|
|
We are finding a few of you are currently reviewing your structures/resources which has resulted in a busy time for employer estimate requests.
If you just require a strain cost for a number of employee’s, this can be processed in bulk (contact us for the spreadsheet) so are quick to process but when member statements are required too, we have to process those individually which takes more time.
Please note that we will not process individual estimate requests with a proposed date of leaving for more than 12 months in advance. However, we are happy to provide you with estimated strain costs (based on current pensionable pay) which can be requested using the bulk spreadsheet.
|
 If you can, please give us as much notice as possible although we do appreciate you also get last minute requests.
It would also be useful to have an expectation of your deadlines as this will help us manage resources and ensure that all our fund employers receive the same level of service.
Whilst we aim to remain within our standard working days turnaround time, there may be times when things take a little longer so we would appreciate your patience.
|
|
|
Just a reminder that if you have a policy to award the backpay to leavers, you will need to provide us with a revised leaver form for each affected member.
|
|
 This consultation closed on 31/12/23. Thank you to those employers who took the time to respond.
A review of the responses has taken place by Peninsula Pensions and proposed amendments to the Pension Administration Strategy is currently being considered by the Devon and Somerset Pension Funds responsible officers, boards and committees.
We will provide you with a detailed response to the consultation in due course.
|
|
 Just to remind you that for any employer led retirements (Redundancy, Interests of efficiency and Flexible Retirement (aged 55 and over)) or where you are enhancing the members benefits, we will need you to submit the HR Authorisation form for each member and send it to: finance.peninsulaemployers-mailbox@devon.gov.uk. We previously introduced the Employer Key Decisions form to attempt to capture important decisions from you but unfortunately, this has proven to be not as efficient as we had hoped and therefore we will require the HR Authorisation form in all cases as described above.
Please download HR Authorisation form on our website and share it with your HR team so they are aware of the process.
We previously introduced the Employer Key Decisions form to attempt to capture important decisions from you but unfortunately, this has proven to be not as efficient as we had hoped so we will no longer be chasing these forms. Instead, we will require the HR Authorisation form in all cases as described above.
It’s that time of year again when our thoughts turn to the Annual Return. The data requirements for the Annual Return template remain unchanged for 2024 and we will be issuing a formal request to all Fund employers early in March. The deadline for the submission of the data will be 30th April 2024.
Please ensure you complete all the relevant columns, including all additional contributions paid by your members in 2023/24:
Employee Additional Contributions
|
|
- Send us a copy of your Employer Discretions Policy
- Confirm your IDRP officer via our online form
- Request a report to identify the members that you need to provide the last 365 days FTE pensionable pay for when that member leaves.
|
|
|
Keep us updated with any changes in staff responsible for completing our forms (authorised signatories). This can be done by completing our online form.
Payment of Pension Fund Contributions - please remember to inform us and the relevant Finance team each time you have paid your pension scheme contributions, by filling in the Monthly Contributions Form.
- In-House AVC’s – these are contracts with Prudential, the value of these AVC’s is used in the member Annual Allowance calculation and will therefore affect any tax charge the member may be subject to.
- Employee APC’s (Additional Pension Contributions) – contributions paid by the employee to buy additional pension benefits or lost pension, for example, due to a period of unpaid leave.
- Added Years – contributions paid by the employee for added years contracts. Added years contracts would usually have commenced prior to 1 April 2008.
- AVC’s (Additional Regular Contributions) - Total amount of Additional Regular Contributions made by the employee. ARC’s would have commenced prior to 1 April 2014.
Employer Additional Contributions
- Employer Shared Cost APC’s – APC contributions paid by the employer in 2023/24 (e.g. the employers share for purchasing lost pension due to unpaid leave)
Employer and Employee Contributions
- Salary Sacrifice/Shared Cost AVC contracts – total of both the employee AND employer share of the additional contributions.
FTE Annual Salary as at 31st March 2024
This is the full time equivalent salary where full-time is 37 hrs per week, 52 weeks per year; it is the salary/grade/spinal point. The salary should also include any known contractual payments on which the member makes pension contributions:
Somerset Fund employers only – for any term-time employees, the full time equivalent salary must be adjusted/reduced for the number of weeks paid each year.
If you have any questions regarding the Annual Return process please contact Jane Aplin (jane.j.aplin@devon.gov.uk)
If you are changing your Payroll Provider, please contact the Employer & Communications Team so that we can help you through the process and make sure you retain access to historical payroll information.
TUPEs & New Academies - Please do not complete the leaver spreadsheet if members are leaving your employment and transferring to another employer under TUPE. Follow the process outlined on our website instead.
|
|
Peninsula Pensions
Great Moor House
Bittern Road
Sowton Industrial Estate
Exeter EX2 7NL
Tel: 01392 383200
Peninsula Pensions is provided by Devon County Council and is a shared service with Somerset Council |
|
|
|
