Employer paying pension late...
Discussion
My employer is paying my pension contributions late. Contributions for the end of last year went into my pension at the end of April/early May this year, and i have had none of this years contributions.
What steps should i take with this? Is this something that should be dealt with by a conversation with my employer, or someone else?
Thanks
What steps should i take with this? Is this something that should be dealt with by a conversation with my employer, or someone else?
Thanks
Matt.. said:
My employer is paying my pension contributions late. Contributions for the end of last year went into my pension at the end of April/early May this year, and i have had none of this years contributions.
What steps should i take with this? Is this something that should be dealt with by a conversation with my employer, or someone else?
Thanks
You should definitely discuss the matter in the first instance with your line manager.What steps should i take with this? Is this something that should be dealt with by a conversation with my employer, or someone else?
Thanks
Show them the payment history and dates and explain your concerns. If they don't promise to sort it out asap I would strongly suggest looking for a new job.
If an employer can't get something as fundamental as this right, it would make me question in what other ways are were being lax.
DevestatinDave said:
It could be a warning. The same happened to me in my previous job, I had received multiple letters from the pension provider saying they hadn't received payments. The company went into administration shortly afterwards.
Whereas in my previous job, i had 6 months of no/late payements because there was only one person in Payroll trained to do it and she was off on the sick. You're better off first querying it with your employer's payroll/pensions team. If the scheme provider is continuously receiving payments late they may have sent a sternly worded letter to your employer threatening to escalate to the Regulator. One point to bear in mind - if your employer is getting into financial difficulty then it's better to get late contributions than to push the employer into bankruptcy and receive NO contributions! On the positive side many businesses are profitable but struggle for cash flow on a day-to-day basis (for instance because the customers are slow to pay).
My suggestion is to raise the matter with your employer in the first instance and see what they say. You could, for instance, draw this link to the attention of your payroll department, finance director or whatever.
http://www.thepensionsregulator.gov.uk/employers/c...
It says, "When you must pay your contributions
"You need to pay your contributions to your staff pension scheme on time. This includes calculating and deducting contributions from your staff's salaries. You must agree the due dates for paying contributions to the scheme with your trustee or provider.
"However the law requires that when you deduct contributions from your staff's pay you must pay these to your staff pension scheme no later than the 22nd day (19th if you pay by cheque) of the next month.
"You risk being fined by the regulator if you don’t pay on time."
My suggestion is to raise the matter with your employer in the first instance and see what they say. You could, for instance, draw this link to the attention of your payroll department, finance director or whatever.
http://www.thepensionsregulator.gov.uk/employers/c...
It says, "When you must pay your contributions
"You need to pay your contributions to your staff pension scheme on time. This includes calculating and deducting contributions from your staff's salaries. You must agree the due dates for paying contributions to the scheme with your trustee or provider.
"However the law requires that when you deduct contributions from your staff's pay you must pay these to your staff pension scheme no later than the 22nd day (19th if you pay by cheque) of the next month.
"You risk being fined by the regulator if you don’t pay on time."
The pension provider has an obligation to report the company too, so expect senior management / pension administrators to have had letters from the provider. Can mean the company is in financial trouble or the pension administrator for your firm needs to address their obligations.
Smells bad to me OP.
Smells bad to me OP.
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