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.
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.
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.
Active members of the Civil Service Pension Scheme who have been contributing to the scheme up to 31 March 2024 are eligible to get an ABS this year. If you joined after 1 April 2024, you’ll be eligible in 2025.
Statements will be made available on the Pension Portal in batches between 1 July and 31 August 2024. We will send you an email notification when yours is ready. If you've requested a paper ABS, we'll send yours via the post.
To get an idea of when you’re likely to get your ABS, check the ABS distribution schedule by typing in your employer’s name in the Distribution Schedule below.
If you don’t get your ABS by the estimated date, don’t worry. Sometimes we need to do some extra checks on a handful of statements, but we’ll ensure all statements are issued by 31 August 2024.
If you are affected by the 2015 Remedy, the figures shown in your statement will differ from previous statements. This is because you have been rolled back into your Legacy scheme (classic, classic plus, premium or nuvos) for any service during the “Remedy period” which spans 1 April 2015 to 31 March 2022.
Your pension benefits in the reformed scheme (alpha) now start from 1 April 2022.
You will be given the choice at retirement to take your benefits for the Remedy period in either the Legacy scheme or alpha.
Read more about the 2015 Remedy on the scheme website and find out if you’re affected in the 2015 Remedy Am I Affected tool.
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
Get help understanding your ABS
Get to grips with your pension basics
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.
Only a small percentage of the scheme membership need a PSS. You’ll be sent a PSS if:
- You’ve exceeded the current Annual Allowance limit, or
- You earn over £100,000 per year, or
- You’ve requested a PSS.
The current Annual Allowance limit is £60,000. You will receive a PSS for 2023/24 if you have exceeded this amount or met either of the other two criteria in the last financial year.
Annual Allowance is the amount your pension can grow by each year before tax is payable. Annual Allowance is not the overall value of your pensions. It applies to the overall growth of all pensions you are actively saving or building up, including your Civil Service Pension. This growth is referred to as your Pension Input Amount.
Pension Input Amounts for your Civil Service pension are based on the benefits you have built up, not the contributions you or your employer have made.
You can carry forward any unused Annual Allowance from the last three years. So if your pension savings have increased by more than £60,000 this year and you have enough unused Annual Allowance from the previous three years, you may not have a tax charge to pay this year.
This year, some members who are in scope of the 2015 Remedy will receive a Remedy PSS. This will cover the Remedy period, from 1 April 2015 to 31 March 2022 and the 2022/2023 tax year.
You'll receive a Remedy PSS if, in any year over this period you
- Exceeded the Annual Allowance limit (£40,000 at that time); or
- Earned over £100,000 per year; or
- Requested to receive a PSS
This means that some members could receive two separate statements by October 2024: a Remedy PSS, followed by a PSS for the 2023/2024 tax year.
If you receive a Remedy PSS, it will include further information about any action that may be needed. Until then, there is nothing you need to do.
You can learn more about 2015 Remedy by visiting the 2015 Remedy pages of the scheme website.
Learn more about PSS
Additional information about PSS
Get help understanding pensions tax
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.
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!
Pension Awareness Week 2024: Save the date
Beginner Guide videos: coming soon
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.
