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  • FIRST POST
    • thriftytracey
    • By thriftytracey 9th Nov 18, 10:47 AM
    • 121Posts
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    thriftytracey
    Workplace Pension Contributions Time Lag
    • #1
    • 9th Nov 18, 10:47 AM
    Workplace Pension Contributions Time Lag 9th Nov 18 at 10:47 AM
    Hi


    I called my workplace pension provider, Scottish Widows today for an update on the number of units I hold (no online service available yet) and I asked them when they receive the contributions.


    My company has Salary Sacrifice and the contribution is taken from pay on 25th of each month. Scottish Widows advised they receive the cash on the 19th of the following month.


    I wondered if this time lag was usual?
Page 1
    • dunstonh
    • By dunstonh 9th Nov 18, 11:02 AM
    • 96,510 Posts
    • 64,416 Thanks
    dunstonh
    • #2
    • 9th Nov 18, 11:02 AM
    • #2
    • 9th Nov 18, 11:02 AM
    With workplace pensions it is.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • ex-pat scot
    • By ex-pat scot 9th Nov 18, 11:11 AM
    • 294 Posts
    • 364 Thanks
    ex-pat scot
    • #3
    • 9th Nov 18, 11:11 AM
    • #3
    • 9th Nov 18, 11:11 AM
    https://www.thepensionsregulator.gov.uk/en/document-library/codes-of-practice/code-6-reporting-late-payment-of-contributions-to-personal-pension-schemes




    31. Employer contributions must be paid by the due date set out under the direct payment arrangements for paying them to the pension scheme. Member contributions deducted from pay must be paid to the pension scheme by the 22nd day (or 19th day if the payment is by cheque) of the month following deduction[9]. There are special rules for the first deduction of contributions on automatic enrolment under the Pensions Act 2008. The monitoring processes that managers set up should be able to easily identify the appropriate due dates and track contributions against these. This will assist in identifying contributions which are not paid in full by the due date.






    I keep tabs on my employer, as there have been quite a few recent cases of late payments of my contributions.
    • Paul_Herring
    • By Paul_Herring 9th Nov 18, 11:23 AM
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    Paul_Herring
    • #4
    • 9th Nov 18, 11:23 AM
    • #4
    • 9th Nov 18, 11:23 AM
    I wondered if this time lag was usual?
    Yup. Some companies try to get away with longer.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • SuiDreams
    • By SuiDreams 9th Nov 18, 11:27 AM
    • 2,314 Posts
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    SuiDreams
    • #5
    • 9th Nov 18, 11:27 AM
    • #5
    • 9th Nov 18, 11:27 AM
    We end with a bit of a lag, sometimes its Capita Holding onto cash for ages, sometimes our company send the cash to Capita, but then forgets to send the breakdown of who the cash belongs to.
    • JoeCrystal
    • By JoeCrystal 9th Nov 18, 11:31 AM
    • 1,503 Posts
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    JoeCrystal
    • #6
    • 9th Nov 18, 11:31 AM
    • #6
    • 9th Nov 18, 11:31 AM
    Yup. Some companies try to get away with longer.
    Originally posted by Paul_Herring
    I agreed, my employer is about four to six months behind when we see pension contribution paid into our pot.
    • fifeken
    • By fifeken 9th Nov 18, 8:18 PM
    • 2,290 Posts
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    fifeken
    • #7
    • 9th Nov 18, 8:18 PM
    • #7
    • 9th Nov 18, 8:18 PM
    How do you find out the "due date"?
    • Alexland
    • By Alexland 9th Nov 18, 8:44 PM
    • 4,255 Posts
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    Alexland
    • #8
    • 9th Nov 18, 8:44 PM
    • #8
    • 9th Nov 18, 8:44 PM
    Our contributions are invested in fund units in 2-4 working days after payroll.
    • Sea Shell
    • By Sea Shell 10th Nov 18, 7:33 AM
    • 1,177 Posts
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    Sea Shell
    • #9
    • 10th Nov 18, 7:33 AM
    • #9
    • 10th Nov 18, 7:33 AM
    I've just looked at my last statement out of curiosity, and see that, I get paid on the 25th, and Aviva appear to credit/receive the money, any time between the 7th and 21st of the following month. Strange how it jumps about so much!!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Paul_Herring
    • By Paul_Herring 10th Nov 18, 11:22 AM
    • 6,583 Posts
    • 3,248 Thanks
    Paul_Herring
    I've just looked at my last statement out of curiosity, and see that, I get paid on the 25th, and Aviva appear to credit/receive the money, any time between the 7th and 21st of the following month. Strange how it jumps about so much!!
    Originally posted by Sea Shell
    Same here it seems. Paid around 26th - these dates are the month after:

    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
    • Snapdragon
    • By Snapdragon 10th Nov 18, 2:56 PM
    • 231 Posts
    • 150 Thanks
    Snapdragon
    My workplace pension provider is also Scottish Widows, though in my case they do provide us with an online portal. Similarly am paid on 25th of each month. The portal shows my contributions arriving quite consistently by the 8th of the following month.
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