Early retirement reduction factors and guidance for FPS 2006 and FPS 2015 which have a normal pension age (NPA) of 60.
Reduction factors do not apply to FPS 1992, but benefits cannot be drawn earlier than age 50 with a minimum of 25 years' service.
Guidance (dated 4 July 2011) and factors (dated 2 December 2014) to be used for calculating the appropriate actuarial reduction factor referred to in the folowing regulations:
Rule 5 and rule 7C(5) of Part 3 of the Firefighters’ Pension Scheme (England) Order 2006 (SI 2006/3432).
|2 December 2014||2 December 2014||
FPS 2006 Early Retirement Factors (PDF, 1 page, 16kb)
|2 December 2014||
Fire factor review (PDF, 17 pages, 57kb)
|4 July 2011||
FPS 2006 Early Retirement Factors and guidance (PDF, 4 pages, 45kb)
Please find attached the relevant GAD guidance dated 31st March 2015 to apply to the calculation of early retirement as per Chapter 2 of the 2015 scheme. Rule 59 relates to active members and Rule 60 to deferred members. Rule 61 describes how the actuarial reduction should be applied and calculated.
These factors apply to the english scheme benefits only, different factors apply to benefits in Wales and Scotland. Early retirement factors do not apply in Northern Ireland.
|31 March 2015||1 April 2015||
FPS 2015 Early Payment Reductions (PDF, 8 pages, 107kb)