Cambridge University Press Contributory Pension Fund Overview
Cambridge University Press -
Contributory Pension Fund
(CPF)
https://www.pensions.admin.cam.ac.uk/cup
Member Presentation
September 2019
Sarah Burch and Debbie Hough
Agenda
•
How to contact us
•
Your pension
•
Retirement
•
Topping up your pension
•
Death benefits
•
Leaving the scheme early
•
Receiving your pension
•
Pension increases
•
Your questions
University Pensions Office
•
Your CPF pension is administered by the
University Pensions Office.
•
Based at Greenwich House, Madingley Road.
•
Office open 09.00 – 17.00
•
Phone: Cambridge (01223) 332214
•
E-mail:
cup.pensionsonline@admin.cam.ac.uk
•
Website: www.pensions.admin.cam.ac.uk
Your CPF Pension
•
Defined benefit scheme
•
Benefits relate to your earnings and length of
service, i.e. pensionable service and pensionable
salary
•
Pensionable salaries have been frozen since 1
January 2007.
•
Index linked benefits
•
Scheme provides death benefits
•
Normal retirement age is 60
•
Maximum time in the scheme is 25 years – including
transfer ins
Retirement
•
Your benefits are based on your final
pensionable service and frozen salary
•
Final pensionable service is calculated in years
and days from the date you joined the scheme
•
Can also include service from transferred in
benefits
•
If you work part-time, your pensionable
service will not be the same as your period of
service with the Press
•
Full time frozen salary used for all members
Early Retirement
•
Early retirement can be taken between age 55 &
Normal Retirement Age
•
Pension will be reduced by an early retirement
factor.
•
Early retirement factor is 4% for each year prior to
your 60
th
birthday
•
Retirement before age 60 requires the consent of
the employer.
•
Remain in employment and bring your pension into
payment. The permission of the Press may be
required and you could be auto enrolled into
another pension scheme.
Options at Age 60
•
Retire from the press and start receiving your
pension
•
Remain in employment and bring your pension into
payment
•
Stop contributing and receive your pension at a
later date.
•
Continue contributing to the CPF providing your
have not exceeded 25 years in the scheme
•
N.B. The permission of the Press may be required
and you could be auto enrolled into another
pension scheme.
Late Retirement
•
Applies to any member who brings their
pension into payment after their 60
th
birthday.
•
Benefits are increased by a late retirement
factor.
Topping up your Pension
•
You can pay Additional Voluntary Contributions
(AVCs) To Prudential
•
Can pay in up to 15% of your total earnings,
assuming you are within your Annual
Allowance.
•
The AVCs must be processed through payroll.
•
Please contact the University Pensions Office
should you wish to change the amount of AVCs
you are paying.
Death Benefits
•
All members should complete an Expression of
Wish form which should be returned to the
Pensions Office
•
Please update this regularly
•
The form guides the Trustee should we need to
pay benefits
•
Benefits are paid at the discretion of the
Trustee and any lump sums outside of your
estate
Death Benefits – Death in
Service
•
Lump sum of 4 times your frozen salary + a
return of your member contributions
•
A spouse’s pension of 4/9ths of your frozen
salary. The pension will be reduced if your
spouse/civil partner is more than 10 years
younger than you
•
The provision to pay a pension to children of
2/9ths of your frozen salary if a spouse’s
pension is paid, if not, the pension increases
to 2/3rds frozen salary.
Death Benefits – after leaving
the scheme
•
A lump sum of 5 times your deferred pension
•
A pension to your spouse/civil partner of
2/3rds of your deferred pension payable from
your 60
th
birthday. The pension will be
reduced if your spouse/civil partner is more
than 10 years younger than you.
Death Benefits – in retirement
•
If you die within 5 years of receiving your
pension, a lump sum equal to the balance of 5
years’ pension
•
A pension to your spouse/civil partner of
2/3rds of your pension calculated assuming
you had taken no additional cash on
retirement. The pension will be reduced if
your spouse/civil partner is more than 10 years
younger than you.
Leaving the scheme early
•
If you leave the scheme early, you will have a
deferred pension.
•
The pension would be payable from age 60,
but can be taken from age 55 subject to the
early retirement reduction
•
You also have the option to receive your
pension after your 60
th
birthday, subject to the
late retirement factors below.
Leaving the scheme early
Leaving the scheme early
•
Your pension will be increased each year on 31
December
•
Increase is in line with the Retail Prices Index
(RPI) for October (announced in November)
•
The increase is subject to a minimum of 3%
and a maximum of 6%
Receiving your pension
•
Please let us know
•
Will have the option to take a larger lump sum
on retirement and a reduced pension
•
A retirement statement and forms will be sent
to your home address
•
We will need to see some original certificates
/ passports
Receiving your pension
•
Pensions are paid on the 6
th
day of the month
•
Paid on the next working day if the 6
th
falls on
the weekend or bank holiday
•
Payslips are not sent automatically each
month
•
They are sent in April, January and when your
pension changes
Pension Increases
•
Your pension will be increased each year on 31
December
•
Increase is in line with the Retail Prices Index
(RPI) for October (announced in November)
•
The increase is subject to a minimum of 3%
and a maximum of 6%
Finally…
•
Any other questions?
•
We are here to answer any questions on an
individual basis.
•
Thank you for your time today.
Explore the details of the Cambridge University Press Contributory Pension Fund (CPF) including benefits, retirement options, contact information, and more. Discover how your pension is calculated, understand early retirement possibilities, and plan your future with the CPF scheme.
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Presentation Transcript
Cambridge University Press - Contributory Pension Fund (CPF) https://www.pensions.admin.cam.ac.uk/cup Member Presentation September 2019 Sarah Burch and Debbie Hough
Agenda How to contact us Your pension Retirement Topping up your pension Death benefits Leaving the scheme early Receiving your pension Pension increases Your questions
University Pensions Office Your CPF pension is administered by the University Pensions Office. Based at Greenwich House, Madingley Road. Office open 09.00 17.00 Phone: Cambridge (01223) 332214 E-mail: cup.pensionsonline@admin.cam.ac.uk Website: www.pensions.admin.cam.ac.uk
Your CPF Pension Defined benefit scheme Benefits relate to your earnings and length of service, i.e. pensionable service and pensionable salary Pensionable salaries have been frozen since 1 January 2007. Index linked benefits Scheme provides death benefits Normal retirement age is 60 Maximum time in the scheme is 25 years including transfer ins
Retirement Your benefits are based on your final pensionable service and frozen salary Final pensionable service is calculated in years and days from the date you joined the scheme Can also include service from transferred in benefits If you work part-time, your pensionable service will not be the same as your period of service with the Press Full time frozen salary used for all members
Early Retirement Early retirement can be taken between age 55 & Normal Retirement Age Pension will be reduced by an early retirement factor. Early retirement factor is 4% for each year prior to your 60thbirthday Retirement before age 60 requires the consent of the employer. Remain in employment and bring your pension into payment. The permission of the Press may be required and you could be auto enrolled into another pension scheme.
Options at Age 60 Retire from the press and start receiving your pension Remain in employment and bring your pension into payment Stop contributing and receive your pension at a later date. Continue contributing to the CPF providing your have not exceeded 25 years in the scheme N.B. The permission of the Press may be required and you could be auto enrolled into another pension scheme.
Late Retirement Applies to any member who brings their pension into payment after their 60thbirthday. Benefits are increased by a late retirement factor. Number of years late Actives 1 2 3 4 5 6 7 8 9 10 108% 117% 127% 138% 150% 163% 178% 193% 211% 230%
Topping up your Pension You can pay Additional Voluntary Contributions (AVCs) To Prudential Can pay in up to 15% of your total earnings, assuming you are within your Annual Allowance. The AVCs must be processed through payroll. Please contact the University Pensions Office should you wish to change the amount of AVCs you are paying.
Death Benefits All members should complete an Expression of Wish form which should be returned to the Pensions Office Please update this regularly The form guides the Trustee should we need to pay benefits Benefits are paid at the discretion of the Trustee and any lump sums outside of your estate
Death Benefits Death in Service Lump sum of 4 times your frozen salary + a return of your member contributions A spouse s pension of 4/9ths of your frozen salary. The pension will be reduced if your spouse/civil partner is more than 10 years younger than you The provision to pay a pension to children of 2/9ths of your frozen salary if a spouse s pension is paid, if not, the pension increases to 2/3rds frozen salary.
Death Benefits after leaving the scheme A lump sum of 5 times your deferred pension A pension to your spouse/civil partner of 2/3rds of your deferred pension payable from your 60thbirthday. The pension will be reduced if your spouse/civil partner is more than 10 years younger than you.
Death Benefits in retirement If you die within 5 years of receiving your pension, a lump sum equal to the balance of 5 years pension A pension to your spouse/civil partner of 2/3rds of your pension calculated assuming you had taken no additional cash on retirement. The pension will be reduced if your spouse/civil partner is more than 10 years younger than you.
Leaving the scheme early If you leave the scheme early, you will have a deferred pension. The pension would be payable from age 60, but can be taken from age 55 subject to the early retirement reduction You also have the option to receive your pension after your 60thbirthday, subject to the late retirement factors below.
Leaving the scheme early Number of years late Deferreds (members who are no longer contributing to the CPF) 1 105% 2 110% 3 115% 4 121% 5 128% 6 134% 7 141% 8 149% 9 157% 10 166%
Leaving the scheme early Your pension will be increased each year on 31 December Increase is in line with the Retail Prices Index (RPI) for October (announced in November) The increase is subject to a minimum of 3% and a maximum of 6%
Receiving your pension Please let us know Will have the option to take a larger lump sum on retirement and a reduced pension A retirement statement and forms will be sent to your home address We will need to see some original certificates / passports
Receiving your pension Pensions are paid on the 6thday of the month Paid on the next working day if the 6thfalls on the weekend or bank holiday Payslips are not sent automatically each month They are sent in April, January and when your pension changes
Pension Increases Your pension will be increased each year on 31 December Increase is in line with the Retail Prices Index (RPI) for October (announced in November) The increase is subject to a minimum of 3% and a maximum of 6%
Finally Any other questions? We are here to answer any questions on an individual basis. Thank you for your time today.
