What happens now
If you’re retiring before October 2023 your benefits will be calculated as normal, as the remedy won't have been implemented yet. You will then have a choice to make for the benefits that you have built up between 1 April 2015 and 31 March 2022, after 1 October 2023, when the remedy is implemented. The table below shows what you can expect to happen next, and when.
For now: there’s nothing you need to do, and nobody you need to inform. Administrators can’t tell you what your benefits will look like under both schemes right now because the final pension scheme rules are not in place. However, you will be given all the information that you need when it is time to make your choice. In the meantime, the member benefit illustrations show some example calculations.
If you are retiring after 1 October 2023, you will receive an immediate choice of legacy or new scheme benefits as part of your retirement information.
2022 |
From 1 April all active members continue in the Firefighters' Pension Scheme as members of FPS 2015. |
2023 |
Active members will receive an annual benefit statement by 31 August - it will not yet reflect remedy. If you retire before 1 October, your benefits will be calculated as normal. From 1 October any benefits you built up in the FPS 2015 during the remedy period will be converted into benefits in your original legacy scheme - FPS 1992 or FPS 2006 (standard or special). Pension administrators will begin working out the benefits for all members who have been affected by the 2015 Remedy. This includes converting CARE membership to final salary, working out adjustments to pension contributions and tax relief, as well as any interest due. There are a significant number of affected individuals, including ill-health and beneficiaries. It is expected to take a considerable time for all cases to be completed. Administrators will aim to provide choices as soon as possible. |
2024 |
Some members will receive a " Remediable Service Statement" or "RSS" during 2024 giving a choice of benefits. This will show your benefits under the legacy scheme or the new scheme during the remedy period. You will be asked to choose which benefits you want to receive. |
2025 |
Within 18 months of benefits being converted back into the legacy scheme, all affected members will have received an RSS. This will be by 1 April 2025 at the latest. |
Making your choice |
You have 12 months from receiving your RSS to choose which scheme your benefits should be paid from. If you do not choose, you will be given legacy scheme benefits. It is important that you make a choice, to make sure you get the benefits that are best for your personal circumstances. |