What has changed?
The Pensions Regulator (TPR) requires pension providers and employers to monitor the contributions paid into workplace pension schemes. We’ve been recently advised that what was best practice is now minimum standard.
For employers, it’s their responsibility to make sure the contribution amounts are accurate and in line with any contractual agreements with their employees.
What do employers need to do?
For Standard Life to support employers with the change, we need them to provide us with additional information in their payroll files. This will enable fulfilment of legal duties as set out within TPR code of practice - and is required for all workplace pension scheme members, for every pay period.
To help us know when employers will be ready to supply us with the new information, we’re asking them to complete this simple payroll data form as soon as they have an estimated date for completion by scheme number. This will allow us to help them meet TPR’s requirements.
See our table below for details on the information we need and in which format:
|Data item name||Mandatory, conditional, or optional||Maximum number of characters||Data format||Explanatory notes|
|Pay Period Pensionable Earnings||Mandatory||15||1000.00||This is the gross earnings for that pay period you use to calculate their pension contribution. Only enter numbers and decimal point.|
|Member %||Mandatory||5||3.00||If an employee payment is being made, please enter the %. Only enter numbers and decimal point.|
|Employer %||Mandatory||5||5.00||If an employer payment is being made, please enter the %. Only enter numbers and decimal point.|
|Regular (employer)||Mandatory||15||150.00||If an employer payment is required, enter the gross amount. Don’t enter commas or £.|
|Regular (member)||Mandatory||15||100.00||If an employee payment is required, enter the amount. Net for Contract schemes/ Gross for Trust Based Pension or Master Trust schemes. Don’t enter commas or £.|
|Qualifying Workplace Pension Scheme (QWPS) only|
|Pensionable Pay Definition(s)||Mandatory||3||QBE||
If your pension scheme is a QWPS, we need to know the pay definition you're using for each member.
For more information on what is needed in the data file, see our full Group Pension Zone (GPZ) pension data exchange guides and file templates:
|Product||Data exchange guide||Payroll file templates*|
|Master Trust (MT) and Trust Based Pensions (TBP)||MT and TBP data exchange guide||MT and TBP payroll template from Feb 24|
|Group Flexible Retirement Plan (GFRP)||GFRP data exchange guide||GFRP payroll template from Feb 24|
|Good to go (GTG)||GTG data exchange guide)||GTG payroll template from Feb 24|
|Group Personal Pension (GPP)||GPP data exchange guide||GPP payroll template from Feb 24|
|Group Personal Pension Flex (GPPFlex)||GPPFlex data exchange guide||GPPFlex payroll template from Feb 24|
|Group Stakeholder Pension Plan (GSPP)||GSPP data exchange guide||GSPP payroll template from Feb 24|
|Contract In Money Purchase (CIMP)||CIMP data exchange guide||CIMP payroll template from Feb 24|
* For multi-site schemes you'll need to add a 'Site moving to' column to these templates.
What will Standard Life do with this information?
We’ll review the information submitted and raise any queries with employers directly. Employers will then have 90 days to resolve these queries in their payroll.
If these issues cannot be resolved within the timeframe, then Standard Life – like all pension providers – have a duty to report the employer to TPR. From then on, TPR can engage with the employer with the aim of resolving these issues.
When do employers need to start providing extra information?
Standard Life will be taking this information, along with the rest of employers’ payroll data, from February 2024.
We wanted to give as much notice as possible so that, if needed, employers have time to speak to their payroll provider to make the necessary changes to their payroll files. This information will become mandatory in the future – so it’s important that these requirements are built into any future system changes.
We’ll keep employers updated as we approach our go-live date of February 2024.