Monthly data reports and end of year procedure
As an employer there's data you must submit for your members on a monthly basis to make sure your employee pension records are accurate.
We ask for data to be sent to us through the i-Connect system.
i-Connect makes your employer duties easier and allows you to submit members' monthly CARE pay and contributions. This then automatically updates the year to date totals on our system. You'll also be able to tell the fund of any new starters, part time hours changes, personal details changes and leavers (although a PEN007 form will still need to be completed for leavers).
To use i-Connect, enter the information, or submit a file about your employees into the i-Connect application using a web browser. i-Connect then automatically identifies and sends information about new joiners, opt outs and leavers, together with pay and contributions to us.
The benefits of i-Connect are that it:
- Reduces employer time and costs
- Addresses auto enrolment obligations
- Reduces the need for paper forms
- Improves scheme governance
- Provides secure transfer of data to us
Some i-Connect user guides are available.
Payment of monthly contributions
All pension contributions to us must be made no later than the 19th of the month following the month in which they have been deducted.
We'll record all late contributions as a breach. Repeated breaches could result in you being reported to The Pensions Regulator. The regulator treats the failure to make payments on time as a serious offence. This could lead to you being heavily fined.
The full list of employer responsibilities can be found in the administration strategy statement.
Interest will also be due on late payments at a rate of 1% above bank base rate.
What to include with your payment
When you send the monthly pension contributions to us, you must also make sure that your i-Connect report has been uploaded.
Please contact us if you don't have our payment details.
Payment of deficit
If you've a deficit then you'll have to pay it back monthly.
Your deficit will have been worked out at the actuarial valuation and will increase each financial year.
You'll be sent a schedule in February for the forthcoming financial year. This will detail the amount that needs to be paid as an annual amount or by monthly instalments. It will also include information on how to pay.