pension funds taking a month to credit each pay period

N

Ndiddy

Registered User
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Hi,
How long should it take for Irish Life to credit my DC plan each month after payday? Employer/employee/AVCS are deducted each pay period on the 18th and it takes nearly a month to show up in my IL DC plan. Where are these funds for a month? Is there any time requirement for the pension providers or my company to speed this up?

For example, I am being told that for the May 18 pay period, contributions were only received on 05/06 and they will hopefully show up next week on my DC plan when they are credited.

thanks
 
Might depend on when your Employer passes over the funds. Perhaps your Employer only passes over the funds at the end of each month. Then it will take a few days for the funds to get added to your account.
 
The rule is that your employer must pass over contributions within 21 days of the end of the month in which they were deducted. So your employer could, in theory, wait until the 21st June. And as Conan says, it could take Irish Life (or any pension provider) a few more days to add these contributions to your account.
 
Had problems with my employer in Irish Life from March to May for delays like this, outsourced payroll meant it was hard to get straight answers, but May pay looked to have been back to quick payment (within 2-3 days of pay day)

@LDFerguson - when you say 'the rule', who's rule is that?
 
Lovely thank you.

http://www.irishstatutebook.ie/eli/2002/act/18/section/41/enacted/en/html

58A.—(1) An employer who deducts any sum from the wages or salary of an employee for remittance to the trustees of a scheme or to another person on their behalf, shall remit every such sum to the trustees or that other person on their behalf, as the case may be, within 21 days following the end of the month in which the deduction was made.
Click to expand...
 
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