Focus March 2024
A downloadable version of this newsletter is available below.
As highlighted in February’s Employer Focus, we would like to remind all employers that the submission of data for the financial year ending 31 March 2024 must be received by Pensions Services no later than 19 April 2024, in order that we can comply with the requirement to issue annual benefits statements within statutory time limits.
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.
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.
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.
This table sets out the member’s contribution bands which will be effective from 1 April 2024. These are based on the pay bands for 2023-24 as increased by the September 2023 consumer price index (CPI) figure.Please ensure your HR and payroll teams take the necessary action to implement the changes from 1 April 2024.
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.
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.
The LGA have issued a bulletin aimed at Employers who participate in the LGPS. The bulletin sets out the rates and bands that apply from April 2024 for various purposes including automatic enrolment earnings bands, national insurance thresholds, redundancy payments and member contribution rates.
Along with all the Fund’s participating Employers, you are invited to our Fund’s AGM on Tuesday 12 November 2024, commencing at 14.00 and concluding around 16.30. As well as an update on the administration and investment of the Fund, the agenda will provide time for the Fund Actuary to speak to you about the challenges facing the LGPS and the wider pensions industry that may impact you or your organisation.
We would be delighted for as many representatives as possible from the Fund’s participating Scheme Employers to join the meeting, so please forward this information to anyone else that you think might be interested.
A formal invitation will be issued later in the year, together with information on how to confirm your attendance. At this stage, the intention is for the meeting to be held on Microsoft Teams.
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