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How much will you get?
In this section
When you retire, you start to receive your pension from the firefighters’ pension scheme 2015. You can also choose to take a lump sum.
Were you a member before 2022?
This section gives you details about your firefighters’ pension scheme 2015 pension. If you also have benefits in one of the other sections of the firefighters’ pension scheme, you should read about what benefits you could also receive from those.
Annual benefit statement
Reviewing your figures
Each year your administrator will let you know the value of your pension in your annual benefit statement. If you are affected by age discrimination remedy, this document will be called an annual benefit statement remediable service statement (ABS RSS).
If you choose to take your pension earlier or later than age 60 (the normal retirement age) the amount you receive will be different. You can find out more about different retirement ages in the when-can-you-retire section.
Pension and cash lump sum
Selecting the right combination
You can exchange some of your pension for a tax free, cash lump sum. For each £1 of pension that you give up, you would get £12 as a cash lump sum.
This is known as ‘commuting your pension’ or commutation.
- 01.
Choose how much of your pension you would like to exchange for lump sum.
- 02.
Let your administrator know that you want to take a cash lump sum, before your first pension payment is made.
- 03.
Your administrator will arrange for the lump sum payment to be made as soon as possible after your retirement date.
- 04.
Your monthly pension will be paid on the next available payroll. Your administrator will be able to let you know when to expect this.
Example
Exchanging pension for lump sum
Your pension, before a cash lump sum, is £16,000 a year.
You choose to exchange 25% (£4,000) for a tax free, cash lump sum.
Cash lump sum: £4,000 x £12 = £48,000
Reduced pension: £16,000 – £4,000 = £12,000.00 a year
Small pensions
Trivial commutation
Members who have built up a small pension may have the option to take the whole pension as a cash lump sum. This is known as trivial commutation.
Your administrator will let you know if you are eligible for trivial commutation when you retire.
If you do not want to take your full pension as a lump sum, your administrator may pay your pension at less frequent intervals than they normally pay pensions.