From past experience there seems to be a lag from when the pension deduction is made from payroll and it appears on pension account. In our case its typically 3 weeks later on average. So, pay 23rd of month and shows on pension 11th,12th of following month and that's not an Irish Life pension.Hello,
I'm a member of my employer's DC Scheme, and make monthly pension contributions through payroll, in addition to those made for me, by my employer.
Over the last few months, I've noticed that it's taking significantly longer for credits to appear on my (Irish Life) pension, having seen funds deducted from payroll, on the same date as before. It's currently taking up to 4 weeks, having historically only taken a few days.
What I'm ultimately wondering is, is there a time deadline for funds having to be applied to your DC fund, once deducted from your salary?
Many thanks,
21 days after the end of the month in which they were deducted. You need to talk to your employer. Good chance they changed the date of when they send them to the life company.Hello,
I'm a member of my employer's DC Scheme, and make monthly pension contributions through payroll, in addition to those made for me, by my employer.
Over the last few months, I've noticed that it's taking significantly longer for credits to appear on my (Irish Life) pension, having seen funds deducted from payroll, on the same date as before. It's currently taking up to 4 weeks, having historically only taken a few days.
What I'm ultimately wondering is, is there a time deadline for funds having to be applied to your DC fund, once deducted from your salary?
Many thanks,
Is it not that the Employer has 21 days to pay the contributions to the pension company and the pension company then has a further 10 days to invest the contributions? So a total of 31 days?21 days after the end of the month in which they were deducted. You need to talk to your employer. Good chance they changed the date of when they send them to the life company.
A pension company will invest using the prices of the day after the money is received. One of the life companies was taking 6 months to apply pension contributions from last November. All policyholders had their investment from the day after the money was received.Is it not that the Employer has 21 days to pay the contributions to the pension company and the pension company then has a further 10 days to invest the contributions? So a total of 31 days?
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