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EPN511 - Provider for pension tax awareness sessions has changed.

Audience

  • Pension Leads & HR Managers
  • Internal Communications Managers

Summary 

  • The provider for pension tax awareness sessions has changed;
  • Employers should arrange the appropriate support for affected members.

Action

  • To note the change of provider for the pension tax awareness sessions.
  • To note the revised pricing model and the new flexibility in service offering.
  • To ensure you are aware of what you are required to do to offer support to scheme members.

Timing

  • Immediate

Detail 

  • This notice provides you with information about changes to MyCSP’s tax support service, including a change of supplier.

Tax support available to members

Pension Savings Statements have now been issued to members who have met one or more of the following criteria:

  • Breached their pensions tax Annual Allowance in 2016/17; 
  • Earn over £100,000; 
  • Requested a statement.

Members who have received a Pension Savings Statement will need to calculate if they have a tax charge to pay. It is essential that members adhere to the deadlines for paying a tax charge – whether by Scheme Pays or Self-Assessment.  If individuals do not make tax payments on time, they may be liable for a late payment charge, levied by HMRC.

The deadline of 10 November 2017 for members to request a Scheme Pays quote is approaching: please make your arrangements as soon as possible.

To help members understand and meet their tax obligations, it has been agreed by Permanent Secretaries that all Civil Service employees who receive a Pension Savings Statement must be offered the opportunity to attend a pension tax awareness session. In addition, members who have breached their Annual Allowance must be offered the opportunity to attend a one-to-one information session with a tax consultant.  

Please note, you will need to contact individual members to confirm if they have breached their Annual Allowance.  It is recommended that you refer to the list of members who have received a Pensions Savings Statement to enable you to do so.

Pension Tax Awareness sessions for members

You may organise your own pension tax awareness sessions, but we have arranged for MyCSP to provide this support which, with effect from this month, has been contracted to KPMG.  This had previously been provided by Origen Financial Services.  KMPG are a leading professional services organisation and will deliver a revised service offer, developed to best meet employers’ and members’ needs.

To respond to the increased number of Pensions Saving Statements issued this year, the tax group sessions can now accommodate more attendees in each session, and more sessions can be held each day. 

Additionally, in response to member feedback, every attendee of a one-to-one session will now receive a personalised information and outcome note.

Through KMPG, MyCSP will continue to offer:

  • Pension tax group sessions, which will help members to understand pensions tax and how it applies to them, so they are better able to identify if they have a tax charge to pay.
  • Tailored pension tax one-to-one sessions, to discuss members’ individual pension saving, their tax obligations, and to provide information to members about their options.

In addition, MyCSP now offers open pension tax awareness sessions, so employers can send individual members to a group session.  This is intended to support smaller employers who do not have sufficient demand to book their own group sessions, as well as any members of larger employers who are unable to attend those employers’ group sessions.

The prices for the services are as follows:

Service

Price

Pension tax group awareness session (maximum 30 people per session)

£1,200 per session*

Open pension tax session

£249 per delegate*

Tailored one-to-one session with personalised information and outcome note

£795 per person*

*Prices are based on a tax consultant delivering services for a day – for example, four group seminar sessions, six one-to-one sessions, or a combination. If you are only able to book for half a day, prices are higher, with seminar sessions at £1,600 each and one-to-one at £1,050 each. All prices are VAT exclusive.

Book a place

The process for arranging the tax support remains the same. Please contact taxsupport@mycsp.co.uk or call the Tax Support booking number: 01903 760351.

To book on an open session please use the following link:

www.mycsp.co.uk/training/training-services/member-training-services/

If you have any questions about the timetable or support available for Pension Savings Statements, please contact Mark Singleton (mark.singleton@cabinetoffice.gov.uk

Contacts

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 only. Please do not issue it to scheme members.

If members want information about their Civil Service pension, they should visit the scheme website www.civilservicepensionscheme.org.uk/ or contact the Scheme Administrator.