Extra Pension Payments in 18/19

dont_use_vistaprint

I made a v large one off payment to Aegon via payroll in March. Normally each month in Aegon portal I see the payment of mine+employers contribution within 1-7 days of payroll. Its now 18 days and its not showing, but the unit price is highest its ever been, do you think they are waiting for a drop , should they do this ? Or should I call them ? Its definitely come off as my P60 is online showing the annual amount reduced significantly

davidwatts

If in doubt call them but it could just be a case of one-off payments taking longer to appear than regular ones.

My regular payments used to take between 3 and 5 weeks to appear in my pension, 1-7 days would have been fantastic!

I doubt they're trying to second guess the unit price so either something's gone awry or it just takes a bit longer that what you're used to.

Pip_Boy_111

No expert but I asked the same question of Aegon (mine was because i increased my contributions but the statement showed the old amount on payday). They said that contributions hit the account a month AFTER they were made from the salary payment. I.e. the amount i was seeing was actually the March contributions and Aprils (the increased one) will show up on Mays payday. Could yours be the same?

menziesthefish

As the contribution was made through your payroll, your employer has an obligation to pass it on to the scheme (Aegon) by the 19th day of the month AFTER the deduction was made from your pay. So in your case the contribution has to be paid to Aegon by 19th April (tomorrow) at the latest. This may then take a few days to show up on Aegon's system/portal.

I doubt very much that your employer would be monitoring the unit price. Aegon certainly wouldn't as their only obligation is to apply the contributions as instructed.

drumtochty

From personal experiance I do not belive a lump sum on the March payroll with hit the insurance company before the end of the tax year.


When I wanted to do that some years ago the end of February payroll closed say 5th February and any lump sum had to be in be paid into my employer then to get to the insurance company before 5 April.


I paid in around £13,000, that was way above my monthly salary and therefore could not be deducted from my monthly salary.

ffacoffipawb

drumtochty wrote: »

From personal experiance I do not belive a lump sum on the March payroll with hit the insurance company before the end of the tax year.


When I wanted to do that some years ago the end of February payroll closed say 5th February and any lump sum had to be in be paid into my employer then to get to the insurance company before 5 April.


I paid in around £13,000, that was way above my monthly salary and therefore could not be deducted from my monthly salary.

On the other hand, we get paid on the 25th of the month and the pension contributions are shown in our Aviva pension usually by the end of the month. The latest i have seen in 9 years was the 12th of the following month as someone was on holiday.

All March contributions have always been credited on or before 31st March so have always been credited in the correct tax year.

This is despite me changing contribution rates in March to max out the salary sacrifice benefit.

greatkingrat

From a tax point of view, if the money has been deducted from your March payslip, then the contribution counts as being made in the last tax year, even if the money doesn't get paid over by the employer until April.

JoeCrystal

menziesthefish wrote: »

As the contribution was made through your payroll, your employer has an obligation to pass it on to the scheme (Aegon) by the 19th day of the month AFTER the deduction was made from your pay. So in your case the contribution has to be paid to Aegon by 19th April (tomorrow) at the latest. This may then take a few days to show up on Aegon's system/portal.

I doubt very much that your employer would be monitoring the unit price. Aegon certainly wouldn't as their only obligation is to apply the contributions as instructed.

Not all employers follow those particular rules. It tends to take me ten weeks between my pension contribution deducted to seeing the contribution in my pension fund. It depends on the employer and the pension provider I suppose.