This notice will be of particular interest to:
- Pension leads; and
- Any staff connected with paying Cabinet Office charges associated with the death and ill-health benefits that apply to partnership members
- Note the new rate for the death and ill-health schemes relating to partnership that were introduced on 1 April 2015 and ensure the correct rate is applied. This has decreased from 0.8% of pensionable pay to 0.5% of pensionable pay. This charge is sometimes referred to as a mini-ASLC.
- Following the review of Defined Contribution pension arrangements last year, the rate the scheme charges for provision of death and ill-health benefits to partnership members has been reduced from 0.8% to 0.5%. This is a payment employers make to Cabinet Office, and is separate from the contribution employers make to the provider of members’ partnership pensions.
- The reduction is due to changes in financial and other actuarial assumptions, and is based on advice from the Government Actuary’s Department.
- The changed contribution rate is documented on the employer contribution rates page, www.civilservicepensionscheme.org.uk/employers/employer-contribution-rates/
- Employers should ensure they pay 0.5% of pensionable pay effective from 1 April 2015, and not the previous rate of 0.8%.
- If it is not possible for you to make adjustments at this stage and an overpayment will occur, employers should contact Cabinet Office at email@example.com to discuss the best way to correct the overpayment.
If you have a question about the distribution of EPNs contact firstname.lastname@example.org.
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.