About the CRISP Section

Overview

The CRISP Section of the Compass Group Pension Plan (‘CRISP Section’) is Compass’s defined contribution pension savings arrangement. It’s open to employees who have been told that they are eligible to join, or who have completed two years' service.

Once you’re a member of the CRISP Section, both you and Compass will make contributions into your CRISP account each month. These savings are then invested according to your investment choices.

You can find out more about whether you’re eligible to join CRISP under Joining and get more information about your contributions and investment options under How it works.

The CRISP Section is administered by Aviva on their My Money platform. You can log into your CRISP account to do a number of things such as:

• check your personal details,
• see the value of your pension,
• find information to help you save and plan for retirement, and
• use Aviva’s helpful online tools to project your pension savings or see how much you need to save to achieve your target retirement income.

To find out more about accessing your CRISP account online and through the MyAviva app, go to the Keeping track of your CRISP account section.

If you’d like to get in touch with Aviva about CRISP, please use the contact details at the bottom of the page.

How it works

Put simply, you and Compass contribute monthly into your CRISP account. This is then invested in line with your investment choices. Your savings will be automatically invested in the default investment option when you join. After the first month, you can make changes to your investments through your CRISP account online or through the MyAviva app.

The value of your CRISP account at retirement will then depend on several factors, including:

• The amount of contributions paid over time;
• The performance of your investments; and
• The amount of any charges paid.

For more information about how CRISP works, you can read the CRISP Section Member guide.

At retirement, you can take your savings in a number of ways. You can read about the different options you’ll have at retirement in the CRISP Section Member guide and the Retirement Options Brochure. General information about retirement options can also be found on the MoneyHelper website.

Contributions

The basics:

• You can choose how much of your basic salary you would like to contribute per month – either 5% or 6% – and the amount will be matched by Compass.
• Contributions are deducted from your pay before tax is calculated. This means you receive tax relief on your pension contributions through payroll.
• By default you will pay your contributions through ‘Smarter Pension’ (also known as ‘salary sacrifice’). This is where you agree to ‘sacrifice’ or ‘give up’ the amount of your salary that you would contribute to CRISP. Compass then pays this amount into your CRISP account on your behalf together with its normal employer contribution. As you are no longer receiving this element of your pay that is ‘sacrificed’ or 'given up' you do not pay National Insurance contributions on it and therefore your net pay increases.
• You can contribute more than 6% by paying additional voluntary contributions (AVCs). AVCs are not matched by Compass. You can start paying monthly AVCs by emailing YourPensionRights@compass-group.co.uk. If you pay your regular contributions through ‘Smarter Pension’, you will also pay regular AVCs through ‘Smarter Pension’ (but please note the next bullet point).
• You can also make a lump sum additional voluntary contribution through payroll but there is a maximum amount that you will be able to pay through ‘Smarter Pension’ (and hence benefit from National Insurance saving) because of HMRC legislation that states that ‘Smarter Pension’ cannot take your salary below the National Minimum Wage. For details of how this might impact you, please contact the payroll department.

You can pay as much as you want into your CRISP account. However, HMRC puts a limit on the total amount that can be paid into all your pension arrangements each year before a tax charge is payable. This is called an ‘Annual Allowance’. More information on pension tax limits such as the Annual Allowance can be found on the Government’s website.

Investments

Your savings will automatically be invested in the default investment option when you join. After the first month, you can make changes to your investments through your CRISP account online or through the MyAviva app.

You can find more information on investments, and the range of investment options available to you, in the ‘Fund Research’ section in your online CRISP account or in the CRISP Section Investment guide.

Joining

Eligibility

You can join the CRISP Section if you have been told that you are eligible to join, or if you have completed two years’ service with Compass.

I’ve been told I’m eligible to join

If you do not join the CRISP Section within 12 months of first becoming eligible, you will not qualify for the death in service benefits available for active members unless you meet additional requirements imposed by the insurer, which may include having to provide medical evidence of good health.

I haven’t been told I am eligible to join

If you think you are eligible to join the CRISP Section, or would like to check your eligibility to join, please email Rewardandbenefit@compass-group.co.uk and provide your employee number in your email.

Keeping track of your CRISP account

When you join the CRISP Section, Aviva will send you login details so that you can access your CRISP account online. You will then be able to set up the MyAviva app (see below).

How to access your CRISP account through the MyAviva app

Download the MyAviva app from the App Store or Google Play.

Once you’ve downloaded the app, you will need your CRISP member number to register. To unlock access to your CRISP account, you’ll then be asked to verify your identity using some security details or your passport/driving licence.

If you already use the MyAviva app for other Aviva policies, your CRISP account should already be showing. You may have to unlock access to it as described above when trying to access it for the first time. If your CRISP account isn’t showing, you can contact Aviva using the number below.

If you need help logging into or setting up your CRISP account on the app, please call Aviva on 0800 404 6539.

What can I do online and through the MyAviva app?

• Keep your personal details up to date, including your email address
• Complete a beneficiary form (this lets the Trustees know who you’d like to receive any cash lump sum should you die before taking your benefits)
• See the value of your CRISP account and your contribution history
• See where your funds are invested and make investment changes
• Change your target retirement age
• Use Aviva’s online tools to see, for example, how much you could get when you retire, or how much you need to save to achieve your target retirement income

Taking your benefits

You can access your CRISP account at any time from age 55 (age 57 from 6 April 2028 when the minimum pension age increases).

However, the earlier you access your CRISP account the less time it will have had to grow. It will also need to last for a longer period of time so it’s important to make sure you have enough for your retirement.

You can access your CRISP account from age 55 (age 57 from 6 April 2028) and continue to work and contribute to CRISP, but if you do this, the total amount of pension savings that HMRC will allow each year without incurring a tax charge reduces to £10,000.

Six months before your retirement date, Aviva will write to you and explain the options available for taking your CRISP account.

You can find out more about these options and use Aviva’s retirement tools to estimate how much you’ll need to save for the retirement you want by accessing your CRISP account online or through the MyAviva app. You can also find out more about your retirement options in the CRISP Section Member guide and Retirement Options brochure.

Death benefits

If you are an active member and were to die before taking your benefits, your beneficiaries will receive the following benefits:

• A lump sum of three times your basic salary
• The value of your CRISP account as an additional lump sum
• An additional lump sum of four times your basic salary to buy a pension for life for your spouse, civil partner, or dependant

You can add and update your beneficiaries through your CRISP account online or through the MyAviva app.

If you are a deferred member, and you die before you access your benefits, the total benefit payable on death is the value of your CRISP account.

Finding out more

You can read the CRISP Section Member guide for more information about CRISP. This guide also provides more detail around your choices at retirement.

You can also find out more about investments in the CRISP Section Investment guide.