Following a review in 2023, DXC Technology made changes to their UK pension arrangements and from 1 December 2023, all active members stopped paying contributions to the Plan. Instead, they started contributing to a new pension arrangement, the DC Tier of the DXC Section of the DXC UK Pension Scheme (the new Scheme) with Standard Life.
We can now confirm that all the DC benefits in your pension pot will be transferred to the new Scheme in May 2024.
For more details about the changes, please read the FAQs below:
- FAQ document for current employees (PDF download)
- FAQ document for ex-employees (PDF Download)
Watch the video to find out what happens next
To learn more about the process of moving your pension pot to the new Scheme, please watch this short video.
Where the pension pot will be invested
Unless you instruct otherwise, after the transfer is done pension pots will be invested in the Standard Life Sustainable Multi Asset Universal Strategic Lifestyle profile – the default investment strategy chosen by the Trustee of the new Scheme.
You can choose where you’d like your pension pot to be invested in the new Scheme by visiting https://workplace.standardlifepensions.com/dxcuk-self-select. If you wish to choose your own investment strategy for your pension pot, you must do so by Friday 19 April 2024.
Alternatively, you can switch your investment choices after the transfer to the new Scheme is completed.
What to do if you don’t want to move your pot
If you don’t want your pension pot transferred to the new Scheme, you can:
- Transfer it to an alternative pension scheme of your choice (see FAQ Section 2); or
- If you are aged 55 or older, you can use your pot to take a retirement income. You will have to transfer your pot out to another pension scheme or SIPP if you are not taking an annuity or 100% cash.
If you want to take either of these options, WTW will need to receive all associated paperwork to be completed correctly and by Friday 5 April 2024 to stop your pension pot from being transferred to the new Scheme.
Please note that you still have these options after the transfer to the new Scheme, based on the rules of that scheme, so please don’t feel that you must rush into a decision.
Key dates
Wednesday 28 February
Current employee webinar took place on 28 February. Watch the recording to learn more about the new Scheme and the transfer from the Plan.
Thursday 29 February
Ex-employee webinar took place on 29 February. Watch the recording to learn more about the new Scheme and the transfer from the Plan.
Friday 5 April
Deadline for WTW to receive completed paperwork covering retirements/transfers out.
Friday 19 April
Deadline to choose where your pension pot is invested once transferred to the new Scheme. Visit https://workplace.standardlifepensions.com/dxcuk-self-select to get started
4pm, Friday 19 April – early June 2024
Blackout period. You can’t make any changes to your pension pot in the Plan
May 2024
Transfer of pension pots to the new Scheme will take place.
Early June 2024
Your transferred pension pot is available to view on:
https://workplace.standardlifepensions.com/dxcuk
Who’s involved?
- The Plan: CSC Money Purchase Section of the DXC Pension Plan
- The new Scheme: DC Tier of the DXC Section of the DXC UK Pension Scheme
- The Trustee: Trustee of the DXC Pension Plan
- The new Scheme Trustee: Trustee of the DXC UK Pension Scheme
- The company: DXC Technology
- The Administrator of the new Scheme: Standard Life
- The Administrator of the Plan: WTW
