CWPF Pension Builder Classic

Pension Builder Classic (PB Classic) is a type of hybrid pension scheme, combining features of both defined contribution and defined benefit pensions. Technically known as a ‘With-Profits - Deferred Annuity’ scheme, PB Classic works like this:

• You and your employer make regular contributions – that’s the defined contribution part.
• Those contributions are used to buy a guaranteed amount of future pension income – and that’s the defined benefit part.

So, you get the transparency of knowing what’s paid in, along with the security of knowing how much pension you’re building for the future.

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.

Your contributions buy you a guaranteed amount of pension from your 'Normal Pension Age'.

You can't transfer other pensions into PB Classic.

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 AVCs are taken from your salary before tax. You can start, stop, increase or decrease your AVCs whenever you like. To start paying, or change your AVCs fill out an AVC form
• 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

When you're ready to start taking your pension, just let us know.

Your Normal Pension Age (NPA) is set by your employer. This is usually the age of 65. It is important to know this, as this affects how your pension is calculated:

• If you take your pension before your NPA, it will be reduced, since we’re likely to pay it for a longer period.
• If you take it after your NPA, it will be increased, as we may pay it for a shorter time.

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 can also choose to give up part of your pension to provide an income for your spouse, civil partner, or dependents after you die.

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.

My pension if I leave

If 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 need 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 you take your pension, we'll pay half your pension to your husband, wife, civil partner or dependents.

We guarantee your pension for 5 years so if you die within this period, we'll pay the remaining payments as a lump sum.

If you are still an active member when you die, we'll also pay a tax-free lump sum of at least 2x 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.

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: https://www.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