Need-to-know updates

EFA confirms budget forecast return deadlines

The Education Funding Agency (EFA) has confirmed that from this year onwards, academy trusts must complete 2 budget forecast returns. The first is the Budget Forecast Return: Outturn (BFRO) and the second is the Budget Forecast Return (BFR). The deadline is 19 May for the BFRO and 28 July for the BFR.

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Teachers' Pensions introduces Monthly Data Collection

Monthly Data Collection (MDC) has been introduced by Teachers' Pensions for employers to provide their service and contribution information, and will replace the Annual Service Return from April 2018.

All employers must be set up to use MDC at the very latest by December 2017 as this will be the only way to submit information to Teachers' Pensions from April 2018. 

Teachers' Pensions have advised that when employers commit to 'onboard' to MDC, they will be given at least a 3-month lead time to prepare, and submit into a test system for the first 3 months. Employers will be notified when they have passed the success criteria, and will then be moved into the live environment.

Employers can join MDC at any time by completing an activation form and returning it to mdc@teacherspensions.co.uk

For more information: https://www.teacherspensions.co.uk/employers/managing-members/administration/monthly-data-collection.aspx