Year-end procedures
At the end of each tax year The Pensions Trust will request from you details of each member’s earnings on which contracted-out National Insurance Contributions were paid.
These figures are essential for all types of benefit calculations, and it is important that you provide us with this information as early as possible. Failure to do this may result in delays to the payment of benefits.
Employer’s obligations
The employer has a duty under the Trust Deed to advise The Pensions Trust immediately should the employer go into liquidation, receivership or administration or become bankrupt. If any other event occurs relating to the employer which may be of material significance to the Trustee or their advisers, The Pensions Trust must be notified.
Trustee insurance
In order to provide some protection for the Trustee against inadvertent regulatory failures for which the Trustee and the Pensions Committee are responsible, every participating employer is required to pay a small premium, which is currently approximately £20 every three years. You will be advised when payment is due.
Benefit statements
Benefit statements will be sent direct to current active members showing their accumulated benefits on an annual basis. Summary funding statements are issued annually to all members; these statements keep members informed about the scheme's funding position.