This information applies to Pension Builder 2014, Pension Builder Classic and the Defined Benefit Scheme.
Leaving with more than two years pensionable service
If you need to leave our pension scheme, and you have completed two years pensionable service, we'll keep your pension with us. It will be ready for you to access when you retire.
While it's with us, it usually increases each year. Some increases are discretionary and some are linked to inflation. We'll still send you a pension statement each summer to let you know how your pension is progressing.
You don't have to leave your pension with us. You can transfer it to another pension scheme. Doing this means giving up a number of guarantees so you might need professional financial advice before doing this.
Taking time off
If your break is due to family leave your pension is usually protected and you continue to earn pension as you usually would.
If you are off due to sick leave, check with your HR team to find out what happens to your pension.
Changing jobs within the Church
If you change jobs and your new role is with another Church, your new pension might be with us. If it is, we can't combine your new and old pensions together. We need to keep these separate so that we can account for each pension under each employer.
However, you can take both pensions together when you retire.
You can voluntarily leave the pension scheme. This is called 'opting out'. It's important you consider the benefits you'll lose if you do this. Not only will you stop earning pension but you'll lose your life cover too.
If you wish to opt out, ask us for an opt out notice.
What happens to my pension if I die before retiring?
If the worst happens and you die after leaving, and you haven't taken your pension, your money doesn't disappear.
Pension Builder 2014 - we'll pay out your pension pot to your loved ones. You can tell us who you'd like this money to go to by completing your nomination on PensionsOnline.
Pension Builder Classic - we'll pay half your pension to your spouse or civil partner. If the value of your spouse or civil partner's pension is less than the value of your pension, we'll pay the difference as a lump sum. You can tell us who you'd like this lump sum to go to by completing your nomination on PensionsOnline.
Defined Benefit Scheme - we'll pay half your pension to your spouse or civil partner.
Leaving with less than two years pensionable service
If you leave before completing two years pensionable service then you will not be entitled to a pension, unless your employer has chosen to provide a pension to staff who have completed 30 days pensionable service.
If you have not completed enough pensionable service we'll offer you two choices:
1. You can transfer your pension to another pension provider. This could be your new employer's pension for example. This is usually the best option as we'll transfer the value of any contributions you have paid, plus your employer's contributions too. It also means your money stays in a pension.
2. You can receive a refund of any contributions you paid, less tax. We'll refund your employer's contributions back to them as well.
Your pension comes with life cover of 2, 3 or 4x your pensionable salary. If you leave, your life cover stops. If this is important to you, you can set up your own life cover policy.