cornmarket AVC

[fred123456]

I am with cornmarket and irish life, when i look into pension planet i can see my contributions, however the total is just under half my total contributions to date as per my payslip. i rang cornmarket and they said there was just over two months delay in transfer of money to the pension pot. surely this cant be right, they said it was the norm.

 

[Dublin85]

ya this is the norm. sometimes contributions won't show for a month or so on pension planet

 

[Realcork]

I am with cornmarket and irish life, when i look into pension planet i can see my contributions, however the total is just under half my total contributions to date as per my payslip. i rang cornmarket and they said there was just over two months delay in transfer of money to the pension pot. surely this cant be right, they said it was the norm.

Employers have obligations to remit contributions within 21 days of the end of the month to which they relate so this doesn’t sound correct

 

[jpd]

But then Cornmarket have to apply the contributions to the individual pension accounts - another long delay

 

[GSheehy]

The Pensions Authority don't have an issue with the 21 day rule if the PRSA is new and hasn't actually been set up yet. So, you could have a situation where your month of first salary deduction is January and because the product provider doesn't set up the plan for 2/3 months ie. buy the units in April, they've nothing to apply the contributions to. Technically, you could be at a financial loss becauses the contributions weren't applied on the dates that they should have been ie. unit price values (increases/decreases). It might also work to your benefit.

However, if the plan is in force/issued then I'm sure the Pensions Authority would have an issue with the 21 day rule if money wasn't being applied on the date that the units were supposed to be purchased. Buying them at a price 2/3 months later, when a couple of contributions arrive together, isn't right.

It's an Irish Life issue, not Cornmarket.

Payments by DDM are collected monthly in arrears, so January salary deductions applied to the plan in February. I don't know that there's a different system in place where (flexible) payments are made by large schemes by EFT.

Gerard.

www.prsa.ie