The importance of pensionable pay accuracy in your monthly submission data file
Each year, from April onwards, annual calculations commence in order to enable us to produce your members' annual benefits statements. We would like to remind you of the importance of submitting accurate information in your monthly data file. The provision of annual benefits statements to our members is necessary to ensure that we are compliant with The Pensions Regulator's requirements.
Producing the File
Your monthly data submissions file is produced using Excel and must be submitted in .csv (comma delimited) format to upload successfully. We have created a Monthly Submissions Interface Schema Pack for additional support, this can be found in the Downloads section.
Uploading the File
Once your csv file is ready, upload it via Employer Self-Service. Within the Downloads section you can find a step-by-step Monthly Submission Interface Schema pack.
If you have any further questions or require additional support regarding the process, please telephone our dedicated employer helpline on 0300 111 6516 or email us at WMPFEmployerliaison2@wolverhampton.gov.uk.
Please ensure that all of your monthly data files have been completed and submitted, and that the following pay information is included for every active member:
Column W: monthly actual pensionable pay
The member's actual monthly pay must be accurately reported each month, including any Assumed Pensionable Pay (where applicable): these 12 entries from April to March are totalled so that members' CARE benefits can be calculated for the year.
Column AA: Annual full-time equivalent pay figure
The full-time equivalent pay figure in your March file must be a true reflection of the member's full time equivalent pay for the 365 days prior to 31st March: this figure is used to calculate members' pre-2014 benefits. If you have members that are term-time only, you may find our Term-time Calculation Leaflet, in the Downloads section, useful.
An inaccurate full-time equivalent pay figure can have a substantial impact upon a member's final salary pension benefit calculation which may result in members' benefits being under- or overstated. The consequences of either scenario could have a potentially significant impact on both the member (making financial decisions based upon incorrect benefit statement information) and you, the employer (incorrect valuation results, for example).
As set out in the Fund's Pension Administration Strategy, which can be found in the Downloads section, we will recover the cost of the work involved in relation to the updating of the correct FTE rates based on Fund officer hourly rates.