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EPN417 - 2015 Pensions Changes - Options Exercise Member Decisions

Audience:

This notice will be of interest to:

  • Payroll Managers and
  • Pension Leads

Action:

Update your pension or HR systems with option exercise employees’ alpha enrolment date.

Timing:

Immediate

Update on Options Exercise 

  1. In EPN398 2015 Pensions Changes - Options Exercise - Planning and Preparation, we told you that during January 2015 we would confirm members’ Options Exercise decisions and give you their tapered enrolment date.
  2. Each member who was part of the Options Exercise has now either:-

    (a) Replied confirming they wish to join alpha on 1 April 2015.
    (b) Replied confirming they wish to retain their tapered enrolment end date.
    (c) Not responded and by default retain their tapered enrolment end date.
    (d) Their option is still being processed due to a number of reasons including them being in the exception group or they were identified as eligible for an option later because of their Public Service pension history. 
  3. Next steps

    MyCSP will send you a spreadsheet listing your employees who took part in the Options Exercise telling you when you must migrate them to alpha. Employees falling into category (d), will be shown as‘ TBC’. At annex A is an example of what the spreadsheet will look like.
  4. Employees in categories (a), (b) and (c) you must update your systems and processes with the enrolment date to ensure they are enrolled into alpha on that date. MyCSP will not prompt you to enrol members at their enrolment date.
  5. For the category (d) ‘TBC’ employees, MyCSP will continue to monitor responses received and will issue enrolment date information to you when it becomes available. You should not enrol the ‘TBC’ employees into alpha until you receive an enrolment date from MyCSP.
  6. MyCSP will acknowledge member’s decisions, so there is no need for you to do that. Members in category (d) will receive their acknowledgment shortly after their decision period end date, which is in their Options Pack.
  7. Employer questions

    If you have any questions about members shown in the migration lists please table them all up giving the members’ National Insurance Number and your reasons of querying the entry. For this exercise only you should send your questions to 2015employers@mycsp.co.uk

Contact

If you have a question about the distribution of EPNs contact employerpensionnotice@cabinetoffice.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.