Thinking of retiring in the 2006 Scheme
When can I retire?
The fixed retirement age for your pension to be paid is 60. At the age of 60 you will be paid your full pension if you have sufficient service. It is however, possible to retire early at or after the age of 55. It is important to remember that if you opt to take early retirement then your pension paid would be reduced to reflect the fact that it would be being paid early.
Ill Health Retirement
A firefighter with sufficient service can qualify for an ill-health pension if they are considered to be permanently disabled for the performance of the duties of his/her role.
There are two tiers of an ill-health award. A lower tier would be based on your pensionable service and final pay and could not be enhanced. You can choose to exchange some of this payment for a lump sum.
A higher tier can be awarded if you have been a member of the NFPS 2006 for at least five years and you must be unable to take any other regular employment. This pension would be based on your pensionable service and final pay, and would also be enhanced but cannot be more than 40/60 of your final pay. You would not be able to exchange any of this pension for a lump sum.
Lump sum payment
When you retire it is possible to take 25% of your pension as a lump sum; this is called commutation. Each £1 of pension you exchange will give you a retirement lump sum of £12.
When Are Pensions Paid
Pensions are paid on the 29th of every month unless that falls on a bank holiday or weekend, when it will be paid on the previous working day closest to the 29th.
Your pension will increase each year in line with the cost of living index (CPI) which is based on CPI as at September the previous year. We will inform you each April what the increase is, when it is applied from, and your new pension payable for that year. The increases will not apply until age 55.