CAPF DC is a defined contribution pension scheme. This means you build up a pension pot over time, which you can use to provide an income and/or take as a lump sum when you retire.
Your pot is invested, so its value can go up or down depending on:
- How much you and your employer contribute
- How well the investments perform
You have flexibility in how you use your pot when the time comes — and we’ll be here to guide you through your options.
Your pension guide
Find out everything you need to know about the CAPF Defined Contribution Scheme.
My Membership
You have your own, individual pension pot with Legal & General. The NCIs pay into your pension every month. Here is what they pay:
- Age under 30 - 8%
- Age 30 to 39 - 10%
- Age 40 to 49 - 11%
- Age 50 to 59 - 13%
- Age 60+ - 15%
Can I save more?
You can boost your retirement savings – adding a little extra money into your pension is a great way to save in a tax-efficient way. Saving a little now could make a big difference when you retire.
You can boost your pension through salary sacrifice. We treat your extra savings in exactly the same way as your usual contributions.
If you are thinking of boosting your pension savings, first decide how much you would like to save. There are two ways you can save.
- Monthly through your salary: This way, your extra savings are taken from your salary before tax. You can start, stop, increase or decrease your savings whenever you like. To do this, you will need to contact hr.operations@churchofengland.org.
- One-off lump sum payment: You can save one-off lump sums. To do this, fill out an AVC form and send this to us. Anything you pay into your pension is tax-free up to a limit. As you will have paid tax on your lump sums, you can claim any tax relief on your self-assessment tax return.
My investment choices
Journeys are designed to invest your pension pot in a way that suits how you might take it. They put your savings in a wide mix of higher-risk assets, which can help your pot grow. As you move through your working life it automatically moves your savings into a more balanced spread of assets, so it is more stable over the longer term.
If you don’t want to make an investment decision, we will put you in the Drawdown Journey.
Legal & General take a fee each year to manage your Journey. This is called an Annual Management Charge, or AMC. This is 0.25% a year.
Annuity Journey
If you like the idea of buying a guaranteed income for life when you retire, this Journey lines up your pot ready to buy this.
When you are 10 years from your target retirement date, it starts to move your savings into much safer assets, so when you reach your target retirement date, your pot is lined up ready for you to buy an annuity.
Drawdown Journey
This Journey invests your pension pot, assuming you will leave your savings invested during retirement and take an adjustable income, or cash in chunks. When you are 10 years from your target retirement date, it moves your savings into a mix of return-seeking assets. The aim is that most of your pot is secure, but it still has a chance to grow some more.
Find out how your Drawdown Journey works by selecting the five-year period you expect to retire:
Lifestyle
Lifestyle invests your savings with a view to buying a guaranteed income for life when you retire.
The aim is to make the most return on your money while you are still some way from retirement. Then, as you get closer to retirement your money switches automatically to less risky funds so that by the time you retire. All investments are in the FTSE4Good.
- Until five years from retirement - 50% is invested in UK Equities
- Until five years from retirement - and the other 50% is invested in Overseas Equities
- Getting ready to retire - then your money switches so that 75% is in Index Linked Gilts
- Getting ready to retire - and 25% is in cash
Pick my own investments
If you are confident picking your own investments, we have 11 funds you can choose from. You can pick one or more of these. You might want to pick several funds to spread your risk.
Click on each fund below to see its performance page.
Legal & General take a fee each year to manage the investment fund. This is called an Annual Management Charge, or AMC. The charge is in brackets.
- FTSE4Good UK Equities (0.2%)
- FTSE4Good Developed Equities (0.3%)
- UK Equities (0.1%)
- Overseas Equities (0.2%)
- UK and Overseas Equities (0.19%)
- Index Linked Gilts (0.1%)
- Fixed Interest Gilts (0.1%)
- Corporate Bonds (0.15%)
- Property (0.7%)
- Future World Inflation Sensitive Annuity Aware (0.15%)
And the performance of cash too:
My retirement choices
When you are ready to take your pension, let us know. You will have these four choices. We only offer option four, you will need to move your pension to another provider if you are interested in the first three options.
- Adjustable income - An income that goes up and down when you need it to
- Buy a guaranteed income - Get a guaranteed income for life - no matter how long you live
- Take cash in chunks - Spread your pot over a few years
- Take everything in one go - Take your whole pot in one go, but be careful of tax
Your pension options in three minutes
My annual pension statement
Each year, we send you a statement which tells you how much is in your pension pot. It also includes information about what you could get when you reach your target retirement date.
When we talk about what your pension pot could be worth in the future, we need to make some assumptions. Find out the assumptions we use in our SMPI guide.
We refer to "costs and charges" in your statement. The "My investment choices" section shows what the costs are as a percentage but it can be really hard to know what this means in pounds and pence per year, and what different costs can make to your pot over the long term. You can see a few examples of what different charges can make to your pot in our DC Chair's Statement. We update this each year.
My retirement
When you're ready to start taking your pension, just let us know.
Once you start your pension, we’ll pay it for life. You can give up part of your pension for a one-off, tax-free lump sum, which we’ll pay as soon as possible after you retire.
You don’t have to keep your pension with us, you can transfer it to a ‘defined contribution’ pension and use your flexible options.
We’ll explain all your options in detail and guide you through the process when the time comes.
Once you retire you can join the NCI Pensioners Association. If you'd like to join, email Colin Bullen at colin@bullen.website
My pension if I leave
If you leave the NCIs before you retire, we'll keep your pot here with us until you decide to take it, transfer it to another provider or you die.
We'll keep in touch with you and send annual updates to let you know how your pot is progressing.
If you move jobs and they have their own pension scheme, or you have a private pension you've set up, you can move your pot into this. Get in touch with us if you would like to do this.
My pension if I die
If you die before accessing your pension pot, the full value – including all contributions made by you and your employer – will be paid to your beneficiaries.
If you die while still working for the NCIs, we will also pay a tax-free lump sum of 4x your salary.
To let us know who you'd like to receive any lump sum, simply log in to PensionsOnline and add your nomination. You can choose a person, people, or even an organisation.
If your circumstances change, don’t forget to update your nomination. While we have the final say over who receives the payment (to help keep it tax-free), we’ll always take your wishes into account.
PensionWise
If you need help understanding your pension options and how tax might affect them, speak to Pension Wise (free and impartial).
Plan, plan, plan
Planning for the future and for your retirement can feel difficult. But the earlier you do it, the easier it is.
Need financial advice?
Helping you find financial advice and our partnership with Ecclesiastical Financial Advisory Services.
Discover our Pensions technical zone
If you're looking for help with a technical question, and you can't find the answer on this page, check out our technical zone. You might find the answer there. If not, get in touch with us and we can help.
We make every effort to provide you with an efficient and effective service. However, if you are unhappy with the service you receive, please contact us first, and we will do our best to resolve your issue. You can download our complaints procedure here.
If you have a complaint or dispute concerning your workplace or personal pension arrangements, you can also contact the Pensions Ombudsman. If you have general requests for information or guidance, head to MoneyHelper.
The Pensions Ombudsman
- Telephone: 0800 917 4487
- Email: enquiries@pensions-ombudsman.org.uk
- Website: pensions-ombudsman.org.uk
Contact us
We are here to help. You can contact us by:
- Telephone: 020 7898 1802 (9am - 5pm, Monday to Friday)
- Email: pensions@churchofengland.org
