Finance update

MAT/Academy contributions submission

We’d like to remind you that with effect from April 2024, contribution submissions by MATs should either be one payment, one breakdown form or file and will be posted to the 751 number or alternatively five payments, five files (dependent on the number of academies in the MAT).

You’ll no longer be able to submit multiple (separate) payments for academies under the 751 number.

For those of you who submit under the second option of multiple payments and multiple breakdowns under the separate academy numbers, please be aware at the end of the year separate EOYCs will be required for each academy.

Additional Contribution/Buy Out Elections

We’re still receiving ratio explanations stating member contributions fall outside of tolerance due to Additional Pensions.

This shouldn’t be the case as any contributions, due to elections taken out by members, have their own box in the template and shouldn’t be included in the member’s tier contributions total.

Arrears Invoices

We’d like to remind you, when paying invoices due to arrears of contributions, payment should be made to the account quoted on the invoice. This is separate to the monthly contributions account.

Last Updated: 30/04/2024 10:31