Firefighters Pension Scheme Circular 6/2011 – Firefighters’ Pension Scheme 1992 – Revised Commutation Factors
CIRCULAR 2011HOC0193SS
19th April 2011
TO: BRIGADE SECRETARIES
Cc REGIONAL PENSION CO-ORDINATORS
EXECUTIVE COUNCIL MEMBERS
Dear Brother/Sister,
Please find attached FPSC 6/2011 which advises FRAs on the revised commutation factors prepared by the Government Actuary for the purpose of calculating lump sums payable under Rule B7 of the Firefighters’ Pension Scheme 1992. These revised factors should be applied to members who retire on or after 19th April 2011.
Members and officials will note that these factors have increased despite the switch in indexation from Retail Price Index to Consumer Price Index. This is due to other factors such as the Government Actuary’s Department reassessing mortality rates and the change in the discount rate which was announced in the Budget on 23rd March 2011.
Members and officials need to be aware of the fact that this increase in factors may mean that in some instances an individual’s commuted lump sum may exceed the maximum permitted by HMRC and an individual should recognise this when deciding how much pension they wish to commute.
Further advice and information on this will be made available in the near future.
Yours in Unity,
SEANSTARBUCK
National Officer
SS/EMH
Download circular in PDF format
Download FPSC 6/2011
Download FPSC Commutation Guidance April 2011
