Cambridge University Press Contributory Pension Fund CPF https

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. Number of years late 1 2 3 4 5 6 7 8 9 10 Actives 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 4/9 ths 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 2/9 ths of your frozen salary if a spouse’s pension is paid, if not, the pension increases to 2/3 rds 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 2/3 rds 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 2/3 rds 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 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 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.