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EPN560 - 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 advise Civil Service Additional Voluntary Scheme (CSAVCS) members of the issuance of Scheme Manager letters regarding transfer process.
  • To note the delay in the issuing of transfer letters for partnership pension account members.

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 01 September 2018.

2. In EPN533, EPN538, EPN539, EPN542, EPN545, EPN546, EPN548, EPN553 and EPN555 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 2 – AVC Asset Transfer

4. We expected to write to all members in-scope of the AVC asset transfer process in October 2018 but advised in EPN555 that the letters had been delayed. We can now confirm that all letters will be issued to members, who are in-scope for the transfer, no later than Tuesday 4 December 2018.

5. Please advise all active CSAVCS members that the transfer letters are on their way to members who are in-scope for the transfer exercise.  You can find Annex A below, which has examples of the letters members can expect.

6.  If the member does not receive their letter by 10 December please email DC.Provider@cabinetoffice.gov.uk with ‘CSAVCS Transfer letter’ as the subject.  The member must make contact directly and the employer cannot engage on their behalf.

7. A notice for members has been added to the website for member information and is available here.

Phase 2 – partnership Pension Account

8. In EPN555 we advised that L&G expected to write to all partnership Pension Account members, about transferring their existing pots, in November 2018.

9. The letters to partnership scheme members have been delayed pending further discussion with the Scheme Manager (Cabinet Office) and previous providers.  Please accept our apologies for the delay and we ask that you advise your members using the text shown in Annex A below.

Items for inclusion in future EPNs

10. Updates on Equitable Life member position following the announcement of the transfer of the Society to Reliance Life in late 2019.

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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