Defined Contribution: Transition Project
Cabinet Office as Scheme Manager is seeking to make changes to the providers of the Civil service Defined Contribution (DC) pension schemes, so that the schemes remain suitable.
Specifically it is seeking to appoint a single provider for the DC pension schemes to:
- Ensure suitable investment options are available for members;
- Reduce charges paid by members;
- Increase access to flexible benefit options
directly from the pension schemes;
- Simplify the administration requirements for employers;
- Simplify the governance requirements for Civil Service Pensions.
Following a robust procurement exercise the Scheme Manager has selected Legal & General as the new DC provider with effect from 1 September 2018.
Member update # 3 - January 2019 - Transfer of unit-linked pension pots to the Legal & General Master Trust: confirmation of the blackout period start date for Equitable Life
Member update # 2 - December 2018 - Notice to Members of the transfer of unit-linked pension pots to the Legal & General Master Trust
Member update # 1 - November 2018 - Transfer of existing Civil Service Additional Voluntary Contribution Scheme pension pots to Legal & General