In Employer Newsletter 2 – February 2017 we advised that the Equitable Life Assurance Society had changed the bank account for the payment of contributions for members of the NHS Money Purchase Additional Voluntary Contribution (MPAVC) scheme with immediate effect.
However, some employers are still sending contributions to the old account and their previous bank will no longer forward them to the correct account. The contributions are now being returned to the responsible employers for them to send the money to the correct account.
We can confirm that the MPAVC scheme is a part of the NHS Pension Scheme, which is administered by the chosen providers on behalf of the Secretary of State for Health and Social Care. Therefore there is no requirement for NHS Pensions to complete change of bank detail forms for individual employers. Those employers who have not already made the change must therefore accept this notice and begin making payment to the correct Equitable Life bank account without delay. The account details are:
Barclays Bank
East and South Region 1
1 Churchill Place
London
E14 5HP
Account number: 23324443
Sort code: 20-03-62
Please ensure that any contributions that have been returned because they were sent to the wrong account are also paid as soon as possible.
We would like to take this opportunity to remind you that contributions to the MPAVC scheme are invested by the AVC provider to build up a retirement fund. Sending contributions to an incorrect account delays investment, which could reduce the value of the fund and affect the pension benefits an employee will be able to buy when they retire. The Pensions Ombudsman may hold an employer responsible for any loss incurred as a result of the delay.
The regulations governing the NHS MPAVC scheme set a deadline of 7 days after contributions have been deducted from pay for employers to pay them to the correct account. We will consider reporting any breaches for delayed and non-payment of MPAVC scheme contributions to The Pension Regulator and the NHS Pensions Board.
Please note: the bank details in respect of contributions to Prudential and Standard Life for the NHS MPAVC scheme have not changed.