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Leaving the FPS
In this section
The firefighters’ pension scheme 2015 offers a range of benefits, but these might not be right for everyone. You should consider your options carefully if you are thinking about leaving the firefighters’ pension scheme 2015 before retirement.
Were you a member before 2022?
This section gives you details about your options if you want to leave the firefighters’ pension scheme 2015. If you also have benefits in one of the other sections of the firefighters’ pension scheme, you should read about what it means to opt out from those sections.
Things to consider
Before you leave
Before leaving you should think about where your income would come from when you finish work, as well as the other benefits the firefighters’ pension scheme 2015 offers you:
- A guaranteed pension
- Retirement at age 60
- Ability to retire early from age 55
- A pension that increases with the cost of living
- The option to exchange part of your pension for a one-off cash lump sum
- Benefits if you get ill
- A lump sum of three times pay, if you die in service
- Dependants’ benefits for a surviving partner, and/or children
Before making your final decision, you may wish to seek independent financial advice.
The firefighters’ pension scheme 2015 is an extremely valuable and important part of your employment package.
The contributions you and your employer make ensure that you will get an income when you finish working, as well as benefits for your dependants should you are injured or die.
Opting out - before three months
Refund of contributions
If you opt out before completing three months of membership, you will be treated as never having been a member and will receive a refund of your contributions, minus an adjustment for tax relief.
To opt out you should write to your fire and rescue authority or complete an opt out form, if one is available. Once you have opted out, your contributions would stop the following pay period.
Once you have opted out, you would not have any further cover under the firefighters’ pension scheme 2015. However, you would continue to be covered by the provisions of the firefighters' compensation scheme if you become injured.
Opting out - after three months
Deferred benefits
Your benefits in the firefighters’ pension scheme 2015 would become ‘deferred’ if you are under age 55 and:
- Opt out, with over three months’ membership, and remain employed;
- Leave your employment as a firefighter; or
- Have transferred in pension from a previous arrangement.
This means that they will be held in the firefighters’ pension scheme 2015 until state pension age when you can start to take them.
You may be able to ask for early payment from age 55 and receive reduced benefits or, after seeking advice, you may wish to transfer your benefits out of the firefighters’ pension scheme 2015 into another pension arrangement.
If you opt out, you would not have any further cover under the firefighters’ pension scheme 2015. However, you would continue to be covered by the provisions of the firefighters' compensation scheme if you become injured.
Added pension
If you have made additional contributions to get an added pension at retirement, these benefits would be treated in the same way as your deferred pension.
Transferring out
Taking adivce
- 01.
Speak with your administrator about transferring out, at least one year before you want to retire.
- 02.
Complete the relevant forms.
- 03.
Your administrator will work out a ‘transfer value’. This is the total cash equivalent value of your benefits.
- 04.
The pension provider that you are planning on transferring to will provide a quotation letting you know what your transfer will buy in the new scheme.
- 05.
Your administrator will check the new scheme meets certain conditions, such as:
- It is a UK pension scheme that is approved by HMRC; or
- A Qualifying Recognised Overseas Pension Scheme (QROPS).
- 06.
Once all the paperwork is approved, you will be informed when the transfer will take place.
If, having sought advice, you choose to transfer out your benefits from the firefighters’ pension scheme 2015 to another pension scheme.
Firefighters’ pension scheme 2015 benefits cannot be transferred to other sections of the firefighters’ pension scheme.
Transfers to certain schemes, which allow members to access their benefits flexibly, are not allowed.
Take advice
Transferring your pension is not always an easy decision. You may wish to speak to an independent financial adviser before you decide to transfer your benefits to an alternative arrangement.
Scams
There are many ways that scammers may try to steal your pension. Be aware of offers which seem to be too good to be true. Read more on how to spot a scam and protect yourself against fraudsters on the scams page.