A cement retarder system for use in underground wells included a borate compound, an organophosphonate salt, and a copolymer formed from AMPS and a monomer selected from the group consisting of acrylic acid, acrylamide and mixtures thereof. A method of using the retarder system in an underground well having a borehole drilled therein with a borehole wall, and further including a casing disposed in said borehole, such that an annulus exists between said casing and said borehole wall, comprising the steps of providing a cement composition and a liquid carrier, providing a retarder system for said cement composition comprising a borate compound, an organophosphonate salt, and a copolymer formed from AMPS and a monomer selected from the group consisting of acrylic acid, acrylamide, and mixtures thereof, mixing a sufficient amount of said retarder system to create a desired induction period with said cement composition and said liquid carrier to form a cement slurry, pumping the cement slurry from the surface down the casing, and causing said slurry to return to the surface in the annulus between the casing and the borehole wall.