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Civil Service AVCs (L&G) - delay in monthly contribution?
Each month I check the L&G App to see what the value of my AVC fund is, after the contribution from the payslip at the end of the previous month has been added.
In most months, the contribution is recorded by about the 12th of the month. Last month, it was the 14th. However, it still hasn't arrived for this month (4pm on the 18th).
Is anyone else's AVCs contribution later than usual in being shown in their account this month?
Comments
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Mine are frequently around the 20th of the month.
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Ah, OK, thanks @HouseMartin567 - useful to know.
I'll have another look next week.
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I’m the same. Last month was around 8 days later than the previous month, and this month it still hasn’t arrived.
I don’t know why it doesn’t take a couple of days?
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Staffing levels and workflow is the most common reason. They know they have a window and deadline to do it and will prioritise workflow accordingly
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2 -
And a cynic might say that they are financially incentivised to have the money sitting in their account for a few weeks…
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Civil service don't think that way as it's not their money.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It has always been about the 20th for me, certainly never more than a couple of days earlier
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More like sitting in L&G account (and being used by L&G) before being credited to account holder. My civil service employer says L&G receive monies on pay day. For the last couple of years my account is updated around 20th of the following month.
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Interesting to read others' comments. It's still not arrived as at 540pm on the 21st. It's mucked up my schedule for updating my s/sheets on the 12th!!
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More like sitting in L&G account (and being used by L&G) before being credited to account holder.
No, it doesn't work that way either.
My civil service employer says L&G receive monies on pay day. For the last couple of years my account is updated around 20th of the following month.
Your employer may say that, but the pension provider applies it when they receive the proceeds.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1
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