We have merged the CSC 2005 and CSC Main Schemes (including the SMS section), into one plan to help maximise efficiencies and the combined scheme is now known as the DXC Pension Plan.
What is actually changing?
There is no change from your perspective as a member (active, deferred or pensioner) of any of the participating plans. The main changes listed below will be:
- The CSC Main (DB and DC) Sections, the SMS Section and the CSC 2005 scheme will now all sit under the DXC Pension Plan entity (with the DC section continuing as a separate ring-fenced section).
- There will be some operational and governance changes e.g. having a single Trustee board and professional advisors - but these do not impact you or your benefit entitlements in any way.
- There will be a new member portal for the DXC pension plan - but the resources currently available to you will also remain.
Why are you making this change?
We currently have a number of different UK pension schemes at DXC and we want to align and streamline their operation and governance, as well as improve member experience under the single DXC Pension Plan.
Is there anything else changing?
No. All other aspects of the schemes are remaining the same at this time, such as your accrued benefits, the administrator providers you contact and support services you currently use.
Some of the websites you currently use may change in the way they look, but that is only to improve your online experiences and to simplify how we refer to the pension scheme to ensure greater consistency.
Are the scheme administrators changing?
No, the current scheme administrators will initially continue to manage the respective pension plans involved in the merger if the proposed merger goes ahead. This will be subject to review by the Trustee of the merged scheme in due course.
Are any of my pension terms (e.g. on early retirement and/or redundancy) changing?
No. All pension entitlements and terms in the participating plans are not affected by the merger. The merger proposal is being made to consolidate some of the legacy DXC pension plans under one legal entity, in order to improve operational efficiency, streamline governance and provide better oversight to the Company of its aggregate pension commitments. The benefit entitlements are not changing in any way.
I have a pension in payment from one (or more) of the plans participating in the merger. Will the pension I receive change?
No, there will be no changes to the pension(s) you are in receipt of as a result of the merger.
Are the Annual Management Charges on defined contribution funds changing?
No, there are no changes to the Annual Management Charges levied on defined contribution funds as result of the merger.
Are any of my pension terms (e.g. on early retirement and/or redundancy) changing?
No. All pension entitlements and terms in the participating plans are not affected by the merger. The merger proposal is being made to consolidate some of the legacy DXC pension plans under one legal entity, in order to improve operational efficiency, streamline governance and provide better oversight to the Company of its aggregate pension commitments. The benefit entitlements are not changing in any way.
Is the security of my pension affected by the merger?
No. There would be no change to the regulatory and legal protections, including the sponsoring employers legal obligations to the participating plans, as a result of the merger. All plans will simply sit under one entity – the DXC Pension Plan.
Do I need to do anything?
No. You won’t have to do anything different. All the benefits you’ve already accrued in your existing pension scheme will remain unchanged and there’s no need to change any of the details you have stored already.
This is now finalised. There was a consultation period for active members (please see The Consultation section on this website).
Will there be any transaction or administration costs (on defined contribution funds) associated with the merger?
There will be no changes to the funds you hold or are available to you, nor will there be any transaction charges or changes to administrative charges applied to your funds. The funds will remain with their current provider and they will simply be transferred to the merged plan.
I would like to request a retirement quote, benefit statement and/or a transfer value quote.
Please contact the respective administrator and they will provide you with the information you need.
We held a formal consultation with active members of the Defined Contribution sections of the CSC Main Scheme from 10 June to 9 August, during which members were invited to ask questions and share your feedback on the change.
What is the consultation?
When changes are made to a pension scheme, the Pension Regulator (the UK’s regulatory pensions body) places an obligation on the employers to consult with the members of the pension scheme. During the consultation period the employer communicates the changes it wants to make to ensure members understand the rationale as well as any the implications for them, and provide feedback before any changes take effect.
What happened during the consultation?
Who went through the consultation?
Formal consultation was only required for active members of the Defined Contribution section in the CSC Main Scheme, however we encouraged members of other CSC schemes to share their thoughts and questions. If you have any questions, email them to enquiries@dxcpensionplan.com
When did the consultation start?
The consultation period started on 10 June, lasting 60 days. Key dates to take note were as follows:
- 10 June 2020 – Consultation starts
- 9 August 2020 – Consultation ends
- 12 October 2020 – The date we merged the schemes
When did the change happen?
The merger was completed on the 12 October 2020.
How can I raise any queries or give feedback?
If you have any questions that aren’t covered on this website, please share them with us as part of the consultation, using the contact details: enquiries@dxcpensionplan.com
