Every month, employers will be expected to provide The Pensions Trust with a complete list of contributions applicable to each individual member. Payment for the contributions must be received by The Pensions Trust by the 14th of the calendar month following the month in which the contributions were deducted from the members' salaries.
The list of contributions must include the following information:
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• National Insurance Number |
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• The Pensions Trust Membership Number |
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• Member’s Surname |
| • Payroll Number |
| • Part Time Hours (If Applicable) |
| • Full Time Equivalent Hours |
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• Annual Pensionable Salary |
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• Member Contributions |
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• Employer Contributions |
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• Additional Voluntary Contributions |
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• Additional Information & Effective Date (see
below for details). |
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The preferred format for employers with an expected membership of more than 20 is an Excel (or compatible) spreadsheet showing each of the above categories in a separate column. (The same information would also be acceptable in a .csv file.) The columns should show only the required information and there must be only one row of information per member. The ‘Additional Information’ column must hold any relevant data changes i.e. changes to salary, working hours, leavers, maternity leave, sick leave etc… and also show the relevant date of the change. If changes are not advised to The Pensions Trust then information on our records will be incorrect and this may result in a delay in settlement of benefits for members.
This information should be e-mailed to:contributions@thepensionstrust.org.uk
If you are unable to provide this information in the preferred format, or your expected membership is less than 20, it is possible for The Pensions Trust to provide you with a paper alternative and a users’ guide.
Your Legal Obligation
Whichever format is used, please note you are legally obliged to remit, on time, all contributions deducted from employees pay. Failure to do so may incur a penalty being imposed on the employer by The Pensions Regulator. The Pensions Trust will not be responsible for any penalty so imposed. The legal deadline is the 19th of the month following the month in which the contributions were deducted from members' salaries.
Contributions – Important note
Contribution rates for members and employers may change periodically, as a result of actuarial valuations, or if you cease to offer the scheme to all your employees. You will receive notification of any changes well in advance to allow you to adjust your budget and make the necessary changes to your systems, however please do ensure that the changes are in place by the advised change date.
“Pensionable Earnings” of a Member shall mean the Member’s basic salary or wage, excluding shift pay, non-contractual overtime or such other emoluments as the Employer and the Pensions Committee shall agree.
Please note pension contributions should not be deducted from holiday pay, where this relates to outstanding holidays when an employee leaves employment, or payment in lieu of notice.
Where an employee leaves part way through the month, contributions should only be deducted for the portion of the month they are still employed and not for the whole month.
If contributions are deducted incorrectly you will be obliged to refund them to the employee via your payroll system to ensure Tax and National Insurance are deducted correctly.