In order to stop paying into the Scheme, you must opt out. If you opt out, you are no longer covered by death in service benefits, and you will not build up any additional pension during the period you are opted out.

If you do decide to opt out, there may be several options available to you, including transferring your benefits yo another registered scheme, leaving them deferred in the Scheme or claiming a refund on your contributions if you’ve been a member for less than two years.

Your Member guide will explain more about the options available to you. You can find a copy of this in the Active members section of this site and following the links to the correct information for your type of membership.

Many MPs will find that they have two sets of PCPF benefit.

As well as building up benefits in the new CARE scheme, these MPs will have final salary benefits that continue to be governed under the old rules and benefit from the following protections.

• Your final salary benefits will continue to be calculated with reference to your future final pensionable salary.
• On your death, your spouse/partner/civil partner will still receive 5/8ths of the value of your final salary pension (as well as a proportion of your CARE benefits).
• Any dependent children would recive pensions in respect of your final salary pension (as well as proportion of your CARE benefits).
• If you are contributing to Added Years before you move into the CARE scheme, you can continue contributing to this contract while a member of the CARE scheme.
• Your final salary benefits are payable from age 65, as long as you are no longer a serving MP.
• On retirement you are able to exchange some of your final salary pension for a tax-free lump sum, using the age related factors from the old rules.

The NRA for members of a CARE Scheme matches the current State Pension Age.

State Pension Ages are currently under review but you can use the calculator on the GOV.UK website to work our your State Pension Age.

Your membership provides valuable benefits, the most important of which is a pension for life.

You will build up CARE credits of your pensionable salary in each year you are a contributing member. Together, these credits will form your pension.

Benefits of membership include:

During your service

• A lump sum if you die while contributing to the Scheme
• Pension benefits for your dependant(s) if you die while contributing
• Options to retire earlier or later than the Scheme’s Normal Retirement Age
• Tax relief on your contributions
• The Exchequer paying contributions towards your pension
• The ability to proactively increase your pension benefits
• The option to transfer previous pension benefits into the Scheme
• Provision under the Scheme Rules covering early retirement due to ill-health

When you retire

• A pension for life, or
• A tax-free cash lump sum and a reduced pension for life, plus
• A pension for your dependant(s) when you die, and
• Annual increases to your pension

Please complete a death benefit nomination form to inform the Trustees who you’d like to receive any payments that may be due.

You should send your completed form to:

PCPF Administration Team, Parliamentary Contributory Pension Fund,
Gallagher (Bristol)
PO Box 319
Mitcheldean
GL14 9BF

You can find a downloadable copy of the Death benefit nomination form for your type of membership in the Forms section.

You can buy Added Pension to increase your overall future benefits. It is important to note that you can only apply to buy Added Pension once a year, either in April or within one month of joining the Scheme.

You could pay for this either by making monthly contributions or a lump-sum payment.

You can learn more about this topic in your Member guide. You can find a copy of this in Active members section of this site by following the links to the correct information for your type of membership.

If you have pension benefits from previous providers or employers, you may be able to transfer these into the Scheme if your previous scheme was classed as a UK registered pension scheme. This will buy additional CARE credits (units of Scheme membership), which will be calculated at the date of transfer is received by the Scheme, in accordance with guidance from the Government Actuary’s Department.

You can learn more about this topic in your Member guide. You can find a copy of this in Active members section of this site and following the links to the correct information for your type of membership.

You can reduce your Normal Retirement Age (NRA) by up to three years to a revised Effective Pension Age, by paying additional contributions to the Scheme, provided this does not take your NRA below 65.

It is important to note that you can only apply to do this once a year, either in April or within a month of joining the Scheme.

You can learn more about this topic in your Member guide. You can find a copy of this in Active members section of this site and following the links to the correct information for your type of membership.

If you decide to retire before your Normal Retirement Age or purchased Effective Pension Age, your pension will be reduced because it is being paid early.

You have the option at retirement to apply to make one-off payment so your retirement benefits are not reduced. The Scheme administrator will calculate the cost of this, if requested, and payment must be settled before your pension is calculated.

You can learn more about this topic in your Member guide. You can find a copy of this in Active members section of this site and following the links to the correct information for your type of membership.

Many MPs will find that they have two sets of PCPF benefits.

As well as building up benefits in the new CARE scheme, these MPs will have final salary benefits that continue to be governed under the old rules and benefit from the following protections.

• Your final salary benefits will continue to be calculated with reference to your future final pensionable salary.
• On your death, your spouse/partner/civil partner will still receive 5/8ths of the value of your final salary pension (as well as a proportion of your CARE benefits).
• Any dependent children would receive pensions in respect of your final salary pension (as well as proportion of your CARE benefits).
• If you are contributing to Added Years before you move into the CARE scheme, you can continue contributing to this contract while a member of the CARE scheme.
• Your final salary benefits are payable from age 65, as long as you are no longer a serving MP.
• On retirement you are able to exchange some of your final salary pension for a tax-free lump sum, using the age related factors from the old rules.

Please send all requests for information about your pension entitlement to Buck, which has been appointed by the Trustees administer the Scheme.

PCPF Administration Team, Parliamentary Contributory Pension Fund
Gallagher (Bristol)
PO Box 319
Mitcheldean
GL14 9BF

Telephone: 0330 123 0634

Email: PCPF@buck.com

If you require a meeting to discuss your pension, please contact:

PCPF Secretariat
House of Commons
London
SW1A 0AA

Telephone: 020 7219 2106; Text relay: 18001 7219 2106 Fax: 020 7219 2554
Email: pensionsmp@parliament.uk

If you face divorce or the dissolution of a civil partnership, your pension is likely to be considered along with you other assets when financial settlements are worked out.

A court order can be made to transfer part of the value of your benefits as part of the divorce or dissolution proceedings. If this is the case, it would mean your benefits will reduce to provide benefits for your ex-spouse or ex-civil partner. Any order made by the court must be applied to your pension benefits.