Age retirement pension This would be payable to a firefighter who has sufficient service to qualify for a pension and who retires at or after age 60. The basic formula is used, i.e. annual pension = 1/60 x pensionable service x final pensionable pay For example, a firefighter who has completed 40 years' pensionable service and whose final pensionable pay is £30,000 would receive immediate payment of a pension of: 40/60 x £30,000 = £20,000 a year Part of the annual pension can be commuted to provide a lump sum if the firefighter wishes. What if you are a retained firefighter? If, in line with the explanation of pensionable service and final pensionable pay given above, a retained firefighter who has served for 25 calendar years has been credited with 14.6047 years of pensionable service by reference to retained earnings and the pensionable earnings of a regular firefighter in a similar role, and assuming that at the date at which the retained firefighter retires with entitlement to an age retirement pension, a regular firefighter in a similar role would have final pensionable pay of £30,000, the assessment of the retained firefighter's pension would be– 14.6047/60 x £30,000 = £7,302.35 a year Part of the annual pension can be commuted to provide a lump sum if the firefighter wishes.