Your statement explained – FPS 2015 and FPS 2006
In this section
The information below is for members with benefits in the firefighters’ pension scheme 2015 and the firefighters’ pension scheme 2006.
Your statement
Understanding the figures
Your annual benefit statement includes some important information and uses some assumptions to give you the best possible information.
This page explains some of the sections in your statement. The information in this section is for members with benefits in the firefighters’ pension scheme 2015 and firefighters’ pension scheme 2006.
Annex A
Current value of benefits
This is the total current value of your pension benefits in this employment if you left the scheme at the date of the statement. It assumes they would be paid at the deferred pension age which is shown below:
| - | Firefighters’ pension scheme 2006 | Firefighters’ pension scheme 2015 |
|---|---|---|
| Deferred pension age | 65 | State pension age |
You can find out how benefits are calculated, including examples, within the following sections of the website:
• Firefighters’ pension scheme 2006
• Firefighters’ pension scheme 2015
Annex B
Additional pension benefits
An additional pension benefit is paid where the fire and rescue authority decide that additional benefits should be pensionable. More information can be found in the additional pension benefits section of the website.
Annex C
Retiring from the scheme
You can take your benefit at the following ages without reduction:
| - | Firefighters’ pension scheme 2006 | Firefighters’ pension scheme 2015 |
|---|---|---|
| Normal pension age | 55 | 60 |
You can find out more about retiring from the scheme in the following sections of the website:
Annex D
Estimated value of FPS 2015
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.
Find out how your firefighters’ pension scheme 2015 pension is calculated in the calculating your pension section of the website.
Annex E
Estimated value of FPS 1992 or 2006
This is the estimated value of your firefighters’ pension scheme 2006 pension at retirement.
Note: the firefighters’ pension scheme 2006 was closed to future accrual after 31 March 2015, so you will not build up benefits in this scheme after that date.
You can find out how your pension in the firefighters’ pension scheme 2006 is calculated, including some examples, in the 2006 section of this website.
Annex F
Survivor benefits
The firefighters’ pension scheme 2006 and firefighters’ pension scheme 2015 both provide a survivor’s pension when you die.
Death in service – lump sum
If you die in service, a death grant would be payable from the firefighters’ pension scheme 2015.
You should complete an expression of wish form to let your administrator know who you would like the lump sum to go to.
Death in service – Pension
If you die in service, the survivor’s pension would be 50% of the higher-tier ill-health pension that would have been payable.
If your husband, wife or partner is more than 12 years younger than you there would be a reduction of 2.5% for every year or part of a year over the 12 years, to a maximum of 50%.
Death in retirement – lump sum
If you have been receiving your pension from firefighters’ pension scheme 2015 for less than five years, a death grant may also be payable if you die in retirement. In these circumstances, the death grant would be the difference between five times the annual amount of pension and the number of instalments of pension paid. It is in effect a five-year guarantee of pension.
Death in retirement – Pension
If you die in retirement, the survivor’s pension would be 50% of your pension (before any reduction for early payment, but after commutation of lump sum).
If your husband, wife or partner is more than 12 years younger than you, there would be a reduction of 2.5% for every year or part of a year over the 12 years, to a maximum of 50%.
Nominating a beneficiary
Whilst there is no 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 at what would be a sensitive time.
Please contact your administrator to find out how to access the form or make any amendments to your decision.
Annex G
Adjustments
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 are affected by the annual allowance for the for 2024/25 tax year you will have received a pension saving statement by 6 October 2025.
- 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.
Annex H
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 the website.