Pension contributions must be collected and invested in a timely manner, both to meet regulatory requirements and to ensure that the Scheme or the individual member benefits from having the funds invested promptly.
Our service provides for:
- Electronic submission of payroll information.
- Auditing of contributions and rates.
- BACS or cheque payment.
- Transfer of money to fund managers.
For smaller employers we can also arrange for contribution data to be submitted using a 'payment prompt' - a simple printed list containing employees' contribution details.
If you pay contributions late, or don't pay them at all, we will contact you. We may have to report your organisation to the Pensions Regulator, and penalties may be imposed.