A reminder to check that the information you send us each month complies with The Pension Regulator's guidelines
The Pensions Regulator (TPR) requires providers and employers to monitor the contributions paid into their workplace pension schemes. Employers have a responsibility to ensure contribution amounts are accurate and in line with any contractual agreements they have with their employees.
What's changed?
It's now mandatory to provide a worker's pensionable earnings each time you submit a contribution. If you are not already providing us with this information, then we need you to make changes to the information you supply when submitting contributions to us.
We've also introduced some enhancements to our Auto Enrolment Dashboard to help you remain compliant with the TPR rules.
The following enhancements were introduced:
You don't need to change how you calculate pensionable earnings; we simply require you to add the pensionable earnings figure when you submit a contribution. If you're already doing this, please continue to do so.
- The 'Earnings in current contribution period (£)' is now a mandatory field when a contribution is being made for a worker.
- Enhanced validation for contributions made using salary exchange. We previously only validated that salary exchange contributions were submitted as an employer only amount. This validation has been enhanced to also check the salary exchange contribution amounts being submitted against the contribution amounts we are expecting.
- If the contribution details submitted don't match what is expected, you'll need to resolve the mismatch before you can submit the contribution schedule.
- In a small minority of cases, there may be a genuine reason for the mismatch. You'll need to provide a reason to explain the mismatch – this is available via a new dropdown feature, providing you with a list of reasons to select from.
- If pensionable earnings in the current contribution period aren't provided or a reason isn't submitted for a contribution mismatch, then the contribution submission cannot be finalised until the missing information has been provided.
- Please ensure you let your Royal London Corporate Servicing Team know of changes to contribution rates, so contributions can be monitored effectively.
Important: It won't always be possible for Royal London to correct any errors you may have made when uploading your contribution schedule. Therefore, it's important that you're reviewing the data you upload as well as the validations which are presented to you each month.
You can find more information about monitoring contributions on the TPR's website (opens in new window), or by visiting our Frequently Asked Questions (FAQs) page.