In correspondence dated 31 May, CSC wrote to CSS Pensioners whose Transfer Balance Cap (TBC) is valued at an amount approaching but not over $1.6M.
In these letters we indicated that the current calculated value of pensions did not include the CPI that is applied to your pension from 1 July 2017.
This was not correct for pensions commenced prior to 13 April 2017. The quoted value for these letters did include an estimated CPI increase. CSC sincerely apologises for this error.
Further correspondence has been sent to Pensioners affected. The finalised value of the TBC amount (that CSC will report to the ATO) will be provided as part of your CPI increase letter. That letter will be available from your online account from 15 June 2017 and mailed to you by 28 June 2017. If you have any concerns regarding your TBC please call CSS on 1300 001 777 or visit our Super Changes section for more information.