We merged the XDBS Scheme, the CSC 2005, CSC Main (including the SMS section), the Rebus Scheme and the LPC Scheme into one plan to help maximise efficiencies. The combined scheme is now known as the DXC Pension Plan.
Why are we making this change?
We had a number of different UK pension schemes at DXC and we wanted to align and streamline their operation and governance, as well as improve member experience under the single 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:
- All schemes will now all sit under the DXC Pension Plan entity (with the defined contribution (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.
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?
As a result of the scheme merger, the XDBS Scheme’s Trustee Board will be replaced with the Trustee Board of the new DXC Pension Plan. The DXC Pension Plan Trustee Board will be comprised of those individuals who currently sit on the Trustee Board of the CSC 2005 Pension Scheme and includes two of the current XDBS Scheme Trustees (Mark Greenhalgh and Andrew Haslam). The individuals who sit on this Trustee Board are experienced and knowledgeable and will be subject to the same requirements in ensuring that the DXC Pension Plan is run in a compliant and professional manner.
The Company are also proposing that membership of the new Trustee Board is expanded to include the current Chairman of the Rebus Pension Scheme (one of the other merging Xchanging Schemes). The inclusion of this additional Trustee will ensure that the new Trustee Board is sufficiently resourced to oversee the running of the larger post-merged Scheme whilst maintaining Trustee representation of one of the other merging schemes.
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.
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 employer’s legal obligations to the participating plans, as a result of the merger. All plans will simply sit under one entity – DXC Pension Plan.
Do I need to do anything?
No. You won’t have to do anything. 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.
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, what do I do?
Please contact the respective administrator and they will provide you with the information you need.
This is merely an announcement for XDBS Scheme members as a formal consultation was only required with active members of the Defined Contribution sections of the CSC Main Scheme. This ran from 10 June to 9 August, during which all members were invited to ask questions and share their feedback on the change. If you have any questions, you can email them to: enquiries@dxcpensionplan.com
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. But note, we were not required to have a formal consultation with Rebus Scheme members.
When will the mergers happen?
The merger was completed on 12 February 2021.
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 using the contact details: enquiries@dxcpensionplan.com
