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It may have now come to your attention that revised instructions have been issued to FRA’s in respect of the changes to the Pension Commutation Factors, the FBU was not made aware that CLG were proposing to append the below ammendments to their website until yesterday
CLG posted the changes to the commutation factors on their website last Thursday whilst the FBU attended their annual conference in Southport.
On receipt of several calls from members I have contacted the FBU National Officer Sean Starbuck to clarify the increase in commutation rates; he had also not been made aware by Martin Hill of CLG intention to post the amendments.
Sean has confirmed that at this stage it would appear that the increases are not subject to any detriment to our members; however he is conscious of the pension review that is due to take place 2010.
The increases have been derived from the police conference where a minister had confirmed the increase to the commutation factors, furthermore the changes now recognise the increased life span of firefighters past retirement, but the primary reason for change is based around equality as pensions are non gender related and the changes make the situation gender neutral
The changes now mean that commutation does not discriminate between men and women and the changes will make a considerable difference to lump sum payments.
For those members who have retired since 1st October 2007 any monies will be back dated with an accrued interest rate of 5%.
Should you require financial advice then members should contact the local pension administrator.
Sean is in the process of drafting a Brigade Secretaries and all members circular to bring members attention to the changes.
Yours Fraternally
Ian Leahair
Ian Leahair
FBU
Executive Council Member for London
