A guide to your Annual Benefit Statement 2015

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1 A guide to your Annual Benefit Statement 2015

2 Contents Page 03 Page 04 Page 05 Page 06 Page 07 Page 08 Page 09 Page 1 0 Page 1 1 Page 1 2 Page 1 3 What is your Annual Benefit Statement? Personal details Reckonable service Your pension now Your lump sum now Your death in service benefits Your nomination for death benefit Reply form Updating your details Transaction statement (classic members) Transaction statement (nuvos members) We value your feedback. Please take the time to complete a short survey about this guide. Your responses will help us to improve the ways we communicate with you about your Civil Service Pension. Go to: to have your say.

3 What is your Annual Benefit Statement? Personal: MR JOSEPH BLOGGS 1 CIVIL SERVICE STREET LONDON CVL SER Dear Sir or Madam, From: MyCSP PO Box 2018, Liverpool, L69 2BX Date: 30 July 2015 Please read your statement carefully and check the information on it against your own records to make sure it is correct. If you think some of the information in your ABS might be incorrect there are two courses of action, depending on the nature of your query. If your query is about personal details (e.g. your marital status, date of birth, National Insurance number, salary or address), please contact your employer. If something needs changing, they will update your HR records which, in turn, are used to update your pension records. This guide will help you to understand the information contained in your Annual Benefit Statement and what action to take if you have any queries. You can also find a set of Frequently Asked Questions (FAQs) on the Scheme website which may help to answer any queries you may have. Your Annual Benefit Statement lets you know how much pension you have built up according to our records. Your statement shows the pension you have built up to 31 March Benefits built up after this date will appear in your next statement. This means that any benefits that you have built up in alpha will not be shown on this statement. This guide shows a statement for a member of the classic scheme. There will be some differences if you have built up pension or service in the classic plus, premium or nuvos schemes, which are covered in the notes section of your statement. You can find out more information on the schemes by visiting: Your pension record is based on information provided by your employer. It is your employer s responsibility to maintain accurate and complete payroll and service records and supply them to the scheme administrator, MyCSP. These are collated over a number of years and some employers hold thousands of records. In common with other pension schemes, it is possible that some of this information is not always completely up to date or does not correctly reflect scheme members employment history. Principal Civil Service Pension Scheme (PCSPS) your classic statement This pension statement tells you how much pension you have built up to 31 March 2015 according to our records. Your pension benefits are a valuable part of your pay package. Your annual benefit statement used to project the amount of pension you would have built up by the ages of 55, 60 and 65. It has not been possible to provide you with that information this time. This is because the new Civil Service pension scheme that launched on 1 April 2015 has changed the way that benefits will build up in the future for some members. The figures shown are an illustration only. This statement is not a promise of the benefits to which you may eventually be entitled. Pension benefits are only payable in accordance with the rules of the scheme and this statement does not override these. If there is a difference between this statement and the rules of the scheme or what is payable under the rules, the rules of the scheme will apply. The rules of the scheme can be found here: What you need to do now Please read the statement and check that the information about you is correct. If any of your personal details (including your marital status, date of birth, National Insurance number or address) are incorrect, please let your employer know as they will need to update their own records and inform us. If anything else on the statement appears to be incorrect, please let us know by sending us the reply form at the end of this statement. This statement will not show: a preserved award in the PCSPS that has not been aggregated (combined) with your current period of service; or additional voluntary contributions (AVCs) you may have made. Your AVC provider will send you this statement separately. Please read the relevant notes for each section, which will help to answer any questions you may have. Yours sincerely Alex Taylor For and on behalf of Civil Service Pensions website: If your query is about pension scheme information (e.g. your employment history, reckonable service, date joined, transferin history, extra benefits), simply complete the reply form on your Annual Benefit Statement and return it to the address on the reply form. Alternatively, you can attach a copy of your evidence to an and send it to the dedicated ABS address: Please note: This statement will not show any preserved awards you may have unless you have chosen to aggregate (join up) your benefits. If you pay additional voluntary contributions (AVCs), your AVC provider will send you a statement about these. If you moved into the new scheme, alpha, on or after 01 April 2015, any benefits you have accrued in this scheme will be shown on next year s statement. 03

4 Your guide Your personal details Personal details This page on your Annual Benefit Statement provides a summary of your personal details, pensionable earnings and salary at the statement date. Full name: Date of birth: Normal Pension Age: Pensionable earnings at 31 March 2015 Salary at 31 March 2015 Notes: 1 National Insurance number: Member number: Marital status: xxxxx xxxxx Member number Your member number is a unique identifier for your pension administrator. This is not your employee number. You can include your member number in any communications with the scheme administrator to help them identify your record. 2. Pensionable earnings Your pensionable earnings are calculated in line with the scheme rules and may include your salary plus any pensionable allowances and bonuses you may receive. If any of your personal details are incorrect If any of your personal details (eg your marital status, date of birth, National Insurance number, salary or address) are incorrect, please let your employer s HR department know as they will need to tell the scheme administrator so they can update your record. This way, we are sure to hold consistent data about you. We are unable to change your personal details such as marital status, date of birth, National Insurance number or address. This information is sent to us by your employer. If any of these details are incorrect, you will need to let your employer know. If any other details have changed, for example a death benefit nomination, please complete and return the reply form on the last page of this statement. Normal Pension Age is the earliest age that you can take your full unreduced pension benefits. This will usually be your 60th birthday, but could be different if you have a Personal Pension Age. This statement is based on your current fulltime equivalent pensionable earnings even if you work parttime as your service has been adjusted accordingly. To work out your pension, we use the higher of: your pensionable earnings in the last 12 months; or your best pensionable earnings in a 12 month period over the last three years. Whether an allowance is pensionable or not is determined by your employer in line with the scheme rules and with the agreement of the scheme managers. You should contact your employer s HR department for further information or if you have a question about this. 3. Salary at 31 March 2015 This will be the salary we have been advised of by your employer at 31 March 2015, or an earlier date if we do not hold an entry at 31 March

5 Reckonable service Reckonable service is the number of years and days that count towards your pension. This will also include any added years you have bought and any previous service you may have chosen to aggregate. Any unpaid leave such as unpaid maternity leave, unpaid sick leave or strike days do not count towards your reckonable service. To find out more about absences that could affect your reckonable service, you should refer to your employer s policies and guides. If you work parttime, your reckonable service is calculated based on the actual hours that you have worked. If you think the reckonable service shown on your statement is incorrect, please see page 11 for information about how to let us know using the reply form attached to your Annual Benefit Statement. If you have taken partial retirement, the reckonable service shown here will be your service since your partial retirement date and any prior service for which you have not yet taken your benefits. Your reckonable service to date Date of entry to the scheme: Total reckonable service to 31 March 2015: (including aggregated or transferredin service, added years bought to date, and excluding any nonreckonable absences that are recorded) Added years bought to date: Transferredin service: Notes: Reckonable service is the number of years and days that count towards your pension. Parttime service counts on the basis of the hours you have worked. It includes any service you have transferredin and any added years you have bought. Unpaid absences do not count towards your reckonable service. Scheme rules limit reckonable service to a total of 45 years. (Any reckonable service built up before 1 March 2008 has been restricted to a maximum of 40 years. From that date members started to build up additional reckonable service as the limit changed from years.) Your guide 1. Date of entry to the scheme This is the day you started building up pension benefits in the PCSPS for your current period of employment. If you have opted to aggregate (combine) an earlier period of service this date will reflect your earlier start date. If you believe this date is incorrect, it could be because you changed jobs or employers. You may have a separate pension record for any earlier, separate service. You should contact your employer s HR services to check this. 2. Total reckonable service This is the sum of your scheme service, any added years bought to date and any transferredin service. 3. Added years bought to date Your statement will only show added years you have bought up to the date of the statement. 4. Transferredin service This shows the service that has been credited to you as a result of a transfer into the scheme from a previous pension arrangement. Please note: Reckonable service does not apply to nuvos members. In nuvos, pension is built up using a percentage of your pensionable earnings each year that you are a member of the scheme. 05

6 Your pension now On this page you can see how much pension you had built up as at 31 March This calculation does not take into account any reductions that would be made for payment before Normal Pension Age. Your pension will be reduced for early payment if you claim it before your Normal Pension Age because it is likely to be paid for a longer period of time. The projected pension shown on your statement at ages earlier than your Normal Pension Age have been reduced using the relevant reduction factors to give you an indication of the pension you could receive. As a result, the projected pension figures shown may be less than the pension shown that you have built up to 31 March 2015 which has not had a reduction applied. Annual Benefit Statements have previously included projections of the amount of pension you could have built up by the ages of 55, 60 and 65. This year, it has not been possible to provide a projection for all members because many members moved into the new Civil Service pension scheme, alpha, on 01 April Benefits accrued in this scheme will be included in future statements. If you have remained in the PCSPS, and you are under your Normal Pension Age, your statement will include projections. Your pension now Your annual pension up to 31 March 2015 Your projected pension Reckonable service: Total pension (each year): Notes: Age 55 The total pension you have earned is based on your pensionable earnings and includes any service you have aggregated (combined) with your current service or any transfer you have brought from another pension scheme. It also includes any added years and added pension you have bought to date. Your pension is worked out as 1/80th of your pensionable earnings for each year (or part year) of your reckonable service. You can claim it in full from your Normal Pension Age. Your projected pension is based on your salary, projected to age 55, 60 and 65 to help you with considering when you want to retire. The amount for age 55 is reduced because it is paid before pension age, to take account of the extr a years it will be paid. The projections assume that you continue as an active member in the same work pattern, until you reach the age shown and complete any current contracts to buy added years. xxxx Age 60 Age 65 Your guide How your pension is worked out classic Your reckonable service is multiplied by your pensionable earnings and then divided by 80. This gives your pension amount. You will also get an automatic lump sum of three times your pension. premium Your reckonable service is multiplied by your pensionable earnings and then divided by 60. This gives your pension amount. classic plus Your pension is made up of two parts: 1. Your service up to 01 Oct 2002 is used to work out a classic pension (including an automatic lump sum), and 2. Your service from 01 Oct 2002 is used to work out a premium pension. The total of these two calculations gives your pension amount and you will recieve the classic automatic lump sum. nuvos Your nuvos benefits build up each year that you are an active scheme member. Each year your pension is calculated as 2.3% of your pensionable earnings for that scheme year. This is added to any nuvos pension you have already built up. Your pension will also be adjusted in line with prices each April. 06

7 Your guide Your lump sum now Your lump sum is taxfree, under current HMRC rules. Your lump sum now Standard lump sum: Your projected lump sum xxxx The Lifetime Allowance is the maximum amount of pension savings (which includes a lump sum and pension) that you can build up over your lifetime from all UK registered pension schemes, without incurring an additional tax charge. This shows any automatic lump sum you will be entitled to (classic and classic plus members only). If you have any outstanding pension contributions your lump sum will be reduced to take account of them. Lump sum: Maximum extra cash lump sum: Reduced annual pension after taking maximum extra lump sum (each year): Age 55 Age 60 Age 65 The standard Lifetime Allowance is 1.25m for the 2015 / 16 tax year. For more information about the Lifetime Allowance visit: The projected lump sum figures shown on your statement at ages earlier than your Normal Pension Age have been reduced using the relevant reduction factors to give you an indication of the pension you could receive. As a result, the projected lump sum shown may be less than the lump sum you have built up to 31 March 2015 as it has not had a reduction applied. When you retire you may be able to choose to give up some pension for a lump sum. We will advise you of the lump sum you can take at the time you claim your benefits. You can find out about exchanging part of your pension for a lump sum in the relevant scheme guide on the Civil Service Pensions website. Notes: The standard lump sum you have earned is three times your annual pension, less any outstanding contributions for family benefits. When you retire you can choose to give up some pension for a higher lump sum. We will advise you of the maximum additional lump sum you can take at the time you claim your benefits. For each 12 of additional lump sum you take, your pension will permanently reduce by 1 a year. Your lump sum is taxfree, as long as you do not exceed your Lifetime Allowance. This is the maximum amount of pension savings you can build up over your lifetime without incurring an additional tax charge. The Lifetime Allowance is 1.25m for the 2015/16 tax year and is measured against the value of your entire pension and lump sum benefits from all UK registered schemes. You can increase your pension (and, if applicable, that of your spouse or civil partner) by reducing your lump sum. This is known as inverse commutation. The amount of additional pension you would get will depend on the rates of inverse commutation at the time you retire. For each 12 of additional lump sum you take, your pension will be permanently reduced by 1 a year. You can estimate this by using the lump sum calculator on the Civil Service Pensions website: members/membercalculators 07

8 Your death in service benefits Your guide Your death in service benefits Death benefits for your family are an important part of your pension benefits. Death benefits may include a lump sum and an annual pension paid to your spouse or civil partner (or nominated partner in classic plus, premium or nuvos). If you have taken partial retirement and have already received benefits from the scheme, your death benefits may be different than shown here as any lump sum and pension you have received will be taken into account. A cash lump sum: plus either: an annual pension to your widow or widower OR an annual pension to your civil partner, based on your service from 6 April 1988 only: Notes: If you have qualified for a pension and you were to die now, we would normally pay the lump sum death benefit shown above. However, if you are already receiving a Civil Service Pension, we will reduce this lump sum by the amount of pension and lump sum you have already had. The lump sum paid on your death in service is the greater of: two times your pensionable earnings (or two times your actual pay if you work parttime). or the lump sum you would have received had you retired on illhealth grounds on the date of your death. The pension paid to your widow(er) or civil partner is paid at a higher rate for the first 91 days after your death (or 182 days if you leave any dependent children). The ongoing pension payable is shown above. If you have made a valid death benefit nomination (see below), we will pay the lump sum to your nominee. If you have not made a nomination or the nomination is no longer valid, we will pay it to your estate. 1 2 The death in service benefits paid to your dependants are worked out differently in each of the pension schemes. For more information, you can read the relevant scheme guide on the Civil Service Pensions website: members/publications 1. Cash lump sum This is the cash lump sum that would have been payable if you had died in service as of 31 March Please refer to the notes section on your Annual Benefit Statement to see how this is worked out. 2. Annual pension The annual pension figures shown are payable to your eligible dependants. These figures have been included on all statements irrespective of your current marital status. For more information read the relevant scheme guide on the Civil Service Pensions website: members/publications Your death benefits if you are preserved or in receipt of your pension If you left the scheme and have preserved benefits, or are in receipt of your pension, and you die we will pay death benefits in accordance with the scheme rules to any eligible beneficiaries. If you want more information, see the Civil Service Pensions Scheme website: 08

9 Your nomination for death benefit If you have nominated someone to receive your death benefit lump sum, their details will be shown here. You can change your nomination by completing a new death benefit nomination form and returning it to the scheme administrator. You can update your current nominee s information (e.g. changing their address) by completing the reply form attached to your Annual Benefit Statement. You can find the form on the member forms page of the Civil Service Pensions website: members/memberforms Remember: If you are married and a member of premium, classic, classic plus, nuvos or alpha and wish to nominate your partner to be considered for a survivor s pension, you also need to complete a partner declaration form. The relevant form can be found here: uk/members/memberforms Your nomination for death benefit If you have nominated a representative or individual to receive your death benefit lump sum, their details are shown below. To make or change a nomination, you should complete a new death benefit nomination form and return it to us. The classic scheme nomination form is available on the Civil Service Pensions website: If you cannot access this website, please let us know and we will send you the relevant form. To change the address of an existing nominee, please let us have the new or corrected address details on the reply form below. More information If you want more information, see the Civil Service Pensions Scheme website: Your guide IMPORTANT NOTE: If you are a classic scheme member, you can only nominate one death benefit nominee. If you are a premium, nuvos or classic plus member you can nominate an unlimited number of benefit recipients to recieve a share of any benefit that may be due. Only the first four nominees will be shown on your statement. If you are a premium, nuvos or alpha scheme member you can also nominate a declared partner to receive a dependant s pension. Any active nomination(s) you have made in the past will also apply to your alpha benefits, if you have not made a new nomination since you moved into alpha. If you have made a nomination while in alpha, it will apply to both the alpha and PCSPS parts of your pension. You should review your nominee s information regularly and remember to update the details if your circumstances change. The forms to do this are on the Civil Service Pensions website: uk/members/memberforms 09

10 Reply form Your pension record is based on information provided by your employer. It is your employer s responsibility to maintain accurate and complete payroll and service records and supply them to the scheme administrator. If you think some of the information contained in your Annual Benefit Statement might be incorrect, or you would like to query something, do not worry. Your statement is only an illustration of the pension benefits that you can expect to receive, based on the data the scheme holds at that point in time. Members are given the opportunity to check their details before any benefits are put into payment. If you do have a query about your pension record, there is a clear process to follow: If your query is about personal details (eg your marital status, date of birth, National Insurance number, salary or address), please contact your employer. If something needs changing, they will update your HR records which, in turn, are used to update your pension records. If your query is about pension scheme information (eg your employment history, reckonable service, your date joined, transferin history, extra benefits), complete the reply form, attach copies of any supporting documentation and return it to the scheme administrator at the address on the reply form. Alternatively, you can attach your completed reply form (relating to pension scheme information) to an and send it to the address: Reply form Important note we need your help to make sure our records are accurate The pension shown in the statement is not a promise of the benefits to which you may eventually be entitled and you should not rely on it as such. The accuracy of the statement depends on whether the information we hold about you is correct. We are aware that some of the data the scheme holds about pension scheme members may not be accurate, particularly information about your employment history, the salary you receive, extra benefits you may have bought or service that has been transferred into the scheme. We are working with employers to put things right. However, the scheme would like your help too. Please look at your statement carefully. You will see that it shows some of the information that the scheme holds about you. Please check this against your own records to make sure the information is correct. If the data the scheme holds about you is incorrect the statement is unlikely to represent the benefits you will eventually be entitled to. If any of your personal details (including your marital status, date of birth, National Insurance number or address) are incorrect, please let your employer know as they will need to inform us. If any other details appear to be incorrect, please let us know by completing and returning the reply form at the end of this statement. Please make the changes in capital letters and provide any documentary evidence that you may have to support the correction. Return your amended statement to the address below. Please note: we will not be able to amend your data or respond to your questions until we have validated your data with your employer. This may take some time. Agreed changes will be shown on your next statement. Please note that we will not send you a revised statement. We will let you know if the changes you would like to make cannot be accepted. You can also your queries to: Return address MyCSP Po Box 2018 Liverpool L69 2BX Alternatively you can attach a copy of your evidence to an and send it to the dedicated address: Your guide Please note: The scheme manager (Cabinet Office) is considering plans to improve Civil Service Pensions data generally and the intention is that member queries will be investigated as part of wider data improvement plans. MyCSP will collate and hold any reply forms received until the scheme is in a position to progress the data improvement plans. You will not usually receive another statement until next year, when they will be issued from the summer onwards. However, we do recognise that there will be exceptional circumstances where you may have a legitimate need for a written projection of your benefits outside of this annual cycle. If you are in this position and can provide the appropriate evidence (eg a letter from a mortgage company), please put your request in writing, attaching any evidence and send to: MyCSP PO Box 2018 Liverpool L69 2BX Alternatively, you can attach a copy of your evidence to an and send it to the following address: 10

11 Your guide Member details To amend your pension information complete the following steps: Updating your details Name: Date of birth: Add a summary of other changes that you wish to notify us of: Member no: NI number: Step 1: You should mark the information that appears to be incorrect. Step 2: Provide any documentation or evidence to support your changes. Step 3: Provide a summary of the changes in the box provided. This page can be used to correct any pension scheme information on your Annual Benefit Statement. Please note: Any changes to your death benefit nominee(s) should be made on a death benefit nomination form. You should inform your employer of any changes to your personal details who will update your HR records and in turn this will update your pension records. members/memberforms Declaration I have read my pension statement. I am returning my statement because some of the information is either incomplete or incorrect. I have marked the statement with the correct information and I have attached the documentary evidence I have to support these corrections. I have attached an updated death benefit nomination form. (Delete if not applicable). Step 4: Complete the declaration and return it to the address on the form. Alternatively, you can attach your completed reply form to an and send it to the following address: Signature... Date... Name... Address... Daytime tel Produced by MyCSP. GTYABS15_v1

12 Your guide Transaction statement for member no X for year 2015 Transaction statement (classic) If you are a classic scheme member and have paid additional contributions to buy added pension through periodical contributions, or by lump sum, your annual benefit statement will include a transaction statement. Your transaction statement shows the added pension that you have purchased up to 31 March 2015 and the index linking that has been added during the last scheme year. Opening balances Source Type Effective date Balance 1 2 AVCL Self and de 31/03/2014 xxxx Total opening balance Transactions during the year xxxx Source Type Action date Effective date Amount AVCL Self and de xxxxxxxx 1/04/2014 xxxx 3 4 Your transaction statement shows a breakdown of the added pension you have purchased up to the date of the statement (31 March 2015). 1. Source This indicates any added pension (AVC) or added pension lump sum (AVCL) that you have purchased in the scheme year. 2. Type This indicates the type of added pension purchased. Self means you have purchased added pension for yourself only. Self and de means that you have purchased added pension for yourself and your dependants. 3. Total Opening Balance This is the opening balance of added pension you have purchased at the start of the scheme year (31 March 2014). 4. Transactions During the Year This is a breakdown of added pension that you have purchased during the scheme year, along with any index linking applied at 1 April Your annual benefit statement will NOT include a transaction statement if you have not paid additional contributions to buy added pension. 5. Closing Balances This shows the closing balance of each pension element, for example any periodic and lump sum added pension you have bought. Closing balances Source Type Effective date Balance AVCL Self and de 31/03/2015 xxxx 5 6. Total Closing Balance This is the total closing balance as at 31 March 2015 and is the sum total of all elements shown in the Closing Balances section (5). Total closing balance xxxx 6 12

13 Your guide Transaction statement (nuvos) If you are a nuvos scheme member your annual benefit statement will include a transaction statement. This will show any CORE nuvos pension you have built up, the increase that has been applied in the last scheme year and any added pension you have bought up to the date of the statement (31 March 2015) through both periodical and lump sum contributions. Please note: Your pension is increased each year in line with prices. Opening balances Transaction statement for member no X for year 2015 Source Type Effective date Balance 1 CORE Self and de 31/03/2014 xxxx Total opening balance 2 AVCs Self and de 31/03/2014 xxxx Transactions during the year xxxx Source Type Action date Effective date Amount CORE Self and de xxxxxxxx 1/04/2014 xxxx AVC Self and de xxxxxxxx 1/04/2014 xxxx AVCL Self and de xxxxxxxx 1/04/2014 xxxx CORE Self and de xxxxxxxx 31/03/2015 xxxx 3 4 Your transaction statement shows your CORE nuvos pension and any added pension you have purchased up to the date of the statement (31 March 2015). 1. Source This indicates your pension entitlement, for example your CORE nuvos pension, and/or any added pension (AVC) or added pension lump sum (AVCL) that you have purchased in the scheme year. 2. Type This indicates the type of added pension purchased. Self means you have purchased added pension for yourself only. Self and de means that you have purchased added pension for yourself and your dependants. 3. Total Opening Balance This is the opening balance of added pension you have purchased at the start of the scheme year (31 March 2014). 4. Transactions During the Year This is a breakdown of CORE nuvos pension and added pension that you have purchased during the scheme year, along with any index linking applied at 1 April Closing balances Source Type Effective date Balance CORE Self and de 31/03/2015 xxxx AVC Self and de 31/03/2015 xxxx AVCL Self and de 31/03/2015 xxxx 5 5. Closing Balances This shows the closing balance of each pension element, for example any periodic and lump sum added pension you have bought. 6. Total Closing Balance This is the total closing balance as at 31 March 2015 and is the sum total of all elements shown in the Closing Balances section (5). Total closing balance xxxx 6 13

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