Hello - Cummins UK Pension Plan
Cummins UK Pension Plan
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HELLO

It’s never been more important to save for the future, and being in the Plan is a great start. Your membership of the Plan is one of your most valuable employee benefits.

HOW THE PLAN WORKS

See how it all works in our video:

PLAN ESSENTIALS CHECKLIST

3 things to do today
Making sure your account details are complete and up to date only takes a few minutes.

Register for Manage my pension

Manage my pension is the easy way to keep track of your Plan savings. You can log in at any time on any device to check your fund balance, review your details, nominate your beneficiaries, choose a target retirement age, change your contribution rates or review your investments. 

Select Manage my pension from the top of the page and follow the onscreen instructions to register now.

Review your nomination of beneficiaries

Knowing who’s important to you is important to us. If the worst happened, who’d get the money in your pension fund? Remember to check and reconfirm your nomination every two years or whenever your circumstances change, such as if you get married or divorced, or have a child.

Choose a target retirement age

Even if retirement is a long way off, you should still choose a target retirement age. You’re not tied into this and can change your mind whenever you like. Having a target retirement age will focus your saving and could even help save you money. You can pick any age from 55, although from April 2028, the government is raising this to age 57. 

We use your target retirement age to help us manage your investments if you don’t manage them yourself. When you’re a long way from retirement, your savings are invested to help them grow. As you get closer to retiring, your money is automatically and gradually moved into less risky investments to help protect their value.

IF THINGS CHANGE

What happens if you leave?

The money saved in your pension fund belongs to you. If you leave Cummins, you can keep your savings in the Plan until you’re ready to take them, or you can transfer them to another pension arrangement, for example, with your new employer or into a personal pension plan.

What happens if you die?

If you die before your take your Plan savings, your pension fund will be paid to your beneficiaries as a lump sum. To help the Trustee pay the right people, it’s important you tell us who you’d like them to consider as beneficiaries by completing a nomination form. You can do this by logging in via Manage my pension.

If you die while you’re in service with Cummins and an active member of the Plan, your beneficiaries will also receive a lump sum of five times your basic annual salary. (If you’ve opted out of the Plan, this benefit is reduced to one year’s salary.)

What happens if you’ve been auto enrolled?

When you’re automatically enrolled into the Plan, you have 30 days from receipt of your joining notification to opt out and get a refund of any contributions you’ve paid. 

If you opt out after this period, you’ll stop paying contributions, but any contributions you’ve already paid won’t be refunded. They’ll remain invested in the Plan for you until you either transfer them to an alternative pension arrangement or take your benefits. 

Although being a member of the Plan isn’t compulsory, please think carefully before choosing to opt out. As a Plan member you benefit from: 

  • valuable pension contributions from Cummins worth up to 9% of your salary 
  • tax-free pension contributions, which mean that saving costs you less than you think 
  • life assurance cover of five times your annual salary (non-members are only covered for one year’s salary). 

If you’ve opted out and want to rejoin, you can do so at any time by logging in to your account via Manage my pension

Please note that if you’ve opted out, we’re required to automatically re-enrol you if you remain eligible at the Company’s next auto-enrolment point, which takes place every three years.

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