How a year of pension builds
For each scheme year, pensionable pay is divided by 59.7 and the resulting annual-pension amount is added to the member's CARE account. While active, accrued benefits are revalued under the scheme rules. The figure is annual pension, not a cash account balance.
For example, £40,358 of pensionable pay produces roughly £676 of annual pension for that scheme year before future revaluation. Repeating that calculation across a career creates the eventual annual benefit.
Contributions are not the pension value
Member contributions are the price paid for active membership and its package of benefits. They do not sit in an individual investment pot. The scheme also provides death and ill-health protections subject to its rules.
England introduced a revised 2026/27 contribution structure based on actual pensionable earnings. Other UK firefighter schemes have their own rates and should be modelled separately.
Retirement timing
The normal pension age for active benefits is 60. Members can have options before that age, but actuarial reductions can apply. Legacy 1992 or 2006 service and the McCloud remedy can make an individual record more complex than a single CARE estimate.
Frequently asked questions
Is FPS 2015 a final salary scheme?
No. It is a career-average revalued earnings scheme.
Can a firefighter retire before 60?
Options can exist from the scheme's minimum pension age, but reductions and individual circumstances must be checked with the administrator.