Employers must ensure all the employee and employer contributions, including any monthly deficit payments, due to the Oxfordshire Pension Fund, are banked and payments cleared within 19 days of the end of the month the contributions were deducted. These contributions include all main scheme and 50/50 employee contributions and any additional contributions payable from employee and employer. Remember the employer pays the full contribution when members elect for 50/50 option.
Prudential AVC contributions are not included in your return to the Oxfordshire Pension Fund.
It is essential that the investment team receive all supporting paperwork for any payment to the fund and the paperwork must show the value being banked.
If your authority pays any compensatory elements of pension, you should include details of these payments with this return. We will inform you of any changes to the compensation pension. You should expect something each April, to coincide with pensions increase.
If your payroll operates other than on monthly payments ensure you contact the investment and employer team concerning your schedule for payment over.
The investment team will send a revised monthly contribution return form when the employer rate is due to change. Contact that team direct if you have questions about the employer rate or the process for making the return.
Pension Investment Team
Oxfordshire County Council