Employers
In this section:
End of year process - Camden, Merton, Richmond, Waltham Forest and Wandsworth
As we approach the end of the 2023/24 financial year, we would like to remind all our employers of the importance to return prompt and accurate data to the Pensions Shared Service. In order that your administering authority can complete its accounts and meet statutory deadlines it is vital that records are accurate, that annual benefit statements are dispatched by 31 August and that benefits are paid correctly.
Timely and accurate data is vital to ensure that your ongoing employer contribution rate is calculated correctly. Late or inaccurate data may have a detrimental effect on the amount you pay going forward.
The data you have submitted is also directly reflected on our Member Self Service (MSS) system and can be viewed at any time by your staff.
Your final i-Connect submission is due by Friday 19 April 2024.
Compliance and reconciliation process
You can download the compliance and reconciliation forms that you need to read and sign off:
We require the Head of Organisation or your Senior Finance Officer to certify the details on the forms. If you use a third-party payroll provider, they may complete the form on your behalf. However you must certify and sign the form before it is returned to us.
The compliance form acts as certification that you have met your employer duties under the scheme regulations. The reconciliation form aims to ensure that payments made to the fund match the contribution details submitted via i-Connect.
If you changed payroll provider during the year and your previous provider was not using i-Connect, or if you on-boarded to i-Connect for only part of the year, the forms should only cover the period of time during which i-Connect was being used.
These forms can be completed and signed electronically.
Please ensure that the completed compliance and reconciliation forms are returned to PSSEmployers@richmondandwandsworth.gov.uk by Tuesday 30 April 2024.
Pensions Administration Strategy (PAS)
The Pensions Administration Strategy (PAS) includes a schedule of additional administration costs, in accordance with Regulation 70 of the Local Government Pension Scheme (LGPS) Regulations 2013. This provides scope for pension funds to recover costs where, in its opinion, additional costs are being incurred due to an Employer’s level of performance.
View the PAS document.
Key contacts
It is required for each employer to designate a named individual to act as the main point of contact for administering any aspect of the LGPS. You need to confirm your nominated key contact by Tuesday 30 April 2024 using the nominated representative online form. You must let us know every time there is a change in your key contact.
Discretions Policy
The LGPS regulations require employers who participate in the LGPS to draw up and publish a discretions policy and to keep it under review. Discretions are powers that enable employers to choose how to apply the scheme in respect of certain provisions. For more information about the Mandatory Discretions, please see the Local Government Association's (LGA) statement of policy.
If you have not already submitted a Discretions Policy or you have updated your policy, please ensure that a copy of your discretions policy is forwarded by Tuesday 30 April 2024. All employers (including academies but not Local Authority (LA) maintained schools) must download and complete a discretions policy.
Data quality
Failure to submit accurate and timely data will lead to delays in the calculation of benefits, inaccurate annual benefit statements or may lead to future increases in your employer rate. The Pension Regulator’s Code of Practice 14 and a range of legislation requires that the fund’s data is accurate.
Contribution Bandings 2024/25
Below are the employee contribution bands which will be effective from 1 April 2024.
| Band | Actual pensionable pay for an employment | Main section contribution rate for that employment | 50/50 section contribution rate for that employment |
| 1 | Up to £17,600 | 5.50% | 2.75% |
| 2 | £17,601 to £27,600 | 5.80% | 2.90% |
| 3 | £27,601 to £44,900 | 6.50% | 3.25% |
| 4 | £44,901 to £56,800 | 6.80% | 3.40% |
| 5 | £56,801 to £79,700 | 8.50% | 4.25% |
| 6 | £79,701 to £112,900 | 9.90% | 4.95% |
| 7 | £112,901 to £133,100 | 10.50% | 5.25% |
| 8 | £133,101 to £199,700 | 11.40% | 5.70% |
| 9 | £199,701 or more | 12.50% | 6.25% |
Contact
If you have any queries, contact the Pensions Shared Service via email to PSSEmployers@richmondandwandsworth.gov.uk.