Welcome to the Firefighters’ Pension Schemes Regulations and Guidance website.
The site has been developed to hold all resources relating to the administration of the Firefighters’ Pension Schemes and provide Fire & Rescue Authorities and administrators with tools and guidance to provide an efficient and effective service to their members.
For more information about governance of the schemes and the work of the Scheme Advisory Board, please visit our dedicated Board website at www.fpsboard.org.
Details of events relevant to the Firefighters’ Pension Schemes which are supported by the work of the Scheme Advisory Board can be found on the Events page. A calendar of forthcoming diary dates is also included in our monthly FPS bulletins from January 2018 onwards.
30 November 2018
FPS Bulletin 14 - November 2018 has been published. This issue includes updates and reminders on a number of on-going projects, including the valuation and FPS benchmarking exercise. As well as our usual articles, you can also find out about new resources that have been added to this site.
Following an extended period of stakeholder engagement, the administrator and employer surveys relating to the FPS benchmarking exercise have been issued for completion with a deadline of 31 December 2018.
Aon have been commissioned to undertake the review by the Scheme Advisory Board (SAB), to help them establish a measure of the cost and effectiveness of administration within the schemes. More information about the project can be found here.
FPS Bulletin 13 - October 2018 has been published, with important updates on the valuation and Budget 2018. The issue also contains information regarding TPR and TPO engagement, plus other informative articles and our regular features.
We would draw particular attention to the letter regarding the review of scheme factors which has been issued by the Home Office on 31 October 2018.
The factors for commutation on retirement from FPS 1992 have now been reviewed by GAD and are available at the following link:
The factors are effective immediately.
Note that as per paragraph 34 of the government response to the consultation on special members of FPS 2006, those commutation factors are fixed and will not be subject to future review.
We were delighted to welcome over 150 delegates from the fire pensions community to 18 Smith Square for our annual conference held on 17 and 18 September 2018. Attendees heard from a wide variety of industry professionals and government representatives across the two days. A detailed summary of the event including the full presentations from both days can be found here.
To view the conference in pictures, visit our @LGAWorkforce twitter feed, #LGAfirepensions
A technical note has been published to confirm the details of the amendment order as it relates to the Firefighters Pension Scheme and any actions that should now be taken. Consolidated versions of all regulations amended by this order can be found here.
On 6 September 2018, Her Majesty’s Treasury (HMT) published their draft Directions for the 2016 valuation for comment.
For the Firefighters' Pension Schemes in England this means :-
- The firefighters'scheme in England is likely to breach the cost cap floor (i.e. costs are likely to be more than 2% lower than the 16.8% of pensionable earnings cost cap set out in the 2015 firefighter scheme regulations). Under paragraph 3 of rule 150A of the scheme rules the Home Office must consult with the Scheme Advisory Board (SAB) on the action to be taken to bring the cost back within the target cost. If no agreement can be reached, the default mechanism is to amend the rate at which benefits accrue.
The SAB is well placed to engage in this consultation. The Board's cost effectiveness committee constructed from stakeholders across the sector and supported by the Board's independent actuarial advisor will be meeting with Home Office and GAD to discuss the initial outcomes.
For clarity the cost cap mechanism is a measure of costs for the reformed schemes only, i.e. the 2015 scheme. Therefore the steps taken to improve benefits will be for members in employment in the 2015 scheme between April 2019 and March 2023. It will not affect deferred or pensioner members, or protected members of the 1992 or 2006 schemes.
- There will be a significant increase in employer contribution rates from their current levels. This is mainly due to the proposed further reduction in the SCAPE discount rate, from 2.8% to 2.4%. This further reduction, if confirmed, is expected to apply from 1 April 2019.
As yet we do not know what the ‘significant’ increase is set to be; we expect to be clearer on this in the coming weeks.
This technical bulletin produced by GAD contains the links to all the relevant documents.
- The written ministerial statement (WMS)
- Draft Directions
- Technical Annex to Directions
- The letter to TUC