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Who may belong to the Fund?
Since 1 January 2011 the CPSA Provincial Pension Fund has been a closed
fund. What this means is that the fund is closed for new membership from the
aforementioned date. Newly ordained clergy joining a Diocese after 31 December
2010 are now required to join the ACSA Retirement Fund. The CPSA Provincial
Pension Fund membership consists of full time, stipendiary clergy.
Membership of the Fund is compulsory for all full time, stipendiary clergy ordained
prior to 1 January 2011 and it is required that you remain a Member for as long as
you are in the employ of a Diocese and meet the above criteria.
• How much do you contribute to the fund?
Members pay the monthly equivalent of 7.5% of your Fund Stipend each
month.
• How much does your Diocese contribute to the fund?
Your Diocese will pay the monthly equivalent of 30% of your Fund Salary each
month on your behalf.
The above contributions exclude the costs of administration and any other
expenses in connection with the Fund.
• How will the money be invested?
The Board of Trustees has appointed an Investment Sub-committee who
meets quarterly to monitor the Fund investments. At present the Fund assets
are invested in through a number of asset managers and daily monitoring is
managed by Novare Actuaries and Asset Consultants. Being a defined benefit
Fund, the CPSA Provincial Pension Fund needs to maintain Fund earnings at a
relatively high level and at present the earnings goal that is aspired to is CPI +
3.75%. This goal is reviewed every three years following the statutory actuarial
valuation of the Fund. This review sees a revised Investment Policy Statement
(IPS) generated which, once approved by the Board of Trustees, is submitted to
the Financial Services Board.
When can you retire?
The Fund retirement age is 66 for clergy who were members of the Fund prior
to 1 January 2003. For clergy ordained after this date the retirement age is 65.
The retirement age for Bishops is 65. Clergy ordained before 1 January 2003 are
able to take retirement at age 65 without incurring any penalties for taking early
retirement. Should your Diocesan Bishop and the Board of Trustees agree, you
may remain a Member after reaching normal retirement age. If a cleric remains
in service after normal retirement age his/her contributions continue to be paid
and enhance
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