I'm in Pace Complete

Man waving Bowl of vegetables Old man with walking stick

How Pace Complete works

Pace is made up of different sections. Pace Complete is the defined benefit (DB) section (now closed) and Pace DC is the defined contribution section, which is open to all Co-op colleagues.

Pace Complete was set up in 2006, when three Co-op schemes merged: CIS Employees’ Pension Scheme, The Co-operative Bank Pension Scheme and Co-operative Group (CWS) Limited Pension Scheme, and changed from being a ‘final salary’ DB scheme to a career average revalued earnings ‘CARE’ scheme. So, it’s possible you’ve built up different types of pension in Pace Complete, depending on when you joined.

This section explains in more detail how your pension in Pace Complete is calculated. For each Scheme year (or part year) that you paid into Pace Complete, you earned a block of pension equal to 1.67% (or 1/60th) of your Pay received in that year, payable at age 65. Your pension at age 65 is the total of all the blocks of pension you built up, plus annual inflationary increases.

Full details of the benefits offered by Pace Complete can be found in the Pace Complete pension guide.