Incoming Club transfer earned pension should be applied in accordance with the 2015 Scheme Regulations.

This section covers the approach where the sending scheme is not another UK Fire 2015 Scheme. For cases where the sending scheme is another UK Fire 2015 Scheme, please refer to the Transfers to and from other fire authorities section.

The calculation of a Club transferred pension credit is based on the amount of pension accrued in the transferring scheme, rather than on the amount of the transfer payment received.

Paragraph 7.4 of the Club Memorandum discusses schemes that incorporate a provision for early retirement on terms which are more generous than actuarially equivalent to the benefits otherwise payable.

Following advice from GAD, Welsh Government have confirmed that an adjustment should be applied to pension credits awarded in respect of standard inner-Club transfers into the 2015 scheme. The Club Secretariat have confirmed they are content with this adjustment approach.

The adjustment should only be applied to members who have not reached active Normal Pension Age (NPA) under the 2015 Scheme at the guarantee date (as defined in paragraph 4.5 of the Club Memorandum current at time of issue of this guidance).

The following process should be used to determine the amount of Club transfer earned pension to be granted in the 2015 scheme for those members who are below their active NPA at the guarantee date:

• Calculate the standard Club transfer pension credit in line with the Club Memorandum current at the time of the transfer (i.e. section 5 at time of issue of this guidance), using tables based on the active NPA (currently age 60).
• Multiply the standard Club transfer pension credit calculated above by the adjustment factor of 0.972.

When providing a Club statement in accordance with the Regulations, the amount of club transfer earned pension that should be specified is that calculated after making allowance for the adjustment set out above.

For those members who are above their active NPA at the guarantee date, their Club transfer earned pension should be calculated in line with the approach set out in the Club Memorandum current at the time of transfer (i.e. section 5 at time of issue of this guidance), using tables based on the active NPA (currently age 60). No further adjustment needs to be made.

Club transfers received by the Scheme will be applied to provide an amount of transferred pension credit of the same form as earned pension, but revalued in accordance with the in-service revaluation of the sending scheme.

The transferred pension credit will be added to the active member's account in accordance with the 2015 Scheme Regulations.