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 decommissioning industry. This is a guide to the range of benefits that you are entitled to as a Group Pension Scheme (GPS) member of the Plan. GPS members of the Plan must have been an active, deferred or pensioner member of the GPS (or individuals receiving a spouse’s, child or dependant’s pension) and transferred into the Plan on 1 April 2012.
The Plan provides benefits based upon Final Salary for Pensionable Service up to 31 March 2024 and benefits based on Career Average Revalued Earnings (CARE) from 1 April 2024. This guide provides details of both benefit structures.
Important note
This is a guide to the main benefits of the Plan. It does not cover every aspect – the full details are contained in the Trust Deed and Rules, which is the legal document that governs the benefits payable from the Plan and is subject to change. Nothing in this guide replaces or overrides the Trust Deed and Rules, and if there is any difference between the information summarised in this booklet and the Trust Deed and Rules, the Trust Deed and Rules will apply.
A copy of the Trust Deed and Rules can be obtained from the Plan website at www.cnpp.org.uk, the Plan Administrator on 0333 207 6523 or email at CombinedNuclearPensionPlan@equiniti.com.
This document contains information about your benefits, tax rates and rules that can change. You should always consider seeking financial advice from a regulated financial advisor before making decisions in relation to the Plan or your retirement. You are responsible for your tax affairs, and you should consider obtaining your own advice in relation to anything that may impact your tax position. Note that different tax rules apply in different countries within the UK.
What is the Plan?
The Plan is a pension scheme offered by your employer to help you build up retirement benefits. It is designed to provide you with an income in your retirement that is payable for life and it increases to provide some protection from inflation.
To build up your pension, you and your employer will both make contributions into the Plan. When you retire, you will be paid a pension based on the time you have spent as a member of the Plan and on your earnings.
The Plan is set up as a trust meaning it is run by a trustee company (the Trustee) in accordance with the Plan’s Trust Deed and Rules. Contributions paid into the Plan by its members and participating employers are held within this trust and can only be used for Plan purposes, the main purpose being paying benefits to you and other members of the Plan. Responsibility for the operation of the Plan rests with the Trustee, which includes trustee directors that have been nominated by members.
Your Plan benefits will be based on the time you have spent building up benefits on a combination of a Final Salary basis (before April 2024) and Career Average Revalued Earnings (CARE) basis (from April 2024), any applicable shift work you have taken (see Shift Pay Pension Plan) and include any added benefits you purchase from Additional Voluntary Contributions or Added Pension and Added Years (see AVCs, Added Pension and Added Years).
Can I opt out of the Plan?
You have the right to ‘opt out’ of the Plan (leave). If you do wish to opt out you must give the Trustee notice in writing one month prior to leaving. If you opt out you will then be treated as any other leaver (please refer to Leaving Service for more details).
If you change your mind and wish to rejoin the Plan, you will be allowed one opportunity to do so provided you are aged less than 58 years. You may also rejoin if you are aged under 25 years or are within 3 years of starting your employment. If you rejoin the Plan the benefits from this new period of service will usually be independent of any from previous periods of service you may have had in the Plan (although with permission from the NDA you can in some cases surrender your first period of service so that you can combine the services into one period of service).
If you opt out a second time and are aged 25 years or older or have been in your employment for more than 3 years, you will only be allowed to rejoin the Plan with the agreement of both the Trustee and the NDA.