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EPN 478 – Updated Actuarial reduced buy-out calculator and new what to expect guide

Audience:

  • Pension Leads and HR Managers
  • Internal Communications Managers

Action:

  • To familiarise yourself with the new What to Expect guide on the options available to members leaving under the new Civil Service Compensation Scheme (CSCS) terms, who are eligible to buy out the actuarial reduction for taking their pension benefits early.
  • To familiarise yourself with the new (buy-out calculator) which enables members to see how much pension they could receive if making a partial buy out.
  • To signpost members leaving under an Exit scheme to the guide and buy-out calculator.

Timing:

  • Immediate

Detail

Further to EPN470 on 9 November, which notified members of the changes to the Civil Service Compensation scheme, we have produced further guidance and additional tools for members who may be leaving under an Exit scheme.

A new What to Expect guide provides information for members who may be considering using their compensation and/or their own funds to buy out some or all of the reduction in their pension caused by early payment. This helpful guide contains information about the compensation choices available to members, as well as who does what and how long it takes for members buying out the reduction in their pension benefits.

A new buy-out calculator has also been produced to help members calculate the cost of buying out the reduction in their pension benefits. This is now available in the Calculators section on the Civil Service Pensions scheme website at www.civilservicepensionscheme.org.uk/members/civil-service-compensation-scheme-for-members/cscs-calculators/. The new what to expect guide can be found at http://www.civilservicepensionscheme.org.uk/media/209019/wte-buyout-v016.pdf

If you have any questions please contact redundancyschemes@cabinetoffice.gov.uk