Introduction to the plan
Welcome to the Combined Nuclear Pension Plan [‘the Plan’]. The Plan is an industry-wide arrangement for eligible workers in the nuclear industry. This is your guide to the range of benefits which you may be entitled to as a member of the Plan. As part of your protections under the Energy Act 2004 you are entitled to no less favourable employment terms including pensions. The NDA was satisfied that the benefits under the pension arrangements are no less favourable than the benefits of the CPS and that the valuable protections afforded by the Energy Act 2004, which provide for your security, were met. The Former CPS Members’ Benefit Structure of the Plan generally replicate the benefits available under the CPS.
Former CPS Members’ Benefit Structure benefits have been provided to all transferring members previously eligible to join the CPS and who joined the Plan.
What is the Former CPS Members’ Benefit Structure?
The Plan is an ‘occupational pension scheme’. The Former CPS Members’ Benefit Structure is a section within the Plan. It offers a way of providing you with an income in your retirement. Over the years, you and your employer will both make contributions to the Plan. When you retire, we will pay you a pension based on your Reckonable service and on your Pensionable final earnings. The Plan is set up as a trust. Contributions paid into the Plan by members and participating employers are held within this trust and can only be used for Plan purposes, such as paying benefits to Plan members. Responsibility for the operation of the Plan rests with a trustee board (‘the Trustee’). This trustee board includes member nominated trustees, who are appointed by members. Your Plan benefits will be based on your Reckonable service in the Plan, including any added benefits you pay additional voluntary contributions for. The Former CPS Members’ Benefit Structure of the Plan will generally replicate the benefits available under the CPS.
Do I have to remain in the Plan?
You have the right to ‘opt out’ of (leave) the Plan. If you do you will then be treated as any other leaver (please refer to Leaving Service for more details). If you change your mind, one opportunity to re-enter the Plan will be allowed on evidence that your health is satisfactory. You must also be aged less than 58, and this should be the first occasion during your current period of service on which you have made such an election, or you must be aged under 25 or within 3 years of starting employment. If you rejoin the Plan the benefits in respect of this new service will be independent of any previous service you may have had in the Plan.
This website is a straightforward guide to the main benefits and conditions of the Plan. It does not cover every aspect – the full details are contained in the Trust Deed and Rules, which is the legal basis of the Plan. Nothing on this website can replace the Trust Deed and Rules, and if there is any difference, the Trust Deed and Rules will apply. A copy of the Trust Deed and Rules can be obtained from the Plan administrator (CombinedNuclearPensionPlan@equiniti.com) or by downloading a copy from this website.