CS Employers Q2 2024 update
In this quarterly update for employers, we’re bringing together all the critical information and actions shared between April 2024 and June 2024 in one place.
In this quarterly update for employers, we’re bringing together all the critical information and actions shared between April 2024 and June 2024 in one place.
You’ve told us you wanted more clarity on actions you need to take, and better signposting of information and support you can access. We aim to directly address that feedback with this update.
Do let us know what you think via the feedback form below, as your input will help us tailor this update to your needs next quarter.
We will start to distribute Annual Benefit Statements (ABS) from 1 July and Pension Savings Statements (PSS) from August.
The 2015 Remedy (McCloud) legislation, which came into effect on 1 October 2023, may impact the distribution of this year’s ABS and PSS statements for some members. Members impacted by the 2015 Remedy, who qualify for a PSS, will receive a PSS containing Pension Inputs from 2010/11 to 2022/23 (inclusive), known as the ‘Remedy PSS’. After the Remedy PSS, a separate 2023/24 PSS will be issued.
Once ABS have been distributed, the Scheme Administrator will provide MI of the members in your organisation they have produced statements for. This will be provided to you by 6 September 2024 and further PSS MI will be provided to you following completion of distribution.
Given the complexities surrounding the calculations of pension benefits for the Annual Resource Accounts caused by the 2015 Remedy (McCloud judgment) this year, there has been an exceptional delay in issuing the Pension Disclosure figures for departments.
We have been working with HM Treasury (HMT) and the National Audit Office (NAO) to determine a way forward and it has been decided that departments will be split into two categories.
Departments will either have received their 2023/24 Pension Disclosure figures by 21 June or will have been advised they will receive these by 31 August.
Every participating Civil Service employer of the Civil Service Pension scheme (“the Scheme”) must ensure that they carry out their responsibilities in relation to the administration of the scheme. You can find these responsibilities in the Participation or Admission Agreement, which employers must sign.
Both Civil Service and New Fair Deal employers must complete the Annual Assurance Statement (AAS). If you are a Civil Service employer, your Accounting Officer (AO) must complete the AAS. If you are a New Fair Deal employer, your Chief Executive Officer (CEO) must complete the AAS.
This needs to be completed and sent to MyCSP by 17th July.
July 2024
August 2024
September 2024
Keep an eye on the year ahead: The 2024 online scheme year planner is available now.
Have you heard of Pension Power? Pension Power provides members with all the facts they need about their Civil Service Pension via Teams in just one hour. Its free, sessions run daily and we provide tailored sessions for New Joiners too.
Coming this February. In this edition of Hot Topics, we’ll be focussing on Resource Accounts. We’ll be joined by our Training team, who will guide you through what to do if you get involved in this exercise.