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Pensions Information

Pensions

Pensions

Important Information


Last Available Pension Increase Update

The ONS have now released the Consumer Price Index for September 2016 which shows an increase of 1% . As a result, Fire Service Pensions will increase by 1% as of 1st April 2017. Full details can be found on the ONS website at: ONS


Guaranteed Minimum Pension (GMP)

At State Pension age, although the Fire Service Pension Scheme remains responsible for updating the bulk of your fire service pension, in line with the relevant index, the State becomes liable to index link the much smaller Guaranteed Minimum Pension element of your fire service pension. For a full explanation use the link below:

Index Linking Of State And Fire Service Pension
Parliamentary Note Re GMPs'
Parliamentary Briefing Paper on GMP Increases 2017
National Audit Office Report On GMPs Overpayment

This is not the case however for those permanently resident abroad in a country where the state pension is frozen, which includes; Australia, Canada, New Zealand and South Africa. In these cases the Fire Service Pension Scheme, by a Treasury Direction (currently dated 6 July 2000) does not reduce their inflation-proofing and the full increase is applied.

Countries where the Government pay an annual increase in the State Pension
Taxation On State Pension
HMRC Guide To Contracting Out
What Is Contracting Out?


Overpayment of pensions to retired public sector employees:

Overpayment of pensions to retired public sector employees including those in the fire service scheme, is a complicated issue. In essence, the problem has to do with the Guaranteed Minimum Pension, its calculation, index linking and impact on the individual's Fire Service Pension index linking. Guaranteed Minimum Pensions were provided by public service pension schemes between 1978 and 1997. The problem will not affect any pensioner unless he or she is over State Pension age with service in this period and for whom the fire service have no record of a GMP. It is estimated that a number of pensioners in England and Wales may be affected by this miscalculation. No overpayments are to be recovered but an adjustment will be made to the pensions of those affected in April 2009. To view the National Audit Office Report on errors in the Guaranteed Minimum Pension please use this link NAO report


Fire Service Pension and Index Linking

Fire Service Pensions are currently Index Linked from age 55yrs and are increased in line with the Consumer Price Index. Pensions are uprated each April and the level of increase is determined by CPI in September of the preceding year. Public service pensions increase: 2017

HMRC Pensions Tax Manual
The legislation and regulations behind the pension schemes tax regime. The HMRC internal manual replaced Registered Pension Schemes Manual from 2015. The HMRC internal pension tax manual


Guidance and Links


Firefighters' Pension Scheme - A Guide to Benefits

This section includes guidance and commentary on the rules of the FPS. It also contains a consolidated version of the 1992 Order.

Use the links below to open the information required on a new page: