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EPN352 - Buying added pension – Annual Reminder

Audience

This Notice will be of particular interest to:

  • HR and Communication Managers and all staff responsible for dealing with Added Pension contracts and enquiries from members

Action

  • Issue the attached Notice ‘Information for Civil Service pension scheme members’ 3/11 to all staff.
  • Please insert the details of your Pension Service Centre where requested to do so, before you release the notice
  • Remind your payroll provider to expect a possible increase in the volume of added pension instructions from your Pension Service Centre

Timing

  • Immediately to enable staff to apply within the deadlines.
  1. Members who wish to pay extra to top up their benefits in any of the classic, classic plus, premium or nuvos sections of the Civil Service pension scheme can buy added pension. EPNs 177 and 193 refer. The attached information notice reminds members to apply now, and includes the appropriate application form.
  2. Added pension can be bought by either a lump sum or by monthly contributions. In both cases, the contributions made in any scheme year (April to March) are converted into added pension at the end of the year (31 March) and then receive index-linking, when appropriate. This is done at the beginning of every April by reference to the Consumer Prices Index (CPI) for the previous September.
  3. Members who wish to pay for their added pension by monthly contribution can only start from 1 April. They must, therefore, apply to your MyCSP Pension Service Centre in time for them to process the application form and for your payroll to start deductions from the April pay run.
  4. Members who wish to buy added pension by lump sum before the end of the scheme year must ensure that their application and payment are received by their MyCSP Pension Service Centre by 18 February 2013, to enable them to check and process the application and to ensure that any cheques have time to be banked and cleared by 28 March 2013 at the latest.
  5. This information applies to members who have been in service for more than 12 months; the rules vary for new entrants. We have highlighted this in the text and advised new entrants to contact their MyCSP Pension Service Centre for advice
    on eligibility.
  6. Please issue the notice as soon as possible and remind your payroll to expect added pension instructions from your MyCSP Pension Service Centre.

Reference

EPN177 and EPN193

Contacts

Enquiries regarding content please refer to your MyCSP Pension Service Centre, details of which can be found on our website under pensions helplines and complaints.

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

You can also find electronic copies of the EPG, all current EPNs and forms on our website.

Members should be directed to your Pension Service Centre if they have any queries.