Pensions

Your pension is an important part of your pay package and your most important source of income when you retire. The Crown Prosecution Service (CPS) provides you with choice of 2 pension schemes.

Having the choice allows you to make the decision as to what will work best for you and your future plans.  You may want to provide pensions for your family, you may want a secure investment or you may choose to enjoy the freedom of being involved in how the pension fund is invested.

Both schemes provide a way of saving for your retirement.

• the nuvos pension scheme: Over the years, you and the CPS contribute to the scheme.  When you retire your pension is based on your pensionable earnings during your career.  Each year your pension earned is inflated (Retail Price Index).
• a partnership pension account: You choose a 'pension provider' from a panel to invest your retirement funds. The CPS will contribute for you to this provider.  These contributions are held along with any contributions you make within a stakeholder pension.  The contributions grow with investment returns over the years.  On retirement, you can take some of your pension funds as a tax-free lump sum and then use the rest to provide you with an income for the rest of your life.  This is called an annuity.

Full details on these pension schemes are available at www.civilservice-pensions.gov.uk.