Defined Benefits Plan

The Defined Benefits Plan, formerly known as the Baptist Ministers' Pension Fund, closed on 31st December 2011 and ceased collecting contributions from ministers.

There was also a Staff Pension Scheme which pre-dated the Staff Section of the Baptist Pension Scheme.  Some Active members of the Staff Section contributed to the Baptist Union Staff Pension Scheme which closed at the same time as the Baptist Ministers' Pension Fund.

Whichever of these pension schemes you belonged to, the benefits you built up before 31st December 2011 are held in the scheme, are still increasing, and are available to take when you reach retirement.

You can find full details of the benefits in the booklets below.

  Defined Benefits Explanatory Booklet (For previous Members of the Ministers Pension Fund)

 BUSPS Explanatory Booklet (For Members of the Staff Section pre 2012)

 

Each year, you should receive:

 a personalised Benefits Statement which gives you an update on your benefits in the plan

 a Summary Funding Statement showing the financial position of the DB Plan overall

 a Newsletter (Pensionwatch) which will keep you updated on any pension matters which may affect you. 

Recent Newsletters and Summary Funding Statements can be found in the Useful Documents section.

 

Warning

 If you are contacted by anyone who claims that they can help you release money from your pension fund before you reach retirement age, you should ignore them or seek financial advice from a reputable adviser.

Pension loans or cash incentives are being used, alongside misleading information, to entice pension savers.  This activity is known as “pension liberation fraud”.

The Pensions Regulator has launched an awareness campaign against pension liberation schemes, amidst reports that they have become much more prevalent over recent years.  In the last four years an estimated £400m has been transferred to these schemes, involving thousands of individuals. 

Typically those individuals, who have been seeking early access to their pension savings, have instead ended up losing much of their savings in substantial commission payments and exceptionally large tax charges, which fall due as a result of the payments being unauthorised.

If you would like more information on pension liberation fraud, the Pension’s Regulator’s website has some useful documents that set out the dangers involved.