EPN412 - Pension information to be included in Remuneration Reports in 2014-15 Annual Reports and Accounts

Date posted: 18/12/2014

Audience:

This notice will be of interest to:

• Finance and HR managers involved in the preparation of Annual Reports and Accounts

Action:

To note the arrangements for MyCSP to provide pension information to employers for 2014-15 Annual Reports and Accounts, and to express any interest in MyCSP training.

Timing:

Immediate

Details

1.   Each year, MyCSP provides employers with pension information to enable them to complete Remuneration Reports about their most senior staff for inclusion in their Annual Reports and Accounts.  Improvements have been made to these arrangements, following discussions with MyCSP, HM Treasury, the NAO and some employers.  This EPN gives advance notice to employers of the data they will need to supply to enable MyCSP to provide pension information, and outlines the support which MyCSP will provide to employers.

Advance notice of data you will need to provide to MyCSP

2.  The data that employers will have to supply to MyCSP is broadly the same as for the 2013-14 exercise (although obviously for a later year).  As soon as possible after 31 March 2015, employers will need to supply the following data on each member to be included in the Remuneration Report:

• Name
• National Insurance number
• Start date (31/03/14 or later if individual was appointed to post after this)
• End date (31/03/15 or earlier if individual left post before this)
• Annual rate of pensionable earnings at 31/03/15 (rate of basic pay and any pensionable allowances etc)
• Member contributions in 2013-14 (or part year if appropriate) including any added pension and added years contributions (final figure provided to MyCSP in 2013-14 exercise)
• Real increase in pension in 2013-14 (final figure provided by MyCSP in 2013-14 exercise)
• Real increase in lump sum in 2013-14 (final figure provided by MyCSP in 2013-14 exercise)
• Did member contribute to added pension or added years in 2014-15? (Y/N)
• Member contributions in 2014-15 (or part year if appropriate) including any added pension and added years contributions
• Is member in supplementary scheme?

3.   In February 2015 we will send out a proforma for you to complete and send to MyCSP as soon as possible after 31 March.  Please do not send any data to MyCSP now.

Initial fact gathering by MyCSP

4.   Your Service Delivery Manager at MyCSP will be contacting you separately to ask for a list of names of those senior staff who are likely to be included in your 2014-15 Remuneration Report, and for details of your accounts timetable. This will enable MyCSP to check members’ records in advance and to plan the timetable of producing pension information.

Training

5.   MyCSP will be providing workshops for employers in February and March 2015 to increase technical knowledge of what the pension figures represent, to outline the process and respective roles and responsibilities, and to provide an opportunity for employers to have any other questions answered.  If you would like to attend one of these, please register your interest by e-mailing training@mycsp.co.uk, and MyCSP will let you know the cost and dates of the training in the New Year.

Further guidance

6.  We will issue a further EPN in February 2015 with full guidance, the proforma to be completed (see paragraph 3 above) and FAQs.

Contact

If you have a question about the distribution of EPNs or you need to receive them in a different format contact employerpensionnotice@cabinet-office.gsi.gov.uk.

You can find electronic copies of the Employer Pension Guide, all current EPNs and forms on our website.

This notice is for employers and should not be issued to scheme members.

If members have a question about their pension they can find information on this website or by contacting your Pension Service Centre.