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Calculating your pension

In this section

You build up pension one year at a time. Any pension you have already built up is also ‘revalued’ once a year to ensure that it keeps its up with the cost of living. 

Pension Annual revaluationIncreasing your pension

Were you a member before 2022?

This section gives you details about your FPS 2015 pension. If you also have benefits in one of the other sections like FPS 1992 or FPS 2006, you should read about what benefits you could also receive from those.

Pension

Income each year

The amount you build up each year is calculated using this formula:

1/59.7
(accrual rate)

pensionable pay

pension earnt

  • 1/59.7 – this is known as the accrual rate.
  • Pensionable pay – this is an amount similar to your salary – there is a formal definition of pensionable pay which specifies what’s included.

This type of pension scheme is known as a career average revalued earnings, or CARE, scheme.

Example

CARE scheme pension

Pensionable pay = £38,881

Your pension built up for one year would be:

= 1/59.7 x £38,881 = £651.27 pension paid each year in retirement

Annual revaluation

Keeping up with inflation

Each year, any pension you’ve already built up is also ‘revalued’ to ensure that it keeps up with the cost of living. The revaluation for the firefighters' pension scheme 2015 is based on the average weekly earnings measure

Example

How your pension could build up

Year one

Salary £36,226

Year one
pension built up:
(£36,226 * 1/59.7)
= £606.80

Total pension
= £606.80

Year two

Salary £37,675

Pension at
start of year two
= £606.80

Pension
revaluation at 4.5%
= £23.71

Year two
pension built up:
(£37.675 * 1/59.7)
= £631/07

Total pension
= £1,265.18

Year three

Salary £38,881

Pension at
start of year three
= £1,265.18

Pension
revaluation at 3%
= £37.95

Year three
pension built up:
(£38,881 * 1/59.7)
= £651.27

Total pension
= £1,954.41

Increasing your pension

Saving more

You can choose to pay additional contributions to increase the amount of pension you receive in retirement. You can find out more in Increasing your pension section.