Following the nationally agreed pay award, which has been backdated to April 2024, the pay for any retirements from that date will need revising to ensure the pension is being paid at the correct level.
For partial retirements, where pay cannot be updated through Pensions Online (POL), the figures will need to be submitted to us manually.
Due to the number of members this affects, and to mitigate the workload for you, we have been looking at the most efficient method of doing this.
We are in the process of finalising a pre-populated spreadsheet with the members of your organisation that have retired on or after 1 April 2024. You will be asked to complete this spreadsheet with the revised pay details and submit it to us via email. We will then update the member records using the information you provide and process the revised benefits. This will happen towards the end of this year, following ESR updates.
More information will be available in a future article on the Employer Hub.