EPN724 - 2024 ABS: 2% of (Remedy) members will not receive their 2024 Annual Benefit Statement
EPN724 - 2024 ABS: 2% of (Remedy) members will not receive their 2024 Annual Benefit Statement
Audience
Pension leads
HR managers
Summary
This is an update to EPN717 from August 2024. We previously advised you of a delay in issuing an ABS to 2% of members, equal to 8,800 members. This email confirms these members will not now be receiving their 2024 ABS. They will, however, receive their 2025 ABS combined with their Remediable Service Statement (RSS) next year.
A reminder that those members impacted are those 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 (McCloud) will have on the distribution of this year’s ABS to 2% of members.
To note that these members will receive a 2025 ABS combined with their Remediable Service Statement (RSS) next year.
To note this is an update to information provided in EPN717 in August 2024.
To share the details on your intranet so impacted members are aware.
Timing
Immediate
Detail
MyCSP had 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 not receive their 2024 ABS.
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 pensions regulator.
Please note that any member planning to retire can follow the normal retirement process and will still receive their retirement quote which will include all the relevant figures, including anything relating to their Remedy options.
We apologise for any inconvenience caused to members and have updated the Remedy FAQs with this latest information.
Support available
The Remedy FAQs have been updated to reflect this updated information.
