Proposals to recover redundancy payments from highest earners who return within 12 months
The Government has announced plans to stop the highest paid public sector employees keeping redundancy payments when they come back to the same part of the public sector within 12 months.
Budget 2014 changes
Budget 2014 announced that there would be a consultation about prohibiting transfers from public service pension schemes (including the Civil Service pension scheme) to Defined Contribution pension arrangements. You should note this will not affect transfers between the public sector schemes, including those made under the Club Transfer arrangements.
The consultation also considers increasing the minimum age at which members can take their pension from 55 to 57 in 2028.
It is also important to be clear that these proposals are at the consultation stage, so nothing has changed in the way the Civil Service pension scheme operates at this time.
Consultation arrangements for future changes
Pensions payments for April 2014
Like all public sector pensions yours has been reviewed this year in line with the cost of living. For the year beginning 7 April 2014 the increase is 2.7%, based on the increase in the CPI.
Member contribution rates 2014/15 – Consultation
Notice to Scheme Pensioner Members with bank accounts in Cyprus, and Cypriot banks in Greece
Latest update 9 April:
All payments by the PCSPS to Cypriot banks in Cyprus have been resumed. Our current information is that the banking system is operating normally in relation to international transfers into Cypriot-based bank accounts.
If you are in any case considering changing the designated bank account into which your pension is paid to a UK-based bank, you can do this by contacting the Civil Service pension scheme’s payroll provider – Capita – in one of the following ways:
- Telephone: +44(0)870 1699 700
- Fax: +44 (0) 870 1699 720
- Email: email@example.com
Capita’s Contact Centre is open 0830 to 1800 Monday to Friday UK time.
You may also wish to know that if you are a DWP customer (receiving a UK State Pension or other State Benefits, paid to you in Cyprus) you can also contact DWP’s International Pension Centre (IPC) to make similar arrangements. The IPC can be contacted by:
- e-mail: firstname.lastname@example.org
- Telephone: +44 (0)191 218 7777
- Textphone: +44 (0)191 218 7280
The IPC is normally open 0800 to 2000 Monday to Friday UK time.
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]