2015 New Pension Scheme Implementation

download report

Transcript 2015 New Pension Scheme Implementation

2015 New Pension Scheme Implementation Programme
Employer Engagement Event
March 2014
2015 New Pension Scheme Implementation Programme
Employer Engagement Leads
Julie Stevens – Employer Engagement Lead
The Pensions Schemes Executive - Cabinet Office
[email protected]
Phil Starling – Employer Engagement Lead
MyCSP
[email protected]
Mailbox
[email protected]
2
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Employer Engagement Leads
Engage
Eyes and
Ears
Support
Report
Monitor
3
Employer Engagement Event
Escalate
2015 New Pension Scheme Implementation Programme
Contents
•Introduction and Ice Breaker
•Employer Engagement
•Scheme Provisions, System & Process Changes
•Data cleanse
•Options exercise
•Communications
4
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Aims
• Discuss how we will engage and support you
through the 2015 Scheme implementation
5
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Turn on your keypad
Press down MENU button
for a few seconds and the
word Ready will appear.
6
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Make your selection…
Use the down arrow to scroll
down to highlight your
selection....
7
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Confirming your answer…
Then press the SEND key
8
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
How did you travel here today?
A. Car
B. Public transport
C. On foot
9
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
How are you feeling this morning?
Tired/sluggish
1
10
Up for it!
2
Employer Engagement Event
3
4
5
2015 New Pension Scheme Implementation Programme
How much do you know about the support we
will offer you in implementing the 2015
arrangements?
Very little
1
11
Everything
2
Employer Engagement Event
3
4
5
2015 New Pension Scheme Implementation Programme
Employer Engagement
2015 New Pension Scheme Implementation Programme
13
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
How would you like us
to support you?
14
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Readiness
Guide
Events
Self
Assessment
Strategy
Enhanced
Data
Validations
Employer
Impacts
1-2-1
Readiness
Checks
Payroll
Specification
EPNs
15
Employer Engagement Event
Conference
Calls
2015 New Pension Scheme Implementation Programme
Bill…
...is concerned.
16
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
What should
he do?
17
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Readiness
Guide
Events
Self
Assessment
Strategy
Enhanced
Data
Validations
Employer
Impacts
1-2-1
Readiness
Checks
Payroll
Specification
EPNs
18
Employer Engagement Event
Conference
Calls
2015 New Pension Scheme Implementation Programme
[email protected]
19
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Sid..
…is too busy
20
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Readiness
Guide
Events
Self
Assessment
Strategy
Enhanced
Data
Validations
Employer
Impacts
1-2-1
Readiness
Checks
Payroll
Specification
EPNs
21
Employer Engagement Event
Conference
Calls
2015 New Pension Scheme Implementation Programme
22
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Bill...
• Knows what to do
• Who to contact
23
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
• Data Cleanse
• Options Exercise
• System and Process Changes
• Migrate Members
24
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
• 31st May 2014
• October 2014
• 1st of April 2015
• 1st of April 2015
25
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
26
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
27
Employer Engagement Events
2015 New Pension Scheme Implementation Programme
Scheme Provisions
2015 New Pension Scheme Implementation Programme
Readiness
Guide
Events
Self
Assessment
Strategy
Enhanced
Data
Validations
Employer
Impacts
1-2-1
Readiness
Checks
Payroll
Specification
EPNs
29
Employer Engagement Event
Conference
Calls
2015 New Pension Scheme Implementation Programme
Scheme Differences
Arrears of
pay
Final Salary
Link
30
Normal
Pension Age
to
State
Pension Age
Employer Engagement Event
Effective
Pension Age
(EPA)
Re-joiners
Ill-Health
Retirement
Test
2015 New Pension Scheme Implementation Programme
Arrears of Pay
• Different from nuvos
• Arrears of pay allocated to period earned
not when they are paid
• Contribution rate always applicable in the
year the earnings are paid
31
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Effective Pension Age
•
•
•
•
•
32
New product
Additional contributions, buy a lower pension age
Linked to NPA
Buy whole years up to 3 years
Never lower than NPA of 65
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Normal Pension Age and
Effective Pension Age
NPA
REDUCED
UNADJUSTED
EPA
UNADJUSTED
ENHANCED
55
• Links to State Pension Age
33
Employer Engagement Event
65
68
2015 New Pension Scheme Implementation Programme
Final Salary Link
Premium or Classic
(Active non-accruing)
35
Employer Engagement Event
2015 Scheme
2015 New Pension Scheme Implementation Programme
Ill Health Retirement Test
• Two tiered approach as in nuvos
• Employee’s condition has to be permanent until their
provisional state pension age
36
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Readiness
Guide
Events
Self
Assessment
Strategy
Enhanced
Data
Validations
Employer
Impacts
1-2-1
Readiness
Checks
Payroll
Specification
EPNs
37
Employer Engagement Event
Conference
Calls
2015 New Pension Scheme Implementation Programme
38
Employer Engagement Events
2015 New Pension Scheme Implementation Programme
Data Cleanse
2015 New Pension Scheme Implementation Programme
Data Cleanse Update
• 195 data cleanse reports
• 342 Conference Calls
40
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Data Cleanse Update
Methodology
Issued
Timescales
Data
Cleansing
Commenced
41
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Next Steps
Return Data
42
Employer Engagement Event
MyCSP
Load Data
Check
Interface
Data Marked
on
PenServer
Complete
31st May
2015 New Pension Scheme Implementation Programme
100%
Data Cleanse Targets
90%
thth
nd
stApril
18
April
2014
30
21
4
2
16
May
May
March
2014
2014
2014
2014
65%
45%
25%
10%
1
43
2
Employer Engagement Event
3
4
5
6
2015 New Pension Scheme Implementation Programme
HMRC Case Study
Dedicated
Team
Engaged
Trained
Team
660,000
Running
Extracts
Daily
Reporting
Daily
Targets
44
Employer Engagement Event
105,000
2015 New Pension Scheme Implementation Programme
[email protected]
45
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
46
Employer Engagement Events
2015 New Pension Scheme Implementation Programme
When does the data cleanse exercise
need to be completed, for the Tapered
Enrolment Group?
A. 31st of May 2014
B. 30th of April 2014
C. 1st of April 2015
47
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
What tabs should you focus on first, in the
DataSure report?
A. Red
B. Blue
C. White
48
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Options Exercise
50
2015 New Pension Scheme Implementation Programme
13%
60,000
27%
128,000
Employer Engagement Event
60%
282,000
51
2015 New Pension Scheme Implementation Programme
What is in the Options Pack?
Personalised Statement
“Your Choice” Booklet
Contains:
Contains:
•
Personalised Projection
(retaining Tapered Enrolment)
•
New Scheme Information
•
Signposting to more information
Response Forms
•
Checklist
•
Employer Engagement Event
52
2015 New Pension Scheme Implementation Programme
What else is available to members?
Online Modeller
Communication Products
•
•
Options Exercise Fact Sheet
•
Member on-line video
•
Monthly on-line FAQS
•
Presentation Slide Pack
•
Decision Tree
•
•
Demonstrates the difference between
opting into the new scheme and remaining
in current scheme
Allows users to select the age they plan to
retire and take their benefits
Will be designed with member needs in
mind (not pension administrators or IFAs)
Employer Engagement Event
53
2015 New Pension Scheme Implementation Programme
Distribution Approach
• Options Packs – Same as Additional Pensions
Contributions Letters in March 2014
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
54
Employer Engagement Events
2015 New Pension Scheme Implementation Programme
Communications
2015 New Pension Scheme Implementation Programme
February 2014
What does
this mean
for me?
Webpages
e-Bulletins
What
scheme am I
in?
Online FAQs
www.civilservice.gov.uk/pensions/reform/2015-changes
56
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Future communications
Member
Online
Presentation
July 2014
Options
Factsheets
July 2014
Options
Presentation
July 2014
Factsheets
Member
Online Video
October
2014
Options
Video
August 2014
www.civilservice.gov.uk/pensions/reform/2015-changes
57
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
58
Employer Engagement Events
2015 New Pension Scheme Implementation Programme
Next Steps…
2015 New Pension Scheme Implementation Programme
60
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
61
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Readiness
Guide
Events
Self
Assessment
Strategy
Enhanced
Data
Validations
Employer
Impacts
1-2-1
Readiness
Checks
Payroll
Specification
EPNs
62
Employer Engagement Event
Conference
Calls
2015 New Pension Scheme Implementation Programme
Training
63
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
64
Employer Engagement Events
2015 New Pension Scheme Implementation Programme
How much do you know about the support we
will offer you in implementing the 2015
arrangements?
Very little
1
65
Everything
2
Employer Engagement Event
3
4
5
2015 New Pension Scheme Implementation Programme
How useful have you found the event today?
Not at all
1
66
V. helpful
2
Employer Engagement Event
3
4
5
2015 New Pension Scheme Implementation Programme
67
Employer Engagement Events
2015 New Pension Scheme Implementation Programme
Fastest Finger First
2015 New Pension Scheme Implementation Programme
Question 1
When do the system and payroll changes need
to be implemented by?
A. 1 January 2015
B. 1 April 2015
C. 1 August 2015
69
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Are you ready?
2015 New Pension Scheme Implementation Programme
Question 2
When does the data cleanse exercise need to
be completed by, for the Tapered Enrolment
group?
A. 31 May 2014
B. 31 September 2014
C. 31 December 2014
71
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Are you ready?
2015 New Pension Scheme Implementation Programme
Question 3
Where will you find your roles and
responsibilities?
A. Employer Impact Document
B. In the Strategy and the Readiness Guide
C. Payroll Developers Guide
73
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Are you ready?
2015 New Pension Scheme Implementation Programme
Question 4
When is the first self-assessment?
A. April 2014
B. September 2014
C. January 2015
75
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
And finally…
2015 New Pension Scheme Implementation Programme
Question 5
Who should you contact if you are having
issues?
A. [email protected]
B. [email protected]
C. [email protected]
77
Employer Engagement Event
2015 New Pension Scheme Implementation Programme
Thank you