CWPF Pension Builder 2014

Pension Builder 2014 (PB 2014) combines features of both defined contribution and defined benefit schemes. This makes it a ‘hybrid’ pension scheme. More specifically, PB 2014 is a ‘cash balance’ scheme.

You know exactly how much is being paid into your pension; this is the defined contribution part. And, your contributions are guaranteed not to go down; that’s the “defined benefit” part.

So, you get the transparency of a defined contribution plan, with the added reassurance of a defined benefit guarantee.

My Membership

The minimum that must go into your pension each month is 8% of your pensionable salary. Your employer pays at least 4% of your pensionable salary every month. Your employer may ask you to contribute as well.

You build up a pot which you use at retirement. We guarantee this pot will not go down, unless you take it before age 65 and financial conditions are very poor at that time.

You can't transfer other pensions into PB 2014.

Can I save more?

You can boost your pension by saving Additional Voluntary Contributions (AVCs). We treat your AVCs in exactly the same way as your usual contributions.

If you are thinking of saving AVCs, 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 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

My pension if I leave

If you leave within two years of joining, we'll offer you two options:

1. the option to transfer your whole pension, including what your employer has paid to another pension provider, or,
2. a refund of any contributions you have paid, less tax.

If you move jobs and they have their own pension scheme, or you have your own private pension, you can move your pension to this, but you might want to take financial advice before you do. Get in touch with us if you would like to do this.

If you leave after 2 years, we'll keep your pension with us until you decide to take it, transfer it to another provider or die.

We'll upload annual updates to PensionsOnline to let you know how your pension is progressing.

My pension if I die

If you die before accessing your PB 2014 account, the full value – including all contributions made by you and your employer, plus any bonuses - will be paid to your beneficiaries.

To let us know who you'd like to receive this 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.

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