Finance update

Interfund Adjustments
Recently, there’ve been some occasions where some of you have recovered contributions from the Local Government Pension Scheme (LGPS) and then passed them to the member. Employers should only be refunding members the difference if the contributions deducted for LGPS are greater than those due to us.

Payment of Arrears/interfund adjustment invoices
A reminder that these payments should not be included in the monthly contribution submission or paid into the contributions account. There’s a separate bank account for these payments, which is notified on the invoice. When making payments it would be helpful if the member reference number can be quoted in the notes field, which will assist in identification and correct account allocation.