Monthly contribution payment process
Change in process
Staffordshire Pension Fund's current LGPS pension contributions collection process requires that payment of employee and employer contributions should reach the Fund's bank account by no later than 22nd of the following month, after your organisation’s payroll run.
This is then supported by a breakdown of the payment, supplied on our CTR1 notification form (remittance advice), which to date has been sent to the Pension Fund 'employers inbox'.
Monthly contribution payments can only be added to your organisation's asset share within the Fund, once the payment made has been reconciled to the appropriate CTR1 notification form. Therefore, early posting of contributions to the Fund's accounting systems is essential to avoid any potential investment loss.
Pensions Services and Staffordshire County Council's Income Section, who process payments received on behalf of the Pension Fund, have experienced difficulty with some employer CTR1 forms and have not been able to reconcile and post contributions without making further enquiries. As a result, we are now making some changes to the data collection process.
A link to a new simplified version of the CTR1 form is provided below, and we hope this will be easier for you to complete. To identify and allocate your payment the CTR1 form must include:
- your organisation's name
- your unique employer code (allocated by the Pension Fund)
- the monthly period to which the contributions relate
The payment amount should exactly match the reported amount on form CTR1.
In addition, the reference on your BACS payments should be the organisation's unique Employer code (as per the CTR1 form).
Also, in order that CTR1 forms can be processed as soon as possible, the return should now be emailed to our new inbox:
Please ensure that your completed CTR1 is submitted to the email address above within three days of the payment date.
Please note: any information sent to this inbox will automatically be shared with Staffordshire County Council's Income Section. In view of this please do not send any confidential scheme member related information e. g. termination forms or any other type of routine correspondence to this address. Please continue to use our existing employers' inbox for this type of communication.
As you will be aware, interest and sanction charges apply in the case of late receipt of contributions. Please see our administration strategy for further details.
Please see the guidance notes page.