Unfortunately, on occasion, the Scheme still experiences contributions being paid late. There is a statutory requirement for employers to pay members’ contributions to the Scheme by the 19th of the following month after deduction. The Pensions Trust needs to chase a number of employers each month to ensure they submit and pay on time. Without the considerable effort and cost associated with this additional work, many more employers would be late.
The Trust continually looks at improvements to the process and to ensure that employers complete their submissions and payments before the 19th of the following month. As a result, a policy has been agreed by the Trustee which you should now have received. The policy, which will be introduced from 2016 onwards, includes the introduction of an administration charge for late receipt of contributions.