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EPN429 - Buying added pension for 2015-16

Audience:

This notice will be of particular interest to:

  • HR Managers;
  • Pension leads; and
  • All staff responsible for dealing with added pension contracts and enquiries from members.

Action:

To:

  • Issue the attached notice "Information for Civil Service Pension Scheme members" to all staff as soon as possible and by no later than 16 March 2015
  • Remind your payroll provider to expect a possible increase in the volume of added pension instructions from MyCSP
  • Note the information about purchases of alpha added pension.

Timing:

Immediate - to enable staff to apply within the deadlines

Detail

  1. EPN421 gave information about buying added pension with a lump sum before 1 April 2015.  It said that guidance on purchases for 2015-16 would follow.
  2. classic, classic plus, premium and nuvos members will be able to buy added pension in those schemes in 2015-16 for as long as they remain members. The maximum amount of added pension that members can buy in 2015-16 is as follows:

    classic                                                £5,200 (plus lump sum of £15,600)
    premium, classic plus and nuvos   £6,500
  3. Members who belong to classic, classic plus, premium or nuvos on 1 April 2015, and who wish to buy added pension in 2015-16 by monthly contributions through payroll, must ensure that their application is received by MyCSP by 26 March 2015, to enable them to check and process the application, and inform the relevant employer in time for deductions to start from the April pay run.
  4. Please issue the notice as soon as possible and remind your payroll provider to expect added pension instructions from MyCSP.
  5. If and when classic, classic plus, premium or nuvos members move into alpha, they will only be able to start buying added pension and / or a new facility called EPA in alpha from that point on (although they will be able to continue any added pension contributions in classic, classic plus, premium or nuvos which they are already paying). The limit for alpha added pension and EPA will also be £6,500 and will be separate from the limit for classic, classic plus, premium or nuvos (so it will be possible for members to buy the maximum amount in alpha even if they have already bought the maximum amount in classic, classic plus, premium or nuvos).
  6. Application forms and further information about buying added pension and EPA in alpha will be available on the website on 31 March. A further EPN with more information about this will be issued nearer the time.

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 MyCSP.