A guide
to your
Annual Benefit
Statement
2015
Contents
Page 03
Page 04
Page 05
- What is your Annual Benefit Statement?
- Personal details
- Reckonable service
Page 06 - Your pension now
Page 07 - Your lump sum now
Page 08
Page 09
- Your death in service benefits
- Your nomination for death benefit
Page 1 0 - Reply form
Page 1 1
Page 1 2
- Updating your details
Page 1 3
- Transaction statement (nuvos members)
- Transaction statement (classic 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: www.smartsurvey.co.uk/s/ABSGuide/ to have your say.
What is
your Annual
Benefit
Statement?
Please read your statement carefully and
check the information on it against your
own records to make sure it is correct.
From:
Personal:
MR JOSEPH BLOGGS
1 CIVIL SERVICE STREET
LONDON
CVL SER
Date:
MyCSP
PO Box 2018,
Liverpool,
L69 2BX
30 July 2015
Dear Sir or Madam,
Principal Civil Service Pension Scheme (PCSPS) – your classic statement
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 2015. 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:
www.civilservicepensionscheme.org.uk
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.
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: www.civilservicepensionscheme.org.uk/about-us/scheme-rules
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
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.
If your query is about pension scheme
information (e.g. your employment history,
reckonable service, date joined, transfer-in
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 email and send it to
the dedicated ABS email address:
[email protected]
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.
Alex Taylor
For and on behalf of Civil Service Pensions
website: www.civilservicepensionscheme.org.uk
03
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.
National Insurance number:
Full name:
Date of birth:
1. Member number
Your member number is a
unique identifier for your pension
administrator. This is not your
employee number.
1
Member number:
Normal Pension Age:
Marital status:
Pensionable earnings at 31 March 2015
£xxxxx
2
Salary at 31 March 2015
£xxxxx
3
Notes:
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 full-time equivalent pensionable earnings even if you work part-time 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.
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.
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 2015.
04
Your guide
Your reckonable service to date
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 part-time, 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.
Date of entry to the scheme:
XXXX
1
Total reckonable service to 31 March 2015:
(including aggregated or transferred-in service, added years bought
to date, and excluding any non-reckonable absences that are
recorded)
XXXX
2
Added years bought to date:
XXXX
Transferred-in service:
XXXX
3
4
Notes:
Reckonable service is the number of years and days that count towards your pension. Part-time service counts on the basis of the hours
you have worked.
It includes any service you have transferred-in 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 40 - 45 years.)
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 transferred-in 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. Transferred-in 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
Your guide
Your pension now
How your pension is worked out
Your
pension now
On this page you can see how much pension you
had built up as at 31 March 2015. 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 2015. 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 annual pension up to 31 March 2015
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.
£xxxx
Your projected pension
Age 55
Age 60
Age 65
Reckonable service:
XXXX
XXXX
XXXX
Total pension (each year):
XXXX
XXXX
XXXX
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
Notes:
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.
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
Your guide
Your lump sum now
Your lump sum is tax-free, under
current HMRC rules.
Your lump
sum now
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.
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.
£xxxx
Standard lump sum:
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.
Your projected lump sum
Age 55
Age 60
Age 65
Lump sum:
XXXX
XXXX
XXXX
Maximum extra cash lump
sum:
XXXX
XXXX
XXXX
Reduced annual pension after
taking maximum extra lump
sum (each year):
XXXX
XXXX
XXXX
The standard Lifetime Allowance is
£1.25m for the 2015 / 16 tax year.
For more information about the
Lifetime Allowance visit:
www.hmrc.gov.uk
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 tax-free, 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:
www.civilservicepensionscheme.org.uk/
members/member-calculators
07
Your guide
Your death in service benefits
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).
A cash lump sum:
plus either:
- an annual pension to your widow or widower
For more information read the relevant scheme
guide on the Civil Service Pensions website:
www.civilservicepensionscheme.org.uk/
members/publications
1
XXXX
2
OR
- an annual pension to your civil partner, based on your
service from 6 April 1988 only:
XXXX
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 part-time).
or
-
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.
XXXX
the lump sum you would have received had you retired on ill-health grounds on the date of
your death.
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:
www.civilservicepensionscheme.org.uk/
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 2015. 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.
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.
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:
www.civilservicepensionscheme.org.uk/members/publications
08
Your nomination for death benefit
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:
www.civilservicepensionscheme.org.uk/
members/member-forms
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: www.civilservicepensionscheme.org.uk. 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:
www.civilservicepensionscheme.org.uk/members/publications
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:
www.civilservicepensionscheme.org.
uk/members/member-forms
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: www.civilservicepensionscheme.org.
uk/members/member-forms
09
Reply form
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.
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.
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 email your queries to: [email protected]
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, transfer-in 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.
Return address
MyCSP
Po Box 2018
Liverpool
L69 2BX
Alternatively you can attach a copy of your evidence to an email and send it to the dedicated
email address:
[email protected]
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 email and send it
to the following email address:
[email protected]
Alternatively, you can attach your completed reply form
(relating to pension scheme information) to an email
and send it to the email address:
[email protected]
10
Your guide
Member details
To amend your pension information
complete the following steps:
Updating
your details
Name:
Member no:
Date of birth:
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.
Add a summary of other changes that you wish to notify us of:
Step 3: Provide a summary of the
changes in the box provided.
Step 4: Complete the declaration and
return it to the address on the form.
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.
www.civilservicepensionscheme.org.uk/
members/member-forms
Alternatively, you can attach your
completed reply form to an email and
send it to the following email address:
[email protected]
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).
Signature..................................
Date...................................................
Name........................................
Address....................................
Daytime tel...............................
Email.................................................
11
©2015
Produced by MyCSP. GTYABS15_v1
Your guide
Transaction statement for member no XXXXXXXXX for year 2015
Your transaction statement shows a
breakdown of the added pension you
have purchased up to the date of the
statement (31 March 2015).
Opening balances
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.
Source
1
AVCL
Type
2
Self and de
Effective date
Balance
31/03/2014
£xxxx
£xxxx
Total opening balance
1. Source
This indicates any added pension (AVC)
or added pension lump sum (AVCL) that
you have purchased in the scheme year.
3
Transactions during the year
Source
Type
Action date
Effective date
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).
Amount
4
AVCL
Self and de
xxxxxxxx
1/04/2014
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.
£xxxx
Your annual benefit statement will NOT include
a transaction statement if you have not paid
additional contributions to buy added pension.
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 2014.
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
Total closing balance
£xxxx
5
6
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).
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Your guide
Transaction statement for member no XXXXXXXXX for year 2015
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).
Opening balances
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.
Source
Type
1
Effective date
Balance
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
CORE
Self and de
31/03/2014
£xxxx
AVCs
Self and de
31/03/2014
£xxxx
£xxxx
Total opening balance
3
Transactions during the 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).
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
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
2014.
5. Closing Balances
This shows the closing balance of each
pension element, for example any periodic
and lump sum added pension you have
bought.
4
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
Total closing balance
£xxxx
5
6
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).
13