing members of 1992 and 2006 scheme

• 1/59.7th accrual rate
• Retirement age 60
• Earliest retirement age 55 (subject to reductions)
• Career average scheme
• Individual pension accounts
• Deferred pension age state pension age (minimum 65)