Date posted: 02/01/2014
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.
- Issue the attached notice “Information for Civil Service pension scheme members” to all staff.
- Please insert the details of your Pension Service Centre where requested to do so, before you release the notice.
- Remind your payroll provider to expect a possible increase in the volume of added pension instructions from your Pension Service Centre.
Timing: Immediate – to enable staff to apply within the deadlines
- Members who wish to pay extra to top up their benefits in any of the classic, classic plus, premium or nuvos sections of the Civil Service pension scheme can buy added pension (EPNs 177 and 193 refer). The attached information notice advises members of:
- an increase in the limit on the amount of added pension that can be bought
- the imminent deadlines for applying; and
- includes the appropriate application form.
- The amount of added pension that members can buy is increasing. The new limits apply to payments made from 1 March 2014 onwards. Members may apply now to take advantage of the new limits on the basis that their payment (either by deduction from salary or by cheque) will not actually be made until March (or later). The limits are increasing as follows: classic £4,880 (plus lump sum of £14,640) premium, classic plus and nuvos £6,100
- Added pension can be bought by a lump sum (either through payroll or by cheque) or by monthly contributions (through payroll). Members who wish to pay for their added pension by monthly contributions can only start from 1 April.
- Members who wish to buy added pension by lump sum through payroll before the end of the scheme year must ensure that their application is received by their MyCSP Pension Service Centre by 14 February 2014, to enable them to check and process the application.
- Members who wish to buy added pension by lump sum by cheque before the end of the scheme year must contact their MyCSP Pension Service Centre for further details as soon as possible and then must ensure that their application and cheque are received by their MyCSP Pension Service Centre by 3 March 2014, to enable them to check and process the application.
- Members wishing to pay for their added pension by monthly contributions through payroll from 1 April must ensure that their application is received by their MyCSP Pension Service Centre by 3 March 2014.
- This information applies to members who have been in service for more than 12 months; the rules vary for new entrants. We have highlighted this in the text and advised new entrants to contact their MyCSP Pension Service Centre for advice on eligibility.
- Please issue the notice as soon as possible and remind your payroll provider to expect added pension instructions from your MyCSP Pension Service Centre.
If you have any questions about the content of this notice, if you have a question about the distribution of EPNs or you need to receive them in a different format contact email@example.com.