When are pension payments due to be paid to the pension provider? Auto Enrolment FAQs
Article ID
11762
Article Name
When are pension payments due to be paid to the pension provider? Auto Enrolment FAQs
Created Date
27th October 2014
Product
IRIS PAYE-Master, IRIS Payroll Business, IRIS Bureau Payroll, IRIS GP Payroll, IRIS Payroll Professional, Earnie, IRIS Earnie IQ
Problem
When are pension payments due to be paid to the pension provider?
Resolution
You must agree on the due dates for paying contributions to the scheme with your trustee or provider and pay these contributions to your staff pension scheme on time.
However, the law requires that contributions deducted from your employees must be paid over to the pension scheme no later than the 22nd day of the following month (19th if you pay by cheque).
You risk being fined by the regulator if you don’t pay on time.
There are special rules for the first deduction of contributions on automatic enrolment under the Pensions Act 2008. The regulations allow for any contributions deducted in the three month period starting from the start date of active membership to be paid across to the scheme by the 22nd day (for electronic payments) or 19th day (for cheque or cash payments) of the month after the last day of that three month period. For more information see https://www.thepensionsregulator.gov.uk/docs/detailed-guidance-5.pdf
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