Appointment of a new Defined Contribution pension provider for Civil Service Pensions
On 25 September 2017, Cabinet Office, as the Scheme Manager, announced that a procurement competition had been completed to identify a new provider for their three Defined Contribution Pension Arrangements.
It was confirmed that Legal & General had been selected as the preferred provider and the next step was to undertake a member consultation.
The consultation exercise ran from 25 September to 25 October 2017 and the responses have now been reviewed and considered. The consultation response has been published and is available via the link below:
The Scheme manager has now confirmed Legal & General as the selected provider for the Defined Contribution Pension Arrangements from September 2018.
Further information on the transition process will be released on the Civil Service Pension Scheme website in February 2018 and each member will be contacted individually in July 2018 (TBC) to advise them of the approach for their pension.
The three defined contribution schemes are:
- Additional Voluntary Contribution Scheme
- Partnership Pension Account
- Stand-alone Stakeholder Account
The procurement competition was in respect of the defined contribution pension schemes only and does not affect the defined benefit schemes.