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EPN555 - Defined Contribution Transition Project

Audience

  • Pension leads
  • HR managers
  • Payroll managers
  • Finance managers

Summary

This EPN provides additional information about the Defined Contribution (DC) transition project and the actions required by employers.

Actions

  • To note the delay in the Additional Voluntary Contribution (AVC) Transfer process and that you must contact AVC scheme members to advise them of this.
  • To note the membership certificate process and the need to contact members if you did not upload your interface files before 15 October.

Timing

  • Immediate

Detail

1. In EPN 527, we confirmed Legal & General (L&G) as the new DC provider and asked employers and payrolls to initiate change requests to implement the transition to the new provider on 1 September 2018.

2. In EPN533, EPN538, EPN539, EPN542, EPN545, EPN546, EPN548 and EPN553 we provided further information about the transition project and guidance on the actions required by employers.

3. This EPN provides further updates on the transition project.

Phase Two – AVC Asset Transfer

1. We expected to write to all members in-scope of the AVC asset transfer process in October 2018. However, due to an unexpected delay, this has not been possible. We will confirm the revised timetable for writing to members as soon as possible.

2. On 29 August, we wrote to all active members in-scope of the transfer exercise to advise them of when to expect a letter. We would now ask you to inform your AVC members of the delay and issue and apology on behalf of Civil Service Pensions.

3. We have published more information about this for members on the Civil Service Pensions website.

4. Legal & General are on-track to write to all partnership scheme members about transferring their existing pots in November 2018.

Legal & General Membership Certificates

5. Legal & General will issue membership certificates to AVC and partnership members approximately five days after they first contribute to their plan. Members must have a certificate and plan number to register for the self-service portal and access the provider helpline. 

6. As the deadline for submitting New Joiner and Contribution interfaces for the September payroll was 15 October, we expected members to receive their certificates by 31 October.

7. If you submitted your interface files after 15 October, your members would not have received their certificates in October. 

Please contact members to advise them of this delay and the reason for it.

Items for inclusion in future EPNs 

8. Member engagement on the transfer of existing pension pots.

9. Updates on Equitable Life member position following the announcement of the transfer of the Society to Reliance Life.

Contacts

If you require further assistance on the content of this EPN, please contact DC.Transition@cabinetoffice.gov.uk.

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 Scheme Administrator (MyCSP).

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