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Contributory Pension Scheme

Contributory Pension Scheme

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Contributory Pension Scheme

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  1. Contributory Pension Scheme Members’ Meeting 10 July 2013

  2. Agenda • Chairman’s introductory remarks • Role of trustee • Contacts in the pensions section • Annual report and accounts - July 2012 • Rule changes • Presentation by Scheme Actuary • Q & A

  3. Role of Trustee • To administer the scheme in accordance with the rules of the Scheme • To act in the best interests of all beneficiaries • Role is not to propose changes to the scheme or to become involved in employment matters

  4. Website: www.admin.cam.ac.uk/offices/pensions

  5. Contacts Head of Pensions Sue Curryer sue.curryer@admin.cam.ac.uk

  6. Contacts A - K Jingwen Chen Jingwen.chen@admin.cam.ac.uk

  7. Contacts L - Z Lesley Ladell Lesley.ladell@admin.cam.ac.uk

  8. Contacts Pensions Clerk Alan Neale Alan.neale@admin.cam.ac.uk

  9. Annual Report and Accounts • For year ended 31 July 2012 • Available from Pensions Section • Published on website • Fund value £378,142,189 (£360,352,339) • Membership • Active 3659 (3674) • Deferred 2903 (2742) • Pensioner 2660 (2474)

  10. Rule changes Background • discussions with unions in 2010/2011 • consultation with employees summer 2011 • Further discussions with unions 2011/2012 • SJNC agreed proposals May 2011 • Grace approved November 2011 • Changes implemented 1 January 2013 • affect future service only

  11. Rule changes • Members at 31 December 2012 • Career Revalued Benefits (CRB) for future service • 1/100th of pensionable salary for each year of service (NB: 1/95th to 31/12/2017) • Automatic lump sum of three times pension • Contracted in to S2P • Employee contribution – 5%, but higher NICs • NPA 65, but can retire on unreduced pension at 63 if joined before 1 December 2009

  12. Rule changes • Joiners on or after 1 January 2013 • Hybrid scheme • CRB (defined benefit) • 1/150th of pensionable salary for each year of pensionable service • Automatic lump sum of 3 times pension • Contracted in to S2P • Employee contribution 3% • Defined contribution (DC) • University pays 5%, no member contribution required

  13. Rule changes Member guides and factsheets http://www.admin.cam.ac.uk/offices/pensions/cps/guides/

  14. Roberts slides to go here

  15. Q & A Q1: I joined the scheme in March 2011 at the age of 30. What checks and balances can I do to make sure I do not need to worry about insufficient funds for my retirement?

  16. Q & A A: For members who joined the CPS before 1 January 2013t he CPS is a defined benefit pension scheme and so your benefits are related to your salary and service. The CPS provides you with an annual benefit statement so that you can see what your benefits are projected to be at age 65 assuming no change in salary. If you want to boost your pension you can do so by the payment of AVCs to the DC arrangement offer by the University or another registered pension scheme. Details of the University’s DC arrangement can be found at http://www.admin.cam.ac.uk/offices/pensions/cps/guides/

  17. Q & A Q2: How do I make sure I choose the timing of my retirement correctly?

  18. A: As you joined the CPS before 1 January 2013 your benefits are based on your salary and service and you do not have to purchase an annuity (pension) at retirement so your benefits are not affected by annuity rates. The CPS provides you with an annual benefit statement so you can see what your benefits are projected to be at age 65 with no change in salary. If you want an estimate for an alternative date this can be provided on request. Note: The staff of the Pensions Office are not authorised to give financial advice.

  19. Q & A Any other questions?