How do I know if I am protected?
You are fully protected if you were a member or eligible to be a member of the FPS 2006 and were aged 50 or over on 1 April 2012.
What does that mean for me?
It means you will remain in your existing pension scheme and continue to earn rights in FPS 2006 until 31 March 2022.
When can I access my pension?
You will see no change in the age that you can retire and draw your FPS 2006 benefits. Any pension that you build up in FPS 2015 from 1 April 2022 is payable in full from age 60 or from age 55 with reductions.
What pension will I get at retirement?
Your pension will be worked out under the terms of FPS 2006 - see how is my pension worked out? If you continue in service after April 2022, you will receive a separate pension which will be worked out under the rules of FPS 2015.
What contributions will I be paying?
You will continue to pay the FPS 2006 contribution rate until 31 March 2022.
Contribution rates for the period 1 April 2021 to 31 March 2022 are as follows:
| Contribution Table 2021/22 | |
|---|---|
| Pensionable pay range for an employment | Contribution rate 1 April 2021 to 31 March 2022 |
| Up to and including £15,609 | 8.5% |
| More than £15,609 and up to and including £21,852 | 9.4% |
| More than £21,852 and up to and including £31,218 | 10.4% |
| More than £31,218 and up to and including £41,624 | 10.9% |
| More than £41,624 and up to and including £52,030 | 11.2% |
| More than £52,030 and up to and including £62,436 | 11.3% |
| More than £62,436 and up to and including £104,060 | 11.7% |
| More than £104,060 and up to and including £124,872 | 12.1% |
| More than £124,872 | 12.5% |
Opting out
Be aware that opting out has long-term implications and members should not make any such decision until they are aware of all the implications.
Anyone who is considering opting out should take independent financial advice.
Withdrawing pension savings
From April 2015, people aged over 55 with defined contribution pension savings are able to withdraw those savings, subject to their marginal rate of taxation and scheme rules. As the Firefighters' Pension Scheme is a defined benefit public sector pension scheme, the change in the rules that allowed this could not be directly applied to the scheme.
From 6 April 2015 transfers out from defined benefit public sector pension schemes (such as the Firefighters' Pension Scheme) to defined contribution schemes are no longer possible.