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EPN341 - Nuvos Annual Benefit Statements

Audience: This Notice will be of particular interest to:

  • HR Managers
  • HR Staff dealing with pension questions

Action

  • To issue the attached notice by the most efficient way possible

Timing: Immediate

Background

  1. EPN281 announced the Government’s decision to base the uprating of most social security benefits and public service pensions on the Consumer Prices Index (CPI) rather than the Retail Prices Index (RPI).
  2. It has come to the Scheme Management Executive’s (SME) notice that until recently nuvos Annual Benefit Statements still referred to both the pension account and pension in payment being uprated in line with the RPI. MyCSP Ltd has now taken action to change the wording on the statements so in future they will reflect the correct position. My CSP Ltd has confirmed that since April 2011, the figures shown on the benefit statements have been correctly calculated using the CPI.
  3. MyCSP will not be reissuing these Annual Benefit Statements but, to give nuvos scheme members the correct information, you should issue the attached message in the most efficient way possible. For most of you this means through your departmental intranet. You may reformat the message to reflect your house style. However, you should not amend the wording without asking SME. You will need to add your HR contact details at the end of the notice should any of your scheme members have a question.

Contacts:

Enquiries regarding content please refer to Scheme Management Executive SMEemployers@cabinet-office.x.gsi.gov.uk

Enquiries regarding distribution or to receive in a different format Mycsp.basingstoke@dwp.gsi.gov.uk