Transfer restrictions on the Firefighters’ Pension Scheme

Transfer restrictions on the Firefighters’ Pension Scheme

The Department of Communities and Local Government have produced a document with information on pension transfer restrictions which will impact members of the Firefighters’ Pension Scheme.

These restrictions, which will come into place 6 April 2015, were outlined in the HM Treasury consultation ‘Freedom and choice in pensions’ that took place from March 2014 until 11 June 2014.

Sean Starbuck, FBU national officer, said: “The union responded to this consultation which also proposed that the minimum pension age would be increased from 55 to 57 in 2028 and that it would remain 10 years below State Pension age thereafter.

“Head office officials met with Treasury representatives and raised serious concerns about these proposals.

“The treasury subsequently confirmed that it would not apply the minimum pension age increase to those public service schemes for firefighters, police and the armed forces.

“There were no concessions on the restrictions placed on transfers of the kind outlined. This will have an impact on the Firefighters’ Pension Scheme.”

You can read the DCLG document here.

 

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