Thinking of retiring in the 2015 scheme
When can I retire?
The fixed retirement age for your pension to be paid is 60. It is however, possible to retire early from age 55 onwards. It is important to remember that if you opt to take early payment of your pension it would be reduced.
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 at the date of leaving and would not be enhanced. This is because you are incapable of discharging the duties of a firefighter but you could undertake other regular employment.
A higher tier can be awarded if you have been a member of the 2015 Scheme for at least five years and are unable to work in any other regular employment. This pension would be based on your pensionable service and final pay at date of leaving and would be enhanced (not exceeding 40/60 of your final pay). You are not able to commute a higher tier pension to provide lump sum.
2015 scheme allows members to take pension at age 55 without actually leaving their employment but a reduction will apply. Through this option members could continue to build up more pension.
This is a change from the 1992 and 2006 schemes which require a member to fully retire in order to access benefits.
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.