Your statement explained – FPS 2015
In this section
For members with benefits in the firefighters’ pension scheme 2015 only, we’ve explained some of the sections of your statement in this section.
Your statement
Understanding the figures
Your annual benefit statement includes some important information and uses some assumptions to give you the best possible information.
For members with benefits in the firefighters’ pension scheme 2015 only, we’ve explained some of the sections of your statement in this section below.
Annex A
Current value of benefits at the date of the statement
This is the total current value of your pension benefits in this employment if you left the firefighters’ pension scheme 2015 at the date of the statement.
It assumes the benefits would be paid at your deferred pension age, which is the same as your state pension age (with a minimum of age 60).
You can see an example of how this is calculated in the firefighters' pension scheme 2015 section of the website.
Annex B
Retiring from the scheme
Normal retirement
You can take your benefits from the firefighters’ pension scheme 2015 from normal pension age (age 60), without reduction.
Early retirement
The earliest you can take your pension from the firefighters’ pension scheme 2015 is age 55.
If you take your firefighters’ pension scheme 2015 pension earlier than the normal pension age (60), an early retirement factor will apply – this reduces the amount of pension you would receive each year. You can find out more in the firefighters’ pension scheme 2015 early retirement section of the website.
Early retirement – Deferred members
If you have left your benefits in the firefighters’ pension scheme 2015 (they have become deferred), you can apply to have your deferred benefits paid from age 55 at the earliest. An early retirement factor will apply to any early payments which reduces the amount of pension you would receive each year. You can find out more in the firefighters’ pension scheme 2015 early retirement section of the website.
Otherwise, deferred benefits will be paid in full at state pension age.
Annex C
Calculating the estimated value of pension at retirement
The estimated value of your firefighters’ pension scheme 2015 benefits is calculated based on the pension you had built up to the date of your statement, plus the pension you could build up between the statement date and your normal pension age (age 60).
The value of this estimate does not include any adjustment for future revaluation under treasury revaluation orders.
You can find out how you 2015 pension is calculated in the calculating your pension section of this website.
Annex D
Death benefits
The firefighters’ pension scheme 2015 provides benefits should you die. You can find out more about these benefits in the following sections of the website:
Nominating a beneficiary
You can let your fire and rescue authority know who you would like a death grant to be paid to by completing an expression of wish form.
Whilst there is no legislative requirement for you to complete a nomination for someone who you want a survivor’s pension to be paid to, we consider it best practice for members to record who they want a surviving partner’s pension to go to if they die. This will save a surviving partner from unnecessary administrative duties.
Please contact your administrator to find out how to access an expression of wish or nomination form, or make any amendments to a previous decision.
Annex E
Adjustments to your pension
Your pension may be adjusted by any of the following:
- Actuarial reduction – the figures quoted may be reduced if you take them before the date that they would normally be paid. See Annex C.
- Scheme Pays – if you have chosen to use Scheme Pays to pay an annual allowance charge from your pension scheme, this debit is usually included on your statement and the figures quoted would be reduced to meet the charge. If you were affected by the annual allowance for the 2024/25 tax year you will have received a pension saving statement by 6 October 2025. This will be recalculated when you take your pension.
- Pension sharing order – if a pension sharing order or earmarking order following a divorce or a dissolution of a civil partnership applies to your pension benefits, this debit is included on the statement and the figures quoted have been reduced to meet the charge. The amount of the reduction will be recalculated when you take your benefits.
- Two pension/ split pension – the figures on the statement do not take account of any adjustment that may be made when you retire to reflect a period at a higher pay. If you are entitled to a two pension benefit, it will be calculated when you take your pension. You can find out more in the two pension section of the website.
Annex F
Pension growth
Annual allowance
This is the amount your pension can increase by during the tax year without receiving a tax charge.
Lump sum allowance
The lump sum allowance fixes the maximum tax-free lump sum that can be paid on retirement.
Find out more in the tax section of this website.