EPN717 - 2024 ABS: 2% of (Remedy) members to receive their Annual Benefit Statement (ABS) after 31 August 2024
EPN717 - 2024 ABS: 2% of (Remedy) members to receive their Annual Benefit Statement (ABS) after 31 August 2024
Audience
Pension leads
HR managers
Summary
There are approximately 8,800 members who will not receive their ABS by the 31 August 2024. These are members affected by Remedy with a Deferred Choice Underpin (DCU) and who:
Purchased EPA/EEPA during any of the Remedy period (1 April 2015 – 31 March 2022).
Are affected by data issues which prevent an ABS being produced at this time.
To note the impact the 2015 Remedy will have on the distribution of this year’s ABS to 2% of members.
To note that you will be sent a list of members who haven't received their ABS when you receive the annual ABS MI if applicable. Therefore, you do not need to inform us that members in this list did not receive an ABS.
To share the details on your intranet so impacted members are aware.
Timing
Immediate.
Detail
MyCSP has a deadline to deliver Annual Benefit Statements to all members by 31 August 2024. This has been successfully completed for 98% of the overall member population; however, due to the impact of Remedy, there are a small number of members (under 2% of members due to receive an ABS) who will now receive their ABS after this date.
This applies to members affected by Remedy with a Deferred Choice Underpin (DCU) and who:
Purchased EPA/EEPA during any of the Remedy period (1 April 2015 – 31 March 2022).
Are affected by data issues which prevent an ABS being produced at this time.
As this is a breach of the Public Service Pensions Act 2013, we have reported this to the regulator, and we are working hard to rectify the situation and provide an ABS as soon as possible to impacted members.
Please note that any member planning to retire will still receive their Remedy retirement quote and can follow the normal retirement process.
We apologise for any inconvenience caused to members and have updated the Remedy FAQs with this latest information. Impacted members will be informed when the ABS is ready via multiple communication channels i.e., FAQ/Web updates, email for portal registered members, post for paper opted members and via secure means as required.
Support available
The Remedy FAQs have been updated to reflect this updated information.
