1. Administering Teachers' Pension Scheme for the United Kingdom
  2. Third-Party Pension Provider Payee Information

Third-Party Pension Provider Payee Information

The third-party organization to whom TPS pension contributions are paid and their associated payment method determine the payment type that’s reported in Data Item 57 (Payment Type) of Section B of the MCR.

Prior to completing these tasks, it’s a prerequisite that:
  • The main qualifying pension scheme element exists.
  • The organization payment method for the payment source exists before you create the third-party payment method.
  1. Use the Third Parties task to create your third-party organization.
    • The party usage code for the organization must be “Pension Provider”.
    • The organization must have an address and a third-party payment method of BACS or Cheque.
  2. Use the Legal Entity Calculation Cards task to create a Pensions Automatic Enrolment Additional Scheme Information calculation card.
    • Add a Pensions Automatic Enrolment Additional Scheme Information calculation component and associate it with the qualifying pension scheme.
    • Select the third-party payee organization created previously in the Payee for Pension Contributions field.

For more information, see Third Parties Overview and Third-Party Payment Methods Overview in the Help Center and Oracle Cloud Human Capital Management (United Kingdom): Pensions Automatic Enrolment and Functional Considerations (Doc ID 2006584.1) in My Oracle Support.