MR C MEMBER
1 THE STREET
THE TOWN
THE CITY
ANI INA
From:MyCSP
PO Box 2017
Liverpool
L69 2BU
Telephone: 0300 123 2015
Date:
October 2014
Member number XXXXXXX
Your Options Pack
You have received this pack because you are eligible for the Options Exercise.
Dear Mr C MEMBER,
You have an important decision to make about your pension. You need to let us know this decision by XX
XXXX XXXX.
On 01 April 2015 a new Civil Service Pension Scheme, alpha, is being introduced. You are due to move from
classic (your current Civil Service Pension Scheme) to alpha on XX XXXX XXXX. You have an important
decision to make about when you will join alpha:
•
Option 1 - Move from classic to alpha on your alpha enrolment date of XX XXXX XXXX; or
•
Option 2 - Bring your alpha enrolment date forward to 01 April 2015.
You can only choose one of the two options above. You cannot move into the new scheme on any other date.
You can see how we have worked out your alpha enrolment date here:
www.civilservicepensionscheme.org.uk/members/the-new-pension-scheme-alpha/how-will-this-affect-me/
active-members/dates-that-you-will-move-to-the-new-scheme/
Before you make your decision:
;; You must consider all of the information in this statement, the enclosed ‘Your Choice’ booklet and the FAQs
at: www.civilservicepensionscheme.org.uk/members/the-new-pension-scheme-alpha/2015-pensionchanges-faq
;; You should use the online calculator to estimate the effect choosing Option 1 or Option 2 could have
on your pension benefits at different ages to those provided within this statement (see page 3 of this
statement).
When you have made your decision:
;; You must complete only one of the enclosed reply slips and return it in the pre-paid envelope to MyCSP
no later than XX XXXX XXXX. MyCSP cannot accept your decision by phone. MyCSP will acknowledge that
your choice has been received by XX XXXX XXXX.
Page 1 of 9
If you do not let us know what your decision is before the deadline then Option 1 will apply automatically – you
will keep your current alpha enrolment date.
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or Option 2, based on two important ages:

60 – Your Normal Pension Age (NPA) in classic; and
•
XX – Your NPA in alpha (this is the same as your State Pension age - see further
information about how this is worked out here: www.gov.uk/calculate-state-pension).
NPA is the earliest age that a scheme member can usually take their full pension benefits without reduction.
To see how taking your pension benefits at different ages could affect what you get you should use the online
calculator (see page 3 of this statement). The estimates contained within this statement and those displayed on
the online calculator are shown in today’s prices to illustrate the purchasing power of your pension today.
This is an important decision. Before you make your decision, you must carefully consider the information in
this statement, the ‘Your Choice’ booklet and the estimates from the online calculator.
If you want any further information please visit the pension scheme website:
www.civilservicepensionscheme.org.uk
Yours sincerely,
Adrian Dottridge, Director, Civil Service Workforce Reform, Cabinet Office
Disclaimers
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 this statement depends on whether the information we hold on you is correct. This includes
your employment history, the salary you receive, extra benefits you may have purchased and service that has
been transferred into the scheme. We are working with employers to improve the data held by the pension
scheme. However, we would like your help too.
Please look at your statement carefully. You will see that it shows some of the information that we hold about
you. Please check this against your own records to check that the information is correct.
If anything seems wrong, please contact us as soon as you can. If the data we hold about you is incorrect the
statement is unlikely to represent the benefits you will eventually be entitled to.
You should also note that 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: www.civilservicepensionscheme.org.uk/about-us/scheme-rules/
Page 2 of 9
Your Statement
Information we have used to produce your statement – you will need this to use the online
calculator
Your personalised pension benefit estimates are based on the information that the scheme holds on you as at 31 March
2014. If you suspect that the data we hold is not correct, please call the Options Exercise Helpline on 0300 123 2015.
Please have your National Insurance number to hand when you call.
The online calculator allows you to see what your pension benefits might be if you take your benefits at different ages.
Please note: If your pay or working pattern has changed since 31 March 2014, the estimates below and on your
statement will not reflect this.
The information used to produce your statement, and the information you will need to use the
online calculator, is shown below
Your current pension scheme.
classic
Reckonable service - the number of years and days that count towards your pension. Part
time service counts on the basis of the hours you have worked.
XX yrs XXX days.
Full time equivalent salary - all the earnings that could count towards your pension which
you receive during the scheme year.
£XX,XXX
Your working pattern.
Full time
For help and information on using the online calculator see:
www.civilservicepensionscheme.org.uk/2015OptionsCalculator. If you are unable to access the online calculator, or you
think any of the information above is incorrect, please call the Options Exercise Helpline on 0300 123 2015. Please
have your National Insurance number to hand when you call.
You may wish to speak to an Independent Financial Adviser before you make your choice. See the Financial Conduct
Authority site for tips on finding an adviser:
www.fca.org.uk/consumers/financial-services-products/investments/financial-advice/finding-an-adviser
Please note: Your statement and calculator estimates may not include all elements of your pension - see below for a
summary. Your estimates from the calculator and statement will differ because of this. Your statement will contain the
most accurate estimates.
Included in
Included in
statement estimates calculator estimates
Reckonable Service - for classic, classic plus and premium members.
nuvos pension - for nuvos members.
Added years contracts.
Added pension purchases.
nuvos club transfers-in.
Pension debit.
Notes:
•
Civil Service Additional Voluntary Contributions (CSAVCs) - your CSAVC scheme provider gives you
details of these each year.
• If you have a Personal Pension Age, please refer to Page 9 of the Your Choice booklet.
• Earmarking orders are applied when you claim your pension.
Page 3 of 9
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The pension benefits in Tables 1 and 2 below assume that you choose Option 1 and continue with your working
pattern as at 31 March 2014 until you take your benefits.
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The pension benefits shown in Table 1 assume you choose Option 1, then remain a member of alpha and choose to
take your benefits at your classic NPA.
They also assume that you do not choose to exchange any alpha pension for an alpha lump sum. In classic you get a
standard lump sum of three times your classic pension automatically.
Table 1
From classic
From alpha
Total
Annual pension
£XX,XXX
+
£X,XXX
=
£XX,XXX
Lump sum
£XX,XXX
+
£NIL
=
£XX,XXX
What your pension benefits might look like if you take your benefits at your alpha NPA of age XX
The pension benefits shown in Table 2 assume you choose Option 1, then remain a member of alpha and choose to
take your benefits at your alpha NPA. Remember, your alpha NPA is the same as your State Pension age.
They also assume that you do not choose to exchange any alpha pension for an alpha lump sum. In classic you get a
standard lump sum of three times your classic pension automatically.
Table 2
From classic
From alpha
Total
Annual pension
£XX,XXX
+
£XX,XXX
=
£XX,XXX
Lump sum
£XX,XXX
+
£NIL
=
£XX,XXX
Page 4 of 9
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The pension benefits in Tables 3 and 4 below assume that you choose Option 2 and continue with your working
pattern as at 31 March 2014 until you take your benefits.
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The pension benefits shown in Table 3 assume you choose Option 2, then remain a member of alpha and choose to
take your benefits at your classic NPA.
They also assume that you do not choose to exchange any alpha pension for an alpha lump sum. In classic you get a
standard lump sum of three times your classic pension automatically.
Table 3
From classic
From alpha
Total
Annual pension
£XX,XXX
+
£X,XXX
=
£XX,XXX
Lump sum
£XX,XXX
+
£NIL
=
£XX,XXX
What your pension benefits might look like if you take your benefits at your alpha NPA of age XX
The pension benefits shown in Table 4 assume you choose Option 2, then remain a member of alpha and choose to
take your benefits at your alpha NPA.
They also assume that you do not choose to exchange any alpha pension for an alpha lump sum. In classic you get a
standard lump sum of three times your classic pension automatically.
Table 4
From classic
From alpha
Annual pension
£XX,XXX
+
Lump sum
£XX,XXX
+
£XX,XXX
£NIL
Total
=
£XX,XXX
=
£XX,XXX
Page of 9
Your Option 1: reply slip.
Please return ONE reply slip ONLY
Use the pre-paid envelope provided.
If you do not let us know what your decision is before XX XXXX XXXX then Option 1 will apply automatically –
you will move into alpha on your alpha enrolment date which is XX XXXX XXXX.
Reply slip Option 1 – I would like to move into alpha on my alpha enrolment date.
I have considered the information available to me. My choice is Option 1.
Signed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Your details
MR C MEMBER
1 THE STREET
THE TOWN
THE CITY
AN1 1NA
Return address
MyCSP
5th Floor
City Square
Liverpool
L2 2BW
Member number XXXXXXX
Page 7 of 9
Your Option 2: reply slip.
Please return ONE reply slip ONLY
Use the pre-paid envelope provided.
If you do not let us know what your decision is before XX XXXX XXXX then Option 1 will apply automatically –
you will move into alpha on your alpha enrolment date which is XX XXXX XXXX.
Reply slip Option 2 – I would like to move into alpha on 01 April 2015.
I have considered the information available to me. My choice is Option 2.
Signed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Date: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Your details
MR C MEMBER
1 THE STREET
THE TOWN
THE CITY
AN1 1NA
Return address
MyCSP
5th Floor
City Square
Liverpool
L2 2BW
Member number XXXXXXX
©MyCSP2014
Page 9 of 9