C
- Career-average pension
Career-average revalued earnings or CARE pension is the pension built up in the FPS 2015.
Commutation factorsA commutation factor, as shown in the table below, is applied to the part of the pension you give up to calculate the amount of the lump sum.
1992 Scheme
2006 Scheme
Special Modified 2006 Scheme
2015 Scheme
Commutation factors
Calculated by the scheme actuary and reviewed regularly
12:1
Annex ZA of 2006 regulations
12:1
[Annex ZA Firefighters’ Pension Scheme (England) Order 2006 - http://www.legislation.gov.uk/uksi/2015/590/schedule/2/paragraph/4/made]
Crystallised benefitsThis is the value of pension benefits measured against the lifetime allowance. This is calculated by multiplying the annual pension by 20.
D
- Deferred pension age
1992 Scheme
2006 Scheme
Special Modified 2006 Scheme
2015 Scheme
Deferred pension age
60
65
60
State Pension age
F
- Final salary scheme pension
Final salary scheme pension is any pension built up in the FPS 1992, FPS 2006 or FPS 2006 as a special member.
N
- Normal pension age
-
1992 Scheme
2006 Scheme
Special Modified 2006 Scheme
2015 Scheme
Age 55, or 30 years’ service, whichever happens first
60
55
60
-
P
- Pension growth
For defined benefit schemes, such as the Firefighters Pension Scheme, the pension growth is the measurement of the increase in pension during the PIP multiplied by a flat factor of 16.
Example
Annual pension at 6 April 2016 = £35,000
Annual pension at 5 April 2017 = £38,000
Pension growth = £38,000 - £35,000 = £3,000 x 16 = £48,000
Pension input periodThis is the period over which the pension growth is measured and is always 6 April to 5 April for all pension schemes. Pension input period is commonly abbreviated to PIP.
Protected memberA protected member is somebody who was protected by law to stay in their existing final salary scheme (FPS 1992, FPS 2006 or FPS 2006 special member) and will not move into the FPS 2015 until 1 April 2022.
R
- Revaluation order
The revaluation order for the Firefighters' Pension Scheme is based on average weekly earnings.
The revaluation order is applied to the closing balance of the career-average pension on 1 April each year.
S
- Scheme year
The scheme year runs from 1 April to 31 March.
State Pension age T
- Taper-protected member
A taper-protected member is somebody who was not protected by law to stay in their final salary scheme (FPS 1992, FPS 2006 or FPS 2006 special member) and so will move into the FPS 2015 at some point between 24 May 2015 and 31 March 2022, depending on their age.
U
- Unprotected member
An unprotected member is somebody who was not protected by law to stay in their final salary scheme (FPS 1992, FPS 2006 or FPS 2006 special member) and so moved into the FPS 2015 on 1 April 2015