The Pensions Regulator is asking Employers to change the information they send to us each month
The Pensions Regulator (TPR) requires providers and employers to monitor the contributions paid into their workplace pensions schemes.
Employers have a responsibility to ensure contribution amounts are accurate and in line with any contractual agreements they have with their employees.
To comply with TPR rules on monitoring contributions to a pension scheme, we need employers to make changes to the information they’re required to supply when submitting contributions to us. From May 2024, it will become mandatory for employers to provide a worker’s pensionable earnings each time they submit a contribution.
Pensionable earnings for employees can already be provided within the “Earnings in current contribution period (£)” column when submitting a contribution and we would recommend that employers don’t wait until May 2024 to start providing this information. If they use a payroll provider, employers will need to ask them to include these details in the payroll files they provide.
When employers log into the Automatic Enrolment Dashboard after 17th November 2023, they will see a new pop-up message when selecting the “Make Contributions” option, to remind them of the upcoming changes.
Important: It won’t always be possible for Royal London to correct any errors employers may have made when uploading their contribution schedule. Therefore, it is important that they review the data they upload as well as the validations which are presented to them each month.
More pension articles
The Retirement Living Standards – Is there a Funding Gap?
The Retirement Living Standards are a fantastic introduction to income needs in retirement, but anyone who targeted these in previous years may find they now have a funding gap as the levels have increased considerably. This is likely to be more prevalent for employees in their workplace pension.
Upcoming change to how we calculate projected pension values
Find out more about an upcoming industry change that will impact how we calculate projected pension values for your clients.
Revisiting the workplace pension market
The advice industry has played a significant part in the success of auto-enrolment, not only by helping employers meet their duties on time but also by providing an ongoing service.
What next for independent schools pension provision?
Many independent schools participate in the Teachers’ Pension Scheme (TPS) meaning their teaching staff retain access to the same public sector pension benefits as their colleagues in state schools.