1. Member Presentation September 2019 Sarah Burch and Debbie Hough
Cambridge University Press - Contributory Pension Fund (CPF)
Member Presentation
September 2019
Sarah Burch and Debbie Hough

2. 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

3. University Pensions Office
Your CPF pension is administered by the University Pensions Office.
Based at Greenwich House, Madingley Road.
Office open – 17.00
Phone: Cambridge (01223)
Website:

4. 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

5. 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

6. 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 60th 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.

7. 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.

8. Late Retirement
Applies to any member who brings their pension into payment after their 60th birthday.
Benefits are increased by a late retirement factor.
Number of years late
Actives 1
108% 2
117% 3
127% 4
138% 5
150% 6
163% 7
178% 8
193% 9
211% 10
230%

9. 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.

10. 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

11. 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.

12. 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 60th birthday. The pension will be reduced if your spouse/civil partner is more than 10 years younger than you.

13. 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.

14. 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 60th birthday, subject to the late retirement factors below.

15. 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%

16. 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%

17. 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

18. Receiving your pension
Pensions are paid on the 6th day of the month
Paid on the next working day if the 6th 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

19. 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%

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