Cintra iQ enables you to create a Monthly Contributions Reconciliation (MCR) report by extracting data through MCR. From October 2020 to October 2021, Teachers' Pension (TP) transitioned from Monthly Data Collection (MDC) to MCR. This new process consolidates MDC, Monthly Contributions Breakdown, and Enrolment data into a single MCR submission.
Employers are required to report each contract of employment and/or different roles under one contract of employment as individual rows of data on the MCR submission, allowing for reconciliation of contribution deductions for each employee. Cintra iQ handles two methods of contribution deductions:
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"When Paid" Method: Contributions are calculated based on pay at the time it is paid. Cintra iQ automatically applies this method for current period payments.
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"When Earned" Method: Used for retrospective pay changes, refunds of contributions, or payments after employee departure. It requires recalculating contributions based on updated pensionable pay for the period and comparing this to what was actually deducted. Cintra iQ automatically applies this method for backdated pay adjustments.
