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Old 11-01-2017, 15:40   #1
farmroad38
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Pension contributions - how long does it take your employer to pay in?

Both my employer and I pay into my pension, both payments being taken directly from my salary.

I get paid on the 25th, but it's usually a week or so until the pension payment is made. That's always irritated me a bit - I don't see why it should take that long, in the age of electronic payments.

In December, we always get paid early - this year it was on the 19th I think. My pension payment still hasn't hit my pension though, so that's over three weeks of the cash sitting somewhere that is of no benefit to me.

Am I being unreasonable to think it should be paid quicker? I'm not sure I can actually do anything about it anyway, other than whinge to my HR department, but does anybody else's take that long?
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Old 11-01-2017, 20:01   #2
Arthur Fowler
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My employer's goes in the same day as my salary contribution.
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Old 11-01-2017, 20:41   #3
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In my case salary paid at the end of the month, usually a day or two early. The pension goes in on the 4th or 5th of the following month so about a week later.
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Old 11-01-2017, 23:19   #4
cjanderson
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Employers have until 20th of following month to make the payment.
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Old 12-01-2017, 09:25   #5
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Quote:
Originally Posted by cjanderson View Post
Employers have until 20th of following month to make the payment.
Thanks CJ - is that part of some pension regulation or other?
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Old 12-01-2017, 11:32   #6
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I think it's just an acceptance that it's a little unreasonable to expect them to do it instantly (although it should be possible) and that perhaps it isn't that simple.
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Old 13-01-2017, 10:47   #7
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I think it's just an acceptance that it's a little unreasonable to expect them to do it instantly (although it should be possible) and that perhaps it isn't that simple.
Expecting it to be done in less than three weeks isn't exactly instant, and this isn't a small company with a one-man payroll department, it's a multi-million dollar international with outsourced payroll and a large HR team.
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Old 12-01-2017, 12:37   #8
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Its part of the rules somewhere

In our place, i do payroll and get a file from the payroll company showing what pension per person. I then have to format and load that into the Pension providers website, add joiners and leavers and then they take the money by direct debit a few days later. So its a manual process.

Its similar to why we have 19 days after month end to pay over PAYE and NI to HMRC each month
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Old 12-01-2017, 19:42   #9
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Quote:
Originally Posted by cjanderson View Post
Its part of the rules somewhere

In our place, i do payroll and get a file from the payroll company showing what pension per person. I then have to format and load that into the Pension providers website, add joiners and leavers and then they take the money by direct debit a few days later. So its a manual process.

Its similar to why we have 19 days after month end to pay over PAYE and NI to HMRC each month

You need to change payroll software
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