If you’re an employer of the Teachers’ Pension Scheme, you’ll no doubt have heard about Monthly Contributions Reconciliation (MCR).

MCR will be an amalgamation of your existing Monthly Data Collection, Monthly Contributions Breakdown and Enrolment processes. It’ll give both you and us greater assurance that the information submitted is accurate and help to reduce the risk of variances between service and contributions.

So how does MCR impact you?

With the introduction of MCR, you’ll see a number of changes to the way you submit service on a monthly basis, as well as to the accuracy of the data. This will ultimately help you make the best use of your time administering the Scheme, as well as offering your employees better quality information.

Benefits of MCR include:

1. You’ll no longer need to complete the Monthly Contributions Breakdown form and Enrolment Template
2. It’ll remove the need for concurrent service
3. It allows for a simpler End of Year Certificate (EOYC) process
4. It’ll provide greater validation to ensure data is accurate
5. It’ll remove the need to complete an Enrolment form as this is communicated via the MCR submission
6. It’ll provide the ability to delete service when connected to a refund.

When will MCR be introduced?

As with Monthly Data Collection, employers will join during an on-boarding period. Our Pilot group will start on-boarding to MCR July 2020.Full on-boarding is scheduled to begin from October 2020. From October 2021 all establishments will need to have on-boarded to MCR.

What can you do to prepare for on-boarding?

If you’re already in a position to on-board and you want to make sure you give yourself plenty of time before the on-boarding deadline of September 2021 we’d encourage you to participate in the Pilot Group in July 2020. From October 2020 when remaining establishments start to on-board we’ll only be able to accept a set amount of establishments each month, to ensure we can provide the support you may need. If you, or your payroll or service provider isn’t ready yet, then we’d recommend that you let us know when you’ll be planning to on-board to ensure you secure your chosen date.

How to on-board to MCR:

If you’d like to partake in the Pilot Group please complete the on-boarding form found on our website and send it to us via email (This link opens in a new window), as soon as possible. If you’d like to secure your future on-boarding date now between October 2020 and September 2021 then you’ll still need to complete the On-boarding form and send it to us via email (This link opens in a new window).

You can find the On-boarding form and a template to help you complete it on our website.

Still confused about what MCR is?

Don’t worry, we’ve got plenty of resources on our website which will explain in more detail what MCR is and how it’ll impact on you, including an On-boarding Guide, and User Guide which were created to help you understand every aspect of MCR.

You can find the above documents and other information on our dedicated web pages.

We also have a 45-minute webinar which you can register onto which outlines what MCR is in greater detail and provides an opportunity to ask questions about what MCR means for you. In the coming months we’ll be releasing a new series of MCR webinars which go into further detail about the process.

If you want to register onto one of our MCR webinars you can do so by visiting our website.

If you need any further help with our training webinars please let us know by emailing us (This link opens in a new window).

If you’ve got any further comments or queries let us know (This link opens in a new window).