Pace DB was set up in April 2006, when three Co-op defined benefit (DB) pension schemes merged: CIS Employees’ Pension Scheme, The Co-operative Bank Pension Scheme and Co-operative Group (CWS) Limited Pension Scheme. It also incorporates a number of pension schemes from other co-operatives and companies who merged with the Co-op – more information on these schemes can be found in the Other Schemes section of the website.
Pace DB closed on 28 October 2015. This means no-one has built up any more pension in Pace DB since then. However, any pension you’d already built up to that point will still receive annual increases to protect it against increases in the cost of living.