Frequency of contributions being lodged to fund

D

DACMAN

Registered User
Messages
122
Hi,
I'm contributing monthly to a Company Pension Scheme, I can track the Value of my Pension fund daily online, I've noticed that my monthly contribution is added in blocks of between 4-5 Months typically, but since October 05 there has been no addition, I've asked the pension admin in the company about this & was told the contributions were available since April – the Co also contributes a %. 9 Months seems a long time between the money leaving my pay packet & appearing in my fund, does anybody have similar experience?
 
Check with your pension trustee (may be your employer though), but afaik, employers must pay accross both employee and employer contributions within 21 days of payroll date.

Ask to speak to a pension advisor at your pension company or failing that the Pensions Board http://www.pensionsboard.ie

But pension admin is definately going wrong somewhere based on your info !
 
Definitely the 21 day remittance timeframe applies to PRSAs. See [broken link removed]:
5. PRSA Contributions

Q. What must I do in relation to payment of my employees’ contributions to a PRSA?

A. You must, if requested, deduct employees contributions from payroll and remit all contributions, employee and employer (if any), to the
relevant account of the PRSA provider within 21 days of the end of
each month. You cannot make any deduction from this payment.
Click to expand...
Not sure if it also applies to non PRSA occupational schemes.
 
Yes it does apply to occupational schemes, 21 days to pass money from company to trustees of the plan.
 
Thanks for the replys, I shoulda made myself clearer, its the Pension co. thats retaining the contributions before crediting my A/C, I think it'd make more sense for me to keep it in my own deposit A/C and make a few pension contribution's every year.
 
What pension company? The provider/underwriter of the scheme? If they are taking your money but not crediting it to your account for a while then that sounds very odd unless it's covered by your pension scheme agreement. Have they explained the tardiness in crediting your account?
 
Hi,
The pension co is NI, the A/C has been credited in the last few day's after the issue was brought to their attention, gaugeing the F/B it seems that its not per agreement & contributions should be added more frequently than they are. It wouldn't have been noticed at all if it wasn't for the on-line tracking facility.
 
On the face of it this sounds very suspect to me. I'm not sure how the fact that the pension company (underwriter or what?) is located in NI but if you cannot get them to provide a reasonable explanation and/or to take remedial action then I would be inclined to contact the Pensions Board to make a complaint.
 
Generally the end of the month following the salary deduction month is the max permitted timeframe within which your money should be invested (for example the April salary run might be done on 20th April, then your pension contributions deducted that month should be invested in the fund that you have chosen by the end of May...if not Trustee should ask questions of pension administrator).
 
I suspect that what is happening is that the contributions are being invested etc. on time but that the online/admin system is not being updated when the money is paid. Therefore youy should contact the trustees and/or new ireland in the first instance to make sure that this is in fact the case. The employer seems to have fulfilled their obligation to pay on time, so it is now down to whether the investment has been done on time or not (within 10 days of the 21 days).

If you wanted to double check each month, call them to see of the latest contribution has been credited to your account. I know it misses the point about the online availabilty, but it would reassure you.
 
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