1 Peter 5:4 describes the pastor-teacher’s reward for service given by the Chief Shepherd. The Lord Jesus Christ is in charge of all pastors. All pastors are not responsible to a bishop, to a board, to a congregation, but responsible to the Lord.
“And when the Chief Shepherd appears, you will receive the unfading crown of glory.” (1 Peter 5:4, NASB)
The appearance of the Chief Shepherd is the aorist passive participle of φανερόω (phaneroō) which refers to the Rapture of the Church. The action of the aorist participle precedes the action of the main verb “you will receive” which is the future middle indicative of κολυμβάω (kolumbaō) and means to obtain as a reward for service. This applies to pastors only. There are general passages on rewards to believers.
This is referring to the Judgment Seat of Christ or the Bema Seat where all believers will appear, but the pastors will receive a special award, if they are categorical and faithful. The Judgment Seat of Christ is still future (after the Rapture) and the middle voice indicates the pastor is benefitted and the indicative mood is the reality of a future reward. The exact nature of this future reward “the unfading crown of glory” is not stated. There are at least four different crowns used for rewards in heaven. At the Judgment Seat of Christ, those who have attained spiritual maturity are the crown of glory for the pastor. See category on Crowns. Phil. 4:1; 1 Thess. 2:19-20; Heb. 6:10.
“Therefore, my beloved brethren whom I long to see, my joy and crown, in this way stand firm in the Lord, my beloved.” (Philippians 4:1, NASB)
“For who is our hope or joy or crown of exultation? Is it not even you, in the presence of our Lord Jesus at His coming? For you are our glory and joy.” (1 Thessalonians 2:19-20, NASB)
“For God is not unjust so as to forget your work and the love which you have shown toward His name, in having ministered and in still ministering to the saints.” (Hebrews 6:10, NASB)