FAQs

The DB Section pays pensions to members based on their salary and length of service.

Contact the Plan administrator, Premier Pensions.

A board of Trustees is responsible for the administration of the Plan in accordance with legislation and the Plan Rules. Some of the Trustees are selected by Cummins and some are nominated by the Plan’s members.

Yes, you can log into your personal account using Manage my pension, where you can get a retirement quote.

If you’ve got a complaint, please contact the Plan administrator, Premier Pensions in the first instance.

If your complaint can’t be settled by the Plan administrator, you can use the Internal Dispute Resolution (IDR) procedure, which the Trustee has put in place to resolve complaints or disputes. Premier Pensions will send you the forms needed to make an application along with a copy of the IDR procedure.

In the sad event that you need to tell us about the death of one of our pensioners, please contact the Plan administrator, Premier Pensions, who will guide you through what we need to know and send you any paperwork that needs to be completed.

Yes, you can pay AVCs to help you increase your retirement benefits. They can contribute to a lump sum at retirement or be added to your annual pension. The Company does not match AVC payments.

Yes, AVC payments, like your employee contributions, are eligible for tax relief.

There are no limits on the amount you can save into a pension, but the government does impose limits on the amount that can be saved tax efficiently. There is an Annual Allowance and a Lifetime Allowance.

The government places a limit on the tax-free amount of money that can be saved into a DC pension and/or built up in a DB pension each year. This is currently £40,000 a year. You can save more than this into your pension in a year, if you wish, but any contributions above this amount would not receive tax relief.

Your Annual Allowance may be reduced if you earn more than £200,000 a year. It would also be reduced if you have flexibly accessed any other pension plans. If you think you may be affected by the Annual Allowance, you can find out more using the modeller.

This is a limit that the government places on the total value of tax-efficient pension savings you can build up over the course of your working life from ALL sources including the Plan (but excluding the State pension). It’s currently set at £1,073,100 and increases annually with inflation. If you think you’re affected by the Lifetime Allowance, you can find out more using the modeller.

Yes, you can change your contribution rate at any time by logging into your Pension Fund. If you request your changes before the 15th of the month, these will be implemented in your next pay. (Please note that timings are different in December when the payroll is run earlier.)

Yes, as long as you’re over 55, you can take your Plan pension and continue to work for Cummins.

Your normal retirement age in the Plan is 65. However, if you do not select a target retirement age for your AVCs, the Trustee will assume you want to access those when you reach your State pension age which could be 68 for some members. 

Your pension benefits will not be affected if you decide to wind down to retirement. You’ll need to speak to your HR department about reducing working hours as there are certain criteria that have to be met before the change can be approved.

Yes, you can retire at any time after age 55. Your pension will be reduced if you take it early because it will be paid to you over a longer period of time.

Yes, if you want to work beyond your normal retirement age, your pension will be increased because it will be paid to you over a shorter period of time.

If you have to retire early because of ill health, you may be able to draw your pension early, but this will be at the discretion of the Trustee.

Yes, your pension will increase annually in line with inflation and the Rules of the Plan.