CWPF Pension Builder 2014

My membership

The minimum that must go into your pension each month is 8% of your pensionable salary. Your employer pays at least 4% of your pensionable salary every month. Your employer may ask you to contribute as well. 

You build up a pot which you use at retirement. We guarantee this pot will not go down, unless you take it before age 65 and financial conditions are very poor at that time.

You can't transfer other pensions into PB 2014.

Can I save more?

You can boost your pension by saving Additional Voluntary Contributions (AVCs). We treat your AVCs in exactly the same way as your usual contributions.

If you are thinking of saving AVCs, first decide how much you would like to save. There are two ways you can save.

Monthly through your salary

This way, your AVCs are taken from your salary before tax. You can start, stop, increase or decrease your AVCs whenever you like. To start paying, or change your AVCs fill out an AVC form.

One-off lump sum payment

You can save one-off lump sums. To do this, fill out an AVC form and send this to us. Anything you pay into your pension is tax-free up to a limit. As you will have paid tax on your lump sums you can claim any tax relief on your self-assessment tax return

My pension if I leave

If leave within 2 years of joining, we'll offer you two options:

1. the option to transfer your whole pension, including what your employer has paid to another pension provider, or,

2. a refund of any contributions you have paid, less tax.

If you move jobs and they have their own pension scheme, or you have your own private pension you can move your pension to this, but you might need to take financial advice before you do. Get in touch with us if you would like to do this.

If you leave after 2 years we'll keep your pension with us until you decide to take it, transfer it to another provider or die.

We'll upload annual updates to PensionsOnline to let you know how your pension is progressing.

My pension if I die

If you die before you take your PB 2014 account, we'll pay this to your beneficiaries. This will include all the contributions you and your employer has paid, plus any bonuses.

Tell us the person, people or organisations you would like to leave any lump sum to - head to PensionsOnline to add your nomination.

If your circumstances change, remember to update your nomination. To keep this tax-free we have discretion over who receives any lump sum but we'll be guided by your wishes.