Pension contribution black hole

billy2shots

I make pension contributions to Fidelity as part of their regular payment set up from my Ltd. 

The payments are taking an age to appear in my Fidelity account. 

Below are the last two payments. Only two so i dont bore you all. 


-June 3rd Leaves my business account
June  28th, arrives in my Fidelity account


-May 8th, Leaves my business account
-May 26th arrives in my fidelity account.



Is this just the process speed (not really noticed the length of time before) and should i just accept this?

Or,  should i follow this up with them?

In some cases they are holding my money for 3 weeks before crediting my account. 

Nebulous2

Are you sure it isn't the June the 3rd one that arrives in your account on May 26th? 

I know that sounds crazy, but that is how it works for me. 

If I go to transactions it says 28/6/23 Cash in regular savings plan. At the right hand side it says show details in blue. Click on that it says pricing date 3/7/23 (when they received my money) and settlement date 6/7/23. 

It seems to be their way of making it fit with a traditional purchase and settlement schedule, although I don't buy with my regular monthly payments, I make any purchases manually. 

dunstonh

Is this just the process speed (not really noticed the length of time before) and should i just accept this?

That appear to be much longer than the norm.   

its not uncommon for auto enrolment payments to arrive weeks later but auto-enrolment does not apply to you (own ltd company) and even when it is weeks later, its because it lef the employer's account weeks after the payroll date.    A conventional employer payment made by direct debit should arrive in days.

billy2shots

Nebulous2 said:

Are you sure it isn't the June the 3rd one that arrives in your account on May 26th? 

I know that sounds crazy, but that is how it works for me. 

If I go to transactions it says 28/6/23 Cash in regular savings plan. At the right hand side it says show details in blue. Click on that it says pricing date 3/7/23 (when they received my money) and settlement date 6/7/23. 

It seems to be their way of making it fit with a traditional purchase and settlement schedule, although I don't buy with my regular monthly payments, I make any purchases manually. 

Unfortunately not. I understand what you are saying but the settlement date is an added delay again. E.g, money is in Fidelity then almost another week passes before the investment is actually made. 

I know because i changed my direct debit amout and that amount arrived on May 26th having been paid out on May 8th. 

Might be worth you back testing to see if you are actually a month behind where you think you are. 

billy2shots

dunstonh said:

Is this just the process speed (not really noticed the length of time before) and should i just accept this?

That appear to be much longer than the norm.   

its not uncommon for auto enrolment payments to arrive weeks later but auto-enrolment does not apply to you (own ltd company) and even when it is weeks later, its because it lef the employer's account weeks after the payroll date.    A conventional employer payment made by direct debit should arrive in days.

Yes, its just a bog standard 'Employer' Regular Saver paid by Direct Debit.

Business has been approved for over 2 years with them so it is not like they are runnings checks in the background. 

£9k sitting in their holding account for 3 weeks earning interest for them. Multiply  that buy many thousands of customers. 

Nice gig for them. 


Time for ther 'Wealth Management Service' to actually do something rather than trying to upsell services to their customers. 

Albermarle

Have you called them to ask why this is happening?

RogerPensionGuy

billy2shots said:

dunstonh said:

Is this just the process speed (not really noticed the length of time before) and should i just accept this?

That appear to be much longer than the norm.   

its not uncommon for auto enrolment payments to arrive weeks later but auto-enrolment does not apply to you (own ltd company) and even when it is weeks later, its because it lef the employer's account weeks after the payroll date.    A conventional employer payment made by direct debit should arrive in days.

Yes, its just a bog standard 'Employer' Regular Saver paid by Direct Debit.

Business has been approved for over 2 years with them so it is not like they are runnings checks in the background. 

£9k sitting in their holding account for 3 weeks earning interest for them. Multiply  that buy many thousands of customers. 

Nice gig for them. 


Time for ther 'Wealth Management Service' to actually do something rather than trying to upsell services to their customers. 

Good point here, all that(our) cash resting in 3rd party accounts and plonked in Sonia units getting 3rd party fellows nice easy cash.

I cannot see any reason why they would wish to be quicker, in fact the slower the better, nice easy free cash for them.

billy2shots

Albermarle said:

Have you called them to ask why this is happening?

I secure messged them.

Answer- All direct debits are credired immediately and  then chosen funds invested in. 


I replied asking if they actually read my message where i show 3 week gaps from DD to arriving in my account. 

I will wait for the follow  up then call if not satisfied. 

dunstonh

billy2shots said:

Albermarle said:

Have you called them to ask why this is happening?

I secure messged them.

Answer- All direct debits are credired immediately and  then chosen funds invested in. 


I replied asking if they actually read my message where i show 3 week gaps from DD to arriving in my account. 

I will wait for the follow  up then call if not satisfied. 

They have replied with what you would expect to happen (immediately if pre-funded to within a 3-5 days if not pre-funded) but seem to have ignored what is actually happening.

-June 3rd Leaves my business account
June  28th, arrives in my Fidelity account

I wonder if its actually the other way around.  Fidelity pre-fund IIRC.
So, it could be that 28th is when they request the payment and they prefund it and the 3rd is the date it comes off your account.