CWPF Pension Builder Classic

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.

Your contributions buy you a guaranteed amount of pension from your 'Normal Pension Age'.

You can't transfer other pensions into PB Classic.

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 retirement

When you are ready to take your pension, let us know.

If you take your pension before your Normal Pension Age, or "NPA" we'll reduce it as we are likely to pay it for longer. If you take it after your NPA we'll increase it as we might pay it for a shorter period. Your employer chooses your NPA -  it's usually age 65.

We'll pay you a pension for life. You can give up part of your pension for a one-off, tax-free lump sum. If you go for this, we'll pay it as soon as possible after you retire. You can also give up part of your pension for a pension for your spouse, civil partner or dependents when you die.

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 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 pension, we'll pay half your pension to your husband, wife, civil partner or dependents.

We guarantee your pension for 5 years so if you die within this period, we'll pay the remaining payments as a lump sum.

If you are still an active member when you die, we'll also pay a tax-free lump sum of at least 2x your salary.

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.