Cambridge University Press - Contributory Pension Fund (CPF) - PowerPoint Presentation

1. Cambridge University Press - Contributory Pension Fund (CPF)https://www.pensions.admin.cam.ac.uk/cupMember PresentationSeptember 2019Sarah Burch and Debbie Hough

2. AgendaHow to contact usYour pensionRetirementTopping up your pensionDeath benefitsLeaving the scheme earlyReceiving your pensionPension increasesYour questions

3. University Pensions OfficeYour CPF pension is administered by the University Pensions Office.Based at Greenwich House, Madingley Road.Office open 09.00 – 17.00Phone: Cambridge (01223) 332214E-mail: cup.pensionsonline@admin.cam.ac.uk Website: www.pensions.admin.cam.ac.uk

4. Your CPF PensionDefined benefit schemeBenefits relate to your earnings and length of service, i.e. pensionable service and pensionable salaryPensionable salaries have been frozen since 1 January 2007.Index linked benefitsScheme provides death benefitsNormal retirement age is 60Maximum time in the scheme is 25 years – including transfer ins

5. RetirementYour benefits are based on your final pensionable service and frozen salaryFinal pensionable service is calculated in years and days from the date you joined the schemeCan also include service from transferred in benefitsIf you work part-time, your pensionable service will not be the same as your period of service with the PressFull time frozen salary used for all members

6. Early RetirementEarly 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 60th birthdayRetirement 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.

7. Options at Age 60Retire from the press and start receiving your pensionRemain in employment and bring your pension into paymentStop contributing and receive your pension at a later date.Continue contributing to the CPF providing your have not exceeded 25 years in the schemeN.B. The permission of the Press may be required and you could be auto enrolled into another pension scheme.

8. Late RetirementApplies to any member who brings their pension into payment after their 60th birthday.Benefits are increased by a late retirement factor.Number of years lateActives   1108%2117%3127%4138%5150%6163%7178%8193%9211%10230%

9. Topping up your PensionYou can pay Additional Voluntary Contributions (AVCs) To PrudentialCan 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.

10. Death BenefitsAll members should complete an Expression of Wish form which should be returned to the Pensions OfficePlease update this regularlyThe form guides the Trustee should we need to pay benefitsBenefits are paid at the discretion of the Trustee and any lump sums outside of your estate

11. Death Benefits – Death in ServiceLump sum of 4 times your frozen salary + a return of your member contributionsA 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 youThe 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.

12. Death Benefits – after leaving the schemeA lump sum of 5 times your deferred pensionA pension to your spouse/civil partner of 2/3rds of your deferred pension payable from your 60th birthday. The pension will be reduced if your spouse/civil partner is more than 10 years younger than you.

13. Death Benefits – in retirementIf you die within 5 years of receiving your pension, a lump sum equal to the balance of 5 years’ pensionA 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.

14. Leaving the scheme earlyIf 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 reductionYou also have the option to receive your pension after your 60th birthday, subject to the late retirement factors below.

15. Leaving the scheme earlyNumber of years lateDeferreds (members who are no longer contributing to the CPF)  1105%2110%3115%4121%5128%6134%7141%8149%9157%10166%

16. Leaving the scheme earlyYour pension will be increased each year on 31 DecemberIncrease 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%

17. Receiving your pensionPlease let us knowWill have the option to take a larger lump sum on retirement and a reduced pensionA retirement statement and forms will be sent to your home addressWe will need to see some original certificates / passports

18. Receiving your pensionPensions are paid on the 6th day of the monthPaid on the next working day if the 6th falls on the weekend or bank holidayPayslips are not sent automatically each monthThey are sent in April, January and when your pension changes

19. Pension IncreasesYour pension will be increased each year on 31 DecemberIncrease 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%

20. Finally…Any other questions?We are here to answer any questions on an individual basis.Thank you for your time today.