The Defined Benefit Scheme, or "DBS" is a typical defined benefit scheme.
The DBS is now closed to future accrual - meaning no more pension is built up in this scheme. Your pensions is based on your earnings and how long you have worked.
Bite-size guides to your pension
Find out everything you need to know about your pension
Insuring pensions within the Defined Benefit Scheme of the CWPF
October 2024
We are delighted to announce that we have agreed an insurance transaction called a ‘buy-in’ with Aviva, the savings, retirement and insurance provider. This transaction covers all previously uninsured pensions in the Defined Benefit Scheme, within the Church Workers Pension Fund.
The transaction provides an income stream exactly matching the pensions we need to pay, at no cost to members or employers.
As with any insurance, the policyholder (the Board) is paying the insurer to carry certain risks for it. In this case, Aviva takes on both market risk (i.e. that assets can fall as well as rise in value), and longevity risk (i.e. the number of years over which pensions need to be paid). The insurance policy with Aviva is an investment of CWPF and will provide ongoing security for members.
Aviva is one of the largest and most well-known insurance companies in the UK, and a name with which you are hopefully familiar. We chose Aviva following a full market review. This transaction followed a careful process of due diligence assisted by our professional actuarial, investment, legal and covenant advisers. We are pleased to secure this agreement with Aviva, a long-standing pension provider and responsible investor. Aviva was one of the first insurers to sign up to a Charter co-created by the Board to strengthen responsible investment activity within these types of arrangements.
This transaction is in addition to similar transactions we made with Aviva in 2022 and Prudential in 2013.
What does this mean for my pension?
If you are a member of the Defined Benefit Scheme of the CWPF, then regardless of when you joined, your pension will now be covered by one of these insurance policies. However, you do not need to get in touch with them. The Pensions Board will continue to pay all pensions in the same way we do now. If you have any queries about your pension now or in the future, please continue to contact us.
Planning for the future and for your retirement, can feel difficult. But the earlier you do it, the easier it is.
Plan for your tomorrow
Helping you find financial advice and our partnership with Ecclesiastical Financial Advisory Services
Get financial advice
My retirement
When you are ready to take your pension, let us know.
We will pay you a pension for life. You can give up part of your pension for a tax-free lump sum which we'll pay to you soon as possible after you retire.
You don’t have to keep your pension with us. You can transfer it to a ‘defined contribution’ pension and take it in flexible ways.
We'll tell you more about these options and how you can take advantage of them when you come to retire.
My pension now I've left
We'll keep your pension here with us until you decide to take it, transfer it to another provider or die.
You can move your pension to another pension provider, but you usually need to take financial advice first. Get in touch with us if you would like to do this.
My pension if I die
If you die before or after you retire, we will usually pay half your pension to your spouse or civil partner.
We guarantee your pension for 5 years so if you die within this period, we will pay the remaining payments as a lump sum.
Find out how we responsibly invest your pension
Pensions technical area
If you're looking for help with a technical question, and you can't find the answer on this page, check out our technical area. You might find the answer there. If not, get in touch with us and we can help.
Get answers to tricky questionsHow to make a complaint
We make every effort to provide you with an efficient and effective service. However, if you are unhappy with the service you receive, please contact us first and we will do our best to resolve your issue. You can download our complaints procedure here.
If you have a complaint or dispute concerning your workplace or personal pension arrangements, you can also contact the Pensions Ombudsman. If you have general requests for information or guidance head to MoneyHelper.
The Pensions Ombudsman
Tel: 0800 917 4487
Email: [email protected]
Website: www.pensions-ombudsman.org.uk
MoneyHelper
Website: Help with pension problems and changes | MoneyHelper
Contact us
We are here to help. You can contact us by:
Phone: 020 7898 1802 (9am - 5pm, Monday to Friday)
Email: [email protected]