EPN570 - 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 partnership Pension Account members of the issue by Legal & General of transfer option letters

Timing

  • Immediate

Detail

Phase 2 – Partnership Pension Account

1. In EPN560 we advised that Legal & General (L&G) expected to write to all partnership Pension Account members, about transferring their existing pots, in December 2018 but that letters have been delayed pending further discussion.

2. We can confirm that letters will now be issued to members on Monday 11 February by second class post (or airmail for overseas residents) Please allow five working days for the letters to arrive.

3. The letter provides the member with information on how they can transfer the partnership pension account pot they built up prior to September 2018, to L&G. If the member wishes to transfer they must opt-in to the bulk transfer exercise by 22 March 2019.

4. We ask that you advise all partnership pension account members to expect the letter by issuing Message 1 (part of Annex A), before 18 February.

5. Additionally we ask that you remind all members to return the opt-in form by 22 March if they wish to transfer, by issuing Message 2 (part of Annex A) between 10 and 13 March.

6. All questions on the transfer exercise should be directed to L&G using the details provided in Annex A.

Items for inclusion in future EPNs

7. 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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