Guidance

Firefighters’ pension scheme calculator: proposed final agreement 24 May 2012

This calculator is for working out how the new firefighters’ pension scheme 2015 design will affect you.

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Firefighters’ pension scheme calculator: proposed final agreement 24 May 2012

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Detail

This calculator is based on the scheme design set out in the proposed final agreement of 24 May 2012. Any 2015 scheme pension benefits taken before the normal pension age of 60, and between the ages of 55 and up to age 57, have a reduction applied and this reduction is calculated from the state pension age. Any 2015 scheme benefits taken between the ages of 57 and up to age 60 will have the reduction calculated from the normal pension age of 60.

See the firefighters’ pension scheme reforms for further information.

The reductions to apply, based on the scheme design set out in the proposed final agreement, is set out in the table below.

  2015 scheme proposed final agreement
Accrual rate 1/58.7th
Reduction to be applied if pension taken from age exactly:  
59 4.8%
58 9.5%
57 13.9%
56 44.5%*
55 47.1%*

*Calculated from state pension age of 67. Reductions will be 47.8% at age 56 and 50.3% at age 55 if calculated from a state pension age of 68.

Note: The actual early retirement factors will be set with reference to advice from the scheme actuary, who will advise on assumptions that best meet the requirements of the 2015 scheme regulations. Factors will be subject to review, for example if new relevant information became available on life expectancies.

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