Date posted: 03/03/2013
Audience
- Any staff connected with paying to the Cabinet Office the charges associated with the pensions administration services provided by MyCSP Ltd
Action
- To note timetable for paying charges in 2013/14
Timing
-
Background
Since MyCSP vested as a private sector company on 1 May 2012, employers have paid to the Cabinet Office the payments that they formerly made to their APACs/PSCs. The amount of these payments was determined by the level of charges contained in the contracts or Service Level Agreements that employers had in place with their APACs (and latterly with MyCSP) In 2012/13, the Cabinet Office invoiced employers on a six monthly basis.
- 2013/14 Charges
The Cabinet Office will again invoice employers for these payments. The amounts payable will be the same as in 2012/13. To reduce the administrative burden, there will only be one invoice, issued in October 2013.
- Employers will need to email Cabinet Office, Scheme Management Executive (SME) the following details so that invoicing can be carried out efficiently.
- A named contact along with their telephone number, email, and full postal address of whom, within your organisation, the invoice should be sent to.
- Confirmation of whether or not your organisation needs to raise a purchase order prior to the invoice being issued.
This information should be emailed to sandie.woods@cabinet-office.gsi.gov.uk.
- Future years
Employers should continue to budget for these payments for the foreseeable future.
- Once MyCSP has completed its transformation programme, the intention remains that their costs will be met from the Central Administration Charge that applies to Accruing Superannuation Liability Charge (ASLC) payments that employers make to the Cabinet Office to cover the costs of their staff’s accruing pension benefits. HM Treasury will decide when this point has been reached. Until then employers will continue to have to make additional payments.
- The current process means that employers have to go through two processes to make payments to the Cabinet Office for pensions administration. SME would like to simplify this process for future years and are looking at the possibility of collecting both payments through an adjustment to the Central Administration Charge. SME is currently consulting with the Government Actuary’s Department and representative groups of employers about this possible change.
Reference
EPN332
Contacts
Enquiries regarding content please refer to Scheme Management Executive SMEemployers@cabinet-office.gsi.gov.uk
You can find electronic copies of the Employers’ 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 any queries about their scheme, you should direct them to the Civil Service Pensions website or to your MyCSP Pension Service Centre for information.
Enquiries regarding distribution or to receive in a different format Mycsp.basingstoke@dwp.gsi.gov.uk
