Additional Voluntary Contributions (AVCs) & Standalone Stakeholder
On 9 January 2018, we announced that Legal & General had been selected as our new Defined Contribution (DC) provider. You can read the announcement here.
As part of the transition process we are making two changes.
Civil Service Additional Voluntary Contribution Scheme (CSAVCS)
The CSAVCS will close to new members from 1 June 2018 and will re-open on 1 September when Legal & General will be our provider.
Please be aware that any requests to open an AVC with Scottish Widows or Standard Life received prior to 1 June must be processed and with the chosen provider by 31 May. The application will be rejected if it is not received by this date.
If the application is not received in time your employee will need to restart the process by applying for an AVC with Legal & General after 1 September 2018. Details of the application process will be published in due course.
Contributions being paid to AVC plans with Scottish Widows or Standard Life will be switched to Legal & General with effect from the first payroll after 1 September. All members will receive a letter explaining the process in July 2018.
The Standalone Stakeholder will close to new members from 1 June 2018.
If an employee wishes to open a plan they must ensure that their application is with Standard Life by 31 May 2018, in order for the application to be accepted. The application will be rejected if it is not received by 31 May.
Civil Service Pensions will not provide the Standalone Stakeholder option after 1 June 2018. If your employee wishes to arrange to make additional pension payments via a Defined Contribution pension then they will be able to open an AVC with Legal & General after the 1 September 2018. Details of the application process will be published in due course.
Please note: We will write to all Standalone Stakeholder members in July 2018 to offer them the opportunity to move to an AVC arrangement with Legal & General.
If you have any questions about the items highlighted in this news story please email DC.Transition@cabinetoffice.gov.uk