Retained Modified Pension Scheme
The Modified Pension Scheme was introduced on 1 April 2015 and brought in benefits for individuals that were employed as retained firefighters between 1 July 2000 and 5 April 2006. These benefits are the equivalent to those available to members of the Firefighters' Pension Scheme 1992 who were employed as regular firefighters during the same period.
Eligible firefighters were entitled to purchase pension rights under the terms of the new pension arrangements. The scheme is known as the "modified scheme" as changes were made to the New Firefighters' Scheme 2006 (NFPS) to accommodate the provisions.
Membership was open to the following eligible individuals:
- Current retained firefighters
- Retained Firefighters who left the service
- Retained Firefighters who left the service and in receipt of a pension; and
- Retained Firefighters who left the service and in receipt of ill health retirement benefits
Following an options exercise undertaken by Scottish Fire and Rescue Service, entry to this scheme closed on 30 September 2015.
The main terms of this scheme are:
- A uniform accrual rate of 1/45th
- A Normal Pension Age of 55 years
- A deferred pension age of 60 years
- Fixed commutation factors
- The contribution rates mirror those applicable to the FPS 1992 in respect of both the period of service purchased and further accrual.
- A death grant of 2 x pensionable pay
- Ill health benefits in accordance with the terms of the NFPS 2006
- Transfer of external pension benefits in accordance with the terms of the NFPS 2006.