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Two pensions
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The two pension (also known as split pension) award helps protect firefighters whose pensionable pay is reduced.
What is the two pension award?
Protection from reductions in pay
Your pension from the firefighters’ pension scheme 1992 is calculated using the value of your average pensionable pay at the date you retire.
The two pension (also known as split pension) award helps protect firefighters whose pensionable pay is reduced at any point between 1 April 2007 (when the award was introduced) and 31 March 2022 (when all members were moved to the firefighters’ pension scheme 2015).
When calculating two pension awards, any double accrual of service is included in the calculations.
Why might pay have been reduced?
Factors to consider
The reduction in pay might be:
- Because of taking a different role
- Because you are entitled to a different rate of pay in your existing role.
If your pay was reduced, at retirement, you have the option to select either:
- Your ‘split’ pension – described in more detail below; or
- The pension you would receive based on your average pensionable pay at the date of retirement.
What is a split pension?
Protecting your pension
How a split pension works:
- The pension you built up before your pay was reduced would be calculated and then become deferred (held in the firefighters’ pension scheme 1992) until you retire. It is increased each year to keep up with inflation.
- You would then build up a new pension based on the lower pay for the rest of your service in firefighters’ pension scheme 1992.
When you retire, you would receive both parts of the pension.
Your split pension uses your pay before the reduction to calculate some of your pension, as well as the value of your reduced pay. This means that some of your pension would be based on the higher pay - protecting you from the impact of the reduction.
Comparing your benefits
The best option for you
If at retirement you would be better off by not splitting your pension, you can ask your administrator to cancel the two pension award. Your administrator will be able to help you compare the benefits and pay the higher amount.