2014 Report details for project: New Civil Service 2015 Pension Scheme Implementation

Project name: New Civil Service 2015 Pension Scheme Implementation - there are 3 reports for this project: 2014, 2015, 2016
Google search: Google search on project name (opens in new window) opens in new window
Organisation: CO (D2) - see all reports for this organisation
Report year: 2014 (data is from Sept 2013)
Category: Transformation - see all reports for this category
Description: The purpose of the programme is to manage the successful delivery of the new pension arrangements against published timetables Critical success factors: • New arrangements will be implemented from 1/4/2015 and arrangements will be in place to implement additional changes post 1 April 2015 • Administration system, associated processes and all scheme documentation will be updated to be compliant with final regulations, enabling the scheme administrators (MyCSP Limited) to effectively manage members’ benefits under the new scheme in line with SMB Contract requirements • All members and prospective members will understand how they are affected by the new scheme, based on regular, clear and effective communication. Where members are able to choose when they transfer to the new scheme, members will have had sufficient information to make a choice • All members will be in the correct scheme
DCA (RAG): Amber
DCA text: The 2015 New Pension Scheme Programme is part of a much wider Programme of Pension reform reporting in to HMT. The estimated Programme costs which have been agreed and approved by the SRO and by HMT are £13.4 million over the Programme life. My CSP costs are monitored and scrutinised by the Programme and HMT. Rigorous monitoring is applied to future forecast spend which is agreed on a quarterly basis subject to SRO approval. The new 2015 pension scheme is being introduced as part of wider reform to public service pensions. The reforms are legislated under The Public Service Pensions Act 2013 and these measures are projected to save around £65 billion by 2061-62 (HM Treasury calculations based on Office of Budget Responsibility’s Fiscal Sustainability Report 2012). While a number of risks and issues exist these are being actively managed and do not pose an unacceptable level of risk to the successful delivery of the programme.
Start date: 2013-04-15
End date: 2016-06-30
Schedule text: No departmental narrative
Baseline: £0.00m
Forecast: £0.00m
Variance: 0.00%
Variance text: N/A variance less than 5%
Whole Life Cost: £0.00m
WLCost text: The 2015 New Pension Scheme Programme is part of a much wider Programme of Pension reform reporting in to HMT. The estimated Programme costs which have been agreed and approved by the SRO and by HMT are £13.4 million over the Programme life. My CSP costs are monitored and scrutinised by the Programme and HMT. The forecast spend is agreed on a quarterly basis subject to SRO approval. The Finance Directorate in Cabinet Office have confirmed they are content with the spend to date and the level of rigour and monitoring being applied to future forecast spends. The new 2015 pension scheme is being introduced as part of wider reform to public service pensions. The reforms are legislated under The Public Service Pensions Act 2013 and these measures are projected to save around £65 billion by 2061-62 (HM Treasury calculations based on Office of Budget Responsibility’s Fiscal Sustainability Report 2012).
Notes1:
Notes2:
Sourcefile: IPA_2014.csv

Home Selection Search All Reports All Projects (+dates) All Projects (+costs) All Organisations All Years All Categories


Acknowledgement: GMPP data has been re-used under the Open Government Licence.