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Pensions

 

If you have already left employment with the University, or are no longer paying into the CPS but have retained a preserved pension in the scheme, the value of your benefits will increase in-line with inflation (actual rate dependent on which part of the scheme you’re in) up until you choose to take your benefits. In the meantime, please keep us up to date with any changes to your personal details. If we can’t find you, we can’t pay you your pension.

 

I'm about to Leave

When leaving employment with the University of Cambridge, you do not need to inform the Pensions Office unless you are planning to retire and take your pension immediately.

 

We will be notified by your department of your leaving, and will write to you accordingly with either:

  • A statement of your deferred pension entitlement (for leavers with 2 or more years’ membership)
  • A letter setting out your options: either a refund of eligible contributions or a transfer of your entire pension elsewhere (for leavers with less than 2 years’ membership).

 

Transferring out of the CPS:

You can choose to transfer your CPS benefits out of the scheme to another HMRC approved UK or overseas scheme at any point before your benefits are brought into payment. Please write to the Pensions Office with your name and national insurance number, stating your intention to investigate a transfer and the contact details of your new pension provider. We can then write to them with the current transfer value of your CPS pension, which they can use to provide you with a quotation.

 

Keep us informed

Once you’ve left, please keep us informed of any changes of name or address so that we can keep in contact with you. If we don’t know where you are, we can’t pay your pension when the time comes. Click HERE to access our various update forms.