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Pension News

Welcome
to your Summer 2024
CS Pensions newsletter!

I’m delighted to share another edition of the Civil Service Pensions newsletter with you.

Hot on the heels of the General Election, there’s plenty going on across the Civil Service and lots happening in the scheme. This edition, which comes to you at the start of annual statement season, includes helpful information about your Annual Benefit Statement.

The 2015 Remedy (McCloud) legislation came into effect on 1 October 2023, and as per the requirements, members who are affected have been ‘rolled back’ into their Legacy scheme (classic, classic plus, premium or nuvos) from 1 April 2015 to 31 March 2022. Approximately 30% of active members are affected by the 2015 Remedy so those statements will look different this year.

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Members who aren’t affected, and those who only have alpha benefits, haven’t been rolled back into any of the above Legacy schemes.

As ever, we encourage your feedback which really does help us shape future communications and how you want to hear from the scheme. We’re inviting you to share your views as part of the annual member engagement survey which will influence and inform our planning for 2025.

There’s also a preview of what we have coming up in the second half of the year, this includes Pensions Awareness Week and a third season of the now award-winning Civil Service Pensions Podcast.

Thank you for taking the time to read this newsletter!

Simon Claydon
Director of Civil Service Pay, Policy & Pensions

Statement season is here! Time to check in on your pension.

Annual statement season starts in July and runs through to October each year. It's a great opportunity for you to check in on your pension and ensure you’re on track to meet your long-term financial goals.

If you’re registered for the pension portal, we will let you know when your Annual Benefit Statement (ABS) is ready to view by sending you an email. If you are not registered for the pension portal, you can check the scheme website to find out when your ABS is scheduled to be ready. You’ll need to be registered on the pension portal to view your ABS and you can find out how to do that via the guide to registering on the scheme website.

If you’ve requested a paper ABS you’ll get yours the post either at home or via your employer. If you’re eligible for a Pension Saving Statement, this will be posted also.

These statements are among the most important pieces of information we send about your pension, so please check them carefully.

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Your ABS shows an estimate of your pension benefits up to 31 March 2024 and is based on information provided to the scheme by your employer.

ABS Distribution Schedule

Find out when you'll receive your ABS.

    Your statement will be available in the Pension Portal,

    You will be able to view and download your ABS by 31 August 2024, and as per the distribution schedule.

    The distribution schedule is a guide only. Occasionally we carry out additional checks to make sure you receive accurate information on your statement.

    If you've changed employers since 31 March 2024, make sure to enter your previous employer.

    Learn more about ABS

    Here are some resources about ABS that you might find useful:

    Frequently asked questions

    We’ve pulled together the most requested ABS information including FAQs, chatbot, videos and more on the ABS web page. If you have a question, this is the best place to start.

    Get help understanding your ABS

    Listen to ‘A quick guide to your ABS’ from Season 2 of the Civil Service Pensions Podcast, this short easy listen will take you through your ABS page-by-page.

    Get to grips with your pension basics

    Pension Power aims to provide you with all the facts that you need about your Civil Service Pension and is totally free to sign up - join the webinar to power up your pensions knowledge and retirement planning.

    Pension Saving Statements (PSS)

    Some members receive a Pension Saving Statement (PSS). They will be issued between August and 6 October. The PSS shows how much your Civil Service Pension has grown in the last year and helps you decide if you have a tax charge to pay.

    It’s important to note that the PSS issued by the Scheme only covers your Civil Service Pension. If you have other pensions elsewhere, you’ll need to factor these in when deciding whether you need to pay tax.

    Learn more about PSS

    Additional information about PSS

    We’ve pulled together the most requested PSS information including FAQs, videos and more on the PSS web page. If you have a question, this is the best place to start…

    Get help understanding pensions tax

    Pensions Tax can be complicated and difficult to understand, particularly for members who are also in scope of the 2015 Remedy. The scheme administrator offers tax support sessions for members impacted by pensions tax. Please note, there is a cost associated with this which you or your employer will need to cover to access the sessions.

    2024 Member Engagement Survey: Have your say!

    Take part to enter the £100 prize draw

    This year we’re asking you once again to share your views on the scheme. Your feedback and comments help us understand what’s important to you and directly influences future activities, communications and events. There’s also a chance to win £100 in Love2Shop vouchers in our prize draw, so please spend 10 minutes sharing your views.

    The survey closes on Friday 30th November 2024.

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    What’s coming up in 2024

    Here’s what’s on the horizon for our members. You can also check the news and updates page on the scheme website as it happens.

    Pensions support sessions recommended by 97% of attendees, now tailored for 2015 Remedy

    Following the success of our New Joiner version Pension Power introduced in 2023, we’re now excited to introduce another new version of Pension Power focussed on the 2015 Remedy. Pension Power is a free, one hour session aimed at helping you get to grips with the basics of your Civil Service Pension. 

    We’re starting with a limited number of sessions in July and August only and we’re excited to get your feedback!

    Remedy Pension Power Logo

    Pension Awareness Week 2024: Save the date

    It’s official…Pension Awareness Week will be back in September 2024!

    We’ll be running a series of interactive webinars week commencing 16 September 2024, all designed to help you understand your pension benefits.

    Look out for communications coming direct from the scheme as well as from your employer over the coming weeks.

    Beginner Guide videos: coming soon

    We’ll  be launching the first in a series of beginner guide videos designed to help you understand your pension in simple, bitesize chunks. The first series will focus on helping to demystify the Deferred Choice Underpin (DCU) which is part of the 2015 Remedy.

    You will be able to watch the videos on the scheme website or over on our YouTube channel.

    Civil Service Pensions Podcast, SE3

    The award-winning Civil Service Pensions Podcast will be back for a third season in September with a run of 12 more episodes. Hosts Emily and Rob will be joined by new and returning guests, experts sharing information and real members telling stories about their lives in the Civil Service and beyond.

    If you can’t wait, you can listen to all 18 episodes from seasons one and two on Apple Music, Spotify, YouTube or wherever you get your podcasts right now. Subscribe to be notified when the new season drops.

    Listen online via the scheme website too.

    Csp Podcast Season 3 Coming Soon

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