As we see more and more employers on-boarding to Monthly Contributions Reconciliation (MCR) each month, we’d like to highlight how it’s having a positive impact and the beneficial effect you can expect to see once you on-board, including -

• Reassurance that the information you’re sending is accurate. This means no corrections in the future or queries at retirement when member details may be more difficult to find
• It’s a common misconception that the MCR submission means more work. In fact, there are only three additional fields to complete above the current process
• As MCR is an amalgamation of MDC, Monthly Contributions Breakdown and Enrolment processes, it condenses the time spent completing three processes into one
• It eliminates the chance of arrears occurring (which can be costly and stressful) as contributions are guaranteed to be correct
• Not only does it mean better results for you, but for your employees too. Getting on-board with MCR shows your staff that you care about their career, their financial future and maintaining good relationships
• More accurate information means more reliable Benefit Statements for members and up to date online information that they can trust. This will result in fewer queries and reduced administrative time for you
• With higher quality information, members are able to plan better for their retirement
• As we work with you through the MCR process and encourage ongoing feedback, improvements are continuously being made to improve how it works, the support we can offer and how it can improve your working life.

With only 12 months to go until the final deadline, approximately 20% of all employers have now either on-boarded or have committed to a future on-boarding date for MCR. Each employer has been provided with dedicated support from our MCR team with their initial three submissions, to ensure that they’re confident in their ability to submit monthly going forward. With this in mind, we expect to see more employers booking and filling the slots available over the coming months. To avoid missing out on your preferred month, complete and submit the On-boarding form (XLSX, 37 KB) (This link opens in a new window) as soon as possible.

You can find more information on MCR on our website (This link opens in a new window).