Focus February 2024
A downloadable version of this newsletter is available below.
- Submission of Year End Pension Data Returns- Deadline 19 April 2024
- Revised Employer and Employee pension contributions effective from 1 April 2024
Background
Employers will be familiar with this annual business critical and regulatory requirement, to maintain the accuracy / integrity of all the Scheme Members’ pension data. This also enables the Fund to issue our Scheme Members’ Annual Benefit Statements by 31 August 2024.
Deadline for Employer’s submission (except Employers using i- Connect)
As mentioned already the submission of data for the financial year ending 31 March 2024 must be received by Pensions Services no later than 19 April 2024.
If you are an Employer using i- Connect you are not required to provide a full year end return, but your March 2024 monthly return must be uploaded to the i-Connect system by no later than the 19 April deadline.
Failure to respond by 19 April 2024 may result in the late issue of Scheme Members’ Annual Benefit Statements, which constitutes a breach of law. This means the Fund has a legal requirement for the breach to be reported to the Pensions Regulator. This exposes both you, as the Employer and the Fund to reputational risk and also the risk of financial penalty.
Employer Guidance
To assist Employers with completing their annual return we have a dedicated area of the Pension Fund’s website, which contains all the necessary documentation for completion including guidelines and supporting information (please see link below).
Staffordshire Pension Fund - Year end data (staffspf.org.uk)
The above link includes the following:
- LGPS Payroll Guide – if you are uncertain of the data that should be supplied, then please refer to this guide. The guide sets out the requirements for payrolls in respect of the LGPS.
To assist us with ensuring the accuracy of your data and the calculation of correct pension liabilities, it is imperative that you complete the leaver and new starter forms for all employees who have left or joined your organisation during 2023-2024 and return them to the Fund.
Casual Workers
Some employers will have casual workers on their payroll. Casual work will be on an 'as and when' required basis and the working pattern will be determined by the needs of the Employer and the availability of the individual.
On becoming employed Casual workers who are eligible are enrolled by the Employer as members of the LGPS. The Fund has noted that in some case Casual employees have for several years appeared on the Employer’s annual returns with a nil pension return.
It is quite likely that these employees have left your organisation, but as we haven’t received a leaver notification they are still treated as a member of the LGPS. We would therefore be grateful if Employers could review their Casual employees’ contracts on a regular basis and notify the Fund of any individual who has left your employment.
As a participating Employer in the Staffordshire Pension Fund, unless you are a contractor or partner organisation operating on a fixed contribution rate admission basis, you will previously have received notification of your Employer's 2022 valuation schedule which outlines your organisation’s expected Employer LGPS contribution rate for the three years commencing 1 April 2023.
To assist Payroll Managers, details of the Employer Contribution rates due from 1 April 2024 for all participating Employers in the Staffordshire Pension Fund, can be found on our website (see link below).
Staffordshire Pension Fund - Year end data (staffspf.org.uk)
N.B. If the contribution rate your organisation pays is fixed for the life of your current contract, the Fund Actuarial Valuation will not alter the contribution rate payable.
The table below sets out the members contribution bands which will be effective from 1 April 2024. These are based on the actual received pay bands for 2023/24 as increased by the September 2023 Consumer Price Index (CPI) figure.
| Band | Pensionable Pay Range | Main Section Contribution Rate | 50/50 Section Contribution Rate |
|---|
| 1 |
Up to £17,600 |
5.5% |
2.75% |
|---|
| 2 |
£17,601 to £27,600 |
5.8% |
2.9% |
|---|
| 3 |
£27,601 to £44,900 |
6.5% |
3.25% |
|---|
| 4 |
£44,901 to £56,800 |
6.8% |
3.4% |
|---|
| 5 |
£56,801 to £79,700 |
8.5% |
4.25% |
|---|
| 6 |
£79,701 to £112,900 |
9.9% |
4.95% |
|---|
| 7 |
£112,901 to £133,100 |
10.5% |
5.25% |
|---|
| 8 |
£133,101 to £199,700 |
11.4% |
5.7% |
|---|
| 9 |
£199,701 or more |
12.5% |
6.25% |
|---|
Please ensure your HR and Payroll Teams take the necessary action to implement the changes from 1 April 2024
All completed forms should be sent in an encrypted format or via Staffordshire County Council’s Secure File Transfer (SFT) system to: SPFData@staffordshire.gov.uk
We would be grateful if you could continue to circulate this Newsletter to appropriate staff in your organisation for example, Human Resources, Payroll and Finance Department or alternatively provide us with their email address, so we can add them to our distribution list.
If you require any further information or clarification, please do not hesitate to email the Fund at pensions.comms@staffordshire.gov.uk