Share
The Pensions Regulator is asking you to change the information you send to us each month
The Pensions Regulator (TPR) requires providers and employers to monitor the contributions paid into their workplace pensions 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 changing?
To comply with TPR rules on monitoring contributions to a pension scheme, we need you to make changes to the information you're required to supply when submitting contributions to us. From May 2024, it will become mandatory for you to provide a worker's pensionable earnings each time you submit a contribution.
Pensionable earnings for your workers can already be provided within the "Earnings in current contribution period (£)" column when submitting a contribution and we would recommend that you don't wait until May 2024 to start providing this information. If you use a payroll provider, you will need to ask them to include these details in the payroll files they provide to you. If using salary exchange for pension contributions, you will need to provide us with the worker's pre salary exchange pensionable earnings.
When you log into the Automatic Enrolment Dashboard after 17th November 2023, you will see a new pop-up message when selecting the "Make Contributions" option, to remind you of the upcoming changes.
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 is 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 of contributions in Code 05 and Code 06 on the TPR's website (links open in new window).