The Defined Benefit Scheme (DBS) is a defined benefit scheme where your pension is based on your earnings and the length of time you worked.
The DBS is now closed to future accrual, which means you’re no longer building up new pension benefits in this scheme. However, the pension you've already earned is secure and will be paid based on the rules of the scheme.
Insuring pensions within the Defined Benefit Scheme of the CWPF
We are delighted to announce that we have agreed an insurance transaction called a ‘buy-in’ with Aviva, the savings, retirement and insurance provider. This transaction covers all previously uninsured pensions in the Defined Benefit Scheme, within the Church Workers Pension Fund.
The transaction provides an income stream exactly matching the pensions we need to pay, at no cost to members or employers.
As with any insurance, the policyholder (the Board) is paying the insurer to carry certain risks for it. In this case, Aviva takes on both market risk (i.e. that assets can fall as well as rise in value), and longevity risk (i.e. the number of years over which pensions need to be paid). The insurance policy with Aviva is an investment of CWPF and will provide ongoing security for members.
Aviva is one of the largest and most well-known insurance companies in the UK, and a name with which you are hopefully familiar. We chose Aviva following a full market review. This transaction followed a careful process of due diligence assisted by our professional actuarial, investment, legal and covenant advisers. We are pleased to secure this agreement with Aviva, a long-standing pension provider and responsible investor. Aviva was one of the first insurers to sign up to a Charter co-created by the Board to strengthen responsible investment activity within these types of arrangements.
This transaction is in addition to similar transactions we made with Aviva in 2022 and Prudential in 2013.
What does this mean for my pension?
If you are a member of the Defined Benefit Scheme of the CWPF, then regardless of when you joined, your pension will now be covered by one of these insurance policies. However, you do not need to get in touch with them. The Pensions Board will continue to pay all pensions in the same way we do now. If you have any queries about your pension now or in the future, please continue to contact us.
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.
Learn more with this bite-sized guide.
My pension now I've left
We'll keep your pension here with us until you decide to take it, transfer it to another provider or die.
You can move your pension to another pension provider, but you usually need to take financial advice first. Get in touch with us if you would like to do this.
Learn more with this bite-sized guide.
My pension if I die
If you die before you take your pension, we'll usually pay half your pension to your spouse or civil partner.
We guarantee your pension for 5 years, so if you die within this period, we'll pay the remaining payments as a lump sum.
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.
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
