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EPN544 - Retirement Modeller go live

Audience

  • Pension leads
  • HR managers
  • Payroll managers
  • Internal communications managers

Summary

The new retirement modeller goes live on Tuesday 19 June. The online tool will enable members to compare up to five ‘personalised’ estimates based on different retirement options, allowing them to see which retirement option suits them the best.

The modeller works across all platforms (desktops, laptops, smartphones and tablets) so gives members greater flexibility in terms of when, where and how they access the tool. Members will need a copy of their latest Annual Benefit Statement (ABS) to use the modeller. For more information about 2018 ABS distribution, please refer to EPN543.

Actions

  • To note the go-live date of the new retirement modeller
  • To print out the attached poster and use it in any of your internal pension communications for example, on staff noticeboards
  • To host a pdf version of the poster on your intranet
  • To promote awareness of the modeller and the benefits members can derive from using it (as listed on the promotional poster)
  • To remind members to use the modeller in conjunction with their latest Annual Benefit Statement (ABS)

Timing

  • Immediate

Detail

1. The retirement modeller will be available to use from the Civil Service Pension Scheme website from 19 June 2018. A promotional insert advertising the benefits of using the modeller will be included in this year’s ABSs and a dedicated modeller webpage will provide additional information as well as FAQs.

2. It will be located on a dedicated page of the scheme website and members will be able to navigate to the modeller from the home page

3. Members can use the new retirement modeller to estimate what their pension benefits could be worth when they retire.

4. Members who have previously wanted retirement estimates but were unable to receive one can now use the modeller to assess the most appropriate time for them to retire.

5. The online tool will enable members to compare up to five ‘personalised’ estimates based on different retirement options, allowing them to see which retirement option suits them the best.

6. As the modeller can be used across all platforms, members can benefit from flexibility in terms of when, were and how they access the modeller.   

7. The modeller has been tested by members, employers and was showcased at the recent Regional Employer Forums.

Member Engagement

8. The pension Scheme Administrator will be promoting the modeller via a ‘pop up’ on the scheme website,  an insert in each eligible member’s ABS , alongside promotion at each of the seven Civil Service Live events and free member engagement sessions.

9. Employers should help to promote the launch of the modeller to members and remind them that they will need to use their latest ABS to generate results.

10. The modeller will be another reason for members to visit the scheme website where they can find a variety of helpful information such as the popular ‘At a glance’, ‘Quick Start’ and ‘What to expect…’  guides, ‘Members like me’ and scheme booklets and guides.

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 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 the Pension Scheme Administrator (MyCSP).

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