Guidance and requirements for Accounting Standards, Final Statement and Payment of contributions.
Accounting Standards (FRS102 / IAS19)
- Accounting standards set out the value of pensions accrued, together with the value of assets set aside to meet these liabilities, for inclusion on the balance sheet. An external auditor will determine whether these accounting standards apply to you as an organisation.
- The responsibility for underlying accounts and assumptions rests with the directors/trustees of each organisation.
- You should contact your auditor to confirm if this is a requirement for your organisation. As a participating employer within the West Midlands Pension Fund (WMPF), you are able to participate in the bulk arrangement with the Fund's actuary regarding provision of FRS102 and IAS19.
- If any employer has previously requested accounting standards, the Fund will assume one is required for future years unless the Fund is notified otherwise.
- For any new employers and employers that did not request an accounting disclosure last year, an email request will be sent to the Finance/FRS contact within their organisation to participate in the accounting disclosure bulk exercise, prior to the financial year end for their organisation.
- For any employers participating in the bulk arrangement, the cost for such a report would be at a reduced rate.
- For an organisation's first report or for a request outside of the bulk arrangement, the costs would be higher.
- Fees for producing accounting disclosures will be invoiced to the organisation.
Final Statement 2024/25
Final statement for 2025 year-end is now live - file submission deadline is Friday 30th May 2025
As part of the year-end process, the Fund requires completion of the Final Statement as an annual certification of the contributions paid to the Fund by your organisation. The completion of the Final Statement is an audit requirement and, as such, all scheme employers are required to complete and submit their file(s) (one per employer record in the scheme) no later than Friday 30th May 2025.
Guidance notes and a video detailing how to complete and submit your statement are available below.
Your Final Statement must be submitted via an Admin Referral workflow in ESS, one per individual employer record. Any submissions received via email or hard copy will not be accepted.
The file must be submitted as an Excel (.xlsx not .csv) file that has been electronically signed. Some employers may wish to submit a PDF version that has a wet signature; this can only be submitted in addition to the Excel file and not instead of. Anyone wishing to submit two versions must attach the PDF to the Admin Referral workflow with the title: Final Statement 2024/2025 Employer Ref #### (where the hashes are replaced by the relevant employer reference number). The Excel file must be attached to the same Admin Referral workflow. Please note that this year, the Excel file allows for a digital signature image to be pasted into the signature box, so you may not feel it necessary to submit the PDF.
If your organisation has changed payroll provider part-way through the scheme year, two part-year returns will be required: one from the former payroll provider, and one from the current. In this circumstance, the Fund will accept a part-year final statement from the previous payroll provider by email (to wmpfemployerliaison2@wolverhampton.gov.uk), but the current part-year must be submitted via an Admin Referral workflow in ESS. Alternatively, you may wish to collate the information into one file to submit via the Final Statement process.
Please ensure that you are in a position to submit your final statement by 30 May 2025.
Please download the Final Statement template and accompanying guidance notes below:
Payment of contributions
Your Member's Contributions
The rate of contribution your member will pay is based on how much they are paid. When the member joins the LGPS, and every April afterwards, you, as the employer, will determine their contribution rate. If one of your members has more than one job their contribution rate will be determined separately for each role. If their pay changes throughout the year, you may decide to review their contribution rate at that time, rather than wait until the following April.
For more information, please refer to the LGPS payroll guide and for an update on the contribution bandings, please refer to the table below.
2025/26 Contribution Rates
| If your actual pensionable pay is: |
Contribution rate: |
|
Up to £17,800 |
5.50% |
|
£17,801 to £28,000 |
5.80% |
|
£28,001 to £45,600 |
6.50% |
|
£45,601 to £57,700 |
6.80% |
|
£57,701 to £81,000 |
8.50% |
|
£81,001 to £114,800 |
9.90% |
|
£114,801 to £135,300 |
10.50% |
|
£135,301 to £203,000 |
11.40% |
|
£203,001 or more |
12.50% |
2024/25 Contribution Rates
| If your actual pensionable pay is: |
Contribution rate: |
|
Up to £17,600 |
5.50% |
|
£17,601 to £27,600 |
5.80% |
|
£27,601 to £44,900 |
6.50% |
|
£44,901 to £56,800 |
6.80% |
|
£56,801 to £79,700 |
8.50% |
|
£79,701 to £112,900 |
9.90% |
|
£112,901 to £133,100 |
10.50% |
|
£133,101 to £199,700 |
11.40% |
|
£199,701 or more |
12.50% |
2023/24 Contribution Rates
| If your actual pensionable pay is: |
Contribution rate: |
|
Up to £16,500 |
5.50% |
|
£16,501 to £25,900 |
5.80% |
|
£25,901 to £42,100 |
6.50% |
|
£42,101 to £53,300 |
6.80% |
|
£53,301 to £74,700 |
8.50% |
|
£74,701 to £105,900 |
9.90% |
|
£105,901 to £124,800 |
10.50% |
|
£124,801 to £187,200 |
11.40% |
|
£187,201 or more |
12.50% |
2022/23 Contribution Rates
| If your actual pensionable pay is: |
Contribution rate: |
|
Up to £15,000 |
5.50% |
|
£15.001 to £23.600 |
5.80% |
|
£23.601 to £38.300 |
6.50% |
|
£38,301 to £48,500 |
6.80% |
|
£48.501 to £67.900 |
8.50% |
|
£67,901 to £96.200 |
9.90% |
|
£96,201 to £113,400 |
10.50% |
|
£113.401 to £170.100 |
11.40% |
|
£170.101 or more |
12.50% |
2021/22 Contribution Rates
| If your actual pensionable pay is: |
Contribution rate: |
|
Up to £14,600 |
5.50% |
|
£14,601 to £22,900 |
5.80% |
|
£22,901 to £37,200 |
6.50% |
|
£37,201 to £47,100 |
6.80% |
|
£47,101 to £65,900 |
8.50% |
|
£65,901 to £93,400 |
9.90% |
|
£93,401 to £110,000 |
10.50% |
|
£110,001 to £165,000 |
11.40% |
|
£165,001 or more |
12.50% |
2020/21 Contribution Rates
|
If your actual pensionable pay is: |
Contribution rate: |
|
Up to £14,600 |
5.50% |
|
£14,601 to £22,800 |
5.80% |
|
£22,801 to £37,100 |
6.50% |
|
£37,101 to £46,900 |
6.80% |
|
£46,901 to £65,600 |
8.50% |
|
£65,601 to £93,000 |
9.90% |
|
£93,001 to £109,500 |
10.50% |
|
£109,501 to £164,200 |
11.40% |
|
£164,201 or more |
12.50% |