New member contribution rates 2013
MyCSP New Mutual Joint Venture
02 May 2012
‘From 1 May, our scheme pensions administrator, MyCSP, became a Mutual Joint Venture in partnership with Government and their private sector partner, Paymaster. This change will not affect the services that MyCSP currently provides to scheme members and pensioners . For information about MyCSP, visit their website www.mycsp.co.uk
New member contribution rates from April 2012
Member contribution rates are due to increase from April 2012. To see how the increase will affect you, here is a link to the new contribution rates.
Equitable life payment scheme update
The Equitable Life payment scheme has been set up by HM Government to make pro-rata payments to eligible Equitable Life with profits policyholders, including to members of group schemes such as the Civil Service AVC scheme. To receive a payment, individuals must be identified as the payee of an eligible policy that has suffered a relative loss, and where the payment due is at least £10. If you are, or were, an Equitable Life with profits policyholder then you do not need to take any action at this point. Due to the additional complexities in retrieving contact details for individual policyholders in group schemes, we understand that the payment scheme may not be contacting group scheme members entitled to receive a payment until June 2014. Individuals who will be receiving a payment will get a letter and statement explaining the value of the payment and the approximate date when it will be sent. The payment scheme is independent of the Civil Service AVC scheme so we are unable to answer individual queries. However, you might find it helpful to look at the information on the payment scheme website at http://equitablelifepaymentscheme.independent.gov.uk.
Pensions reform update – 21 December 2011
The Treasury has made an announcement about the long term reform of public service pensions – including the Principal Civil Service Pension Scheme - http://www.hm-treasury.gov.uk/press_146_11.htm
The Government has confirmed that the talks have been constructive and have resulted in heads of agreement with the majority of Civil Service unions.
- View the overview of the offer – which will apply from 2015
- View the Q&A
- View the Written Ministerial Statement [External website]