Employers must ensure that pension contributions are collected by the 22nd of the month following the payroll deduction. To meet this deadline:
Contribution details must be uploaded in advance.
The Direct Debit Instruction must be up to date to allow timely collection.
Prompt payments ensure that pension savings are credited to employees without delay.
What happens if my contributions are late?
The Pensions Regulator (TPR) monitors late payments and expects all employers to comply with statutory deadlines.
Reporting Obligations:
Pension providers must report to TPR if contributions are more than 90 days late or if there are other significant payment failures.
Employees must also be informed of any late contributions.
Meeting contribution deadlines is essential to remain compliant and avoid regulatory action.