The Baptist Pension Scheme is a regulated occupational pension scheme, tailored to meet the needs of the Baptist family. It provides a range of benefits, including life insurance in the event of a member’s death before retirement and a member's pension at retirement.
It also meets the requirements of the government Auto Enrolment regulations. All employers need to automatically enrol their employees in a pension scheme. See the Auto Enrolment page for more details.
More than 1200 employers provide pensions for their ministers through the Baptist Pension Scheme.
The Scheme has been on a Defined Contribution (DC) basis since 1st January 2012. Prior to this date the Scheme was on a Defined Benefit (DB) basis and was called the Baptist Ministers' Pension Fund. Following the Buy Out with Just Retirement Ltd, ("Just") DB Plan pension benefits transferred to Just in November 2024. Further information on the transition of DB pension benefits can be found here.
In the DC Plan, the employer and the member make regular monthly contributions to the member's pension account. These contributions are invested on the member's behalf, by an independent pension provider. We have selected Legal and General, one of the UK's leading Pension Fund Managers, to do this.
The amount of pension a member receives on retirement from a DC Scheme depends on their age, the value of their personal fund, the cost of buying a pension at the time of retirement, and how they tailor their annuity structure to suit their personal circumstances.
In DC Schemes, members bear the investment risk and because investment values can fall as well as rise and government taxation rules may change in the future, no one can know in advance how much their fund will be worth when they retire or how much income they will receive each year.