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Paragraph 5 Pension on member-initiated early retirement

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

This rule applies to a firefighter member who–

(a)

satisfies an eligibility condition; and

(b)

before reaching normal benefit age is awarded a deferred pension.

(2)

A person to whom this rule applies may, on or after his or her 55th birthday, by notice in writing to the authority request early payment of their deferred pension.

(3)

The authority may refuse a request under paragraph (2) if the rate of the pension (after the actuarial reduction mentioned in paragraph (4)(b) or, as the case may be, paragraph (5)(b)), is likely to be less than the guaranteed minimum pension that would be payable from state pensionable age.

(4)

A deferred pension paid before normal benefit age to a firefighter member whose service is as a regular firefighter shall be calculated by–

(a)

multiplying the firefighter member’s pensionable service by the firefighter member’s final pensionable pay and dividing the resultant amount by 60; and

(b)

applying to the amount ascertained in accordance with sub-paragraph (a) the appropriate actuarial reduction factor notified by the Scheme Actuary.

(5)

A deferred pension paid before normal benefit age to a firefighter member whose service is as a retained or volunteer firefighter shall be calculated by–

(a)

multiplying the firefighter member’s pensionable retained or volunteer service by the firefighter member’s final reference pay as in rule 2(6) of Part 11 and dividing the resultant amount by 60; and

(b)

applying to the amount ascertained in accordance with sub-paragraph (a) the appropriate actuarial reduction factor notified by the Scheme Actuary.