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Pensions contributions take ages to show up

  • 06-01-2019 12:39am
    #1
    j4vier
    Registered Users, Registered Users 2 Posts: 1,893 ✭✭✭


    Hi

    I am part of a company sponsored pension scheme with Zurich where I pay 5% of my salary, my employer matches the 5% plus I also add a 5% extra as AVC.

    Generally payments for due for the 1st of the month are taken around the 20th of the following month.

    Yet from my statement, I can see that the last payment taken was scheduled for the 1st of August 2018 which was taken on the 20th of September.

    I'm finding a bit strange that nothing following that date shows on my statement, however money was regularly taken from my payslip.

    Is this common?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    Is this a paper statement? They are often months out of date so if I was you, I'd ask if you can get a userid and password with Zurich so you can query your balance online. May not be possible as you are a member of a scheme but worth checking out anyway.


  • #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    coylemj wrote: »
    Is this a paper statement? They are often months out of date so if I was you, I'd ask if you can get a userid and password with Zurich so you can query your balance online. May not be possible as you are a member of a scheme but worth checking out anyway.

    Zurich do allow scheme members to access their details online.


  • #4
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    There are strict rules around when funds taken from an employee have to be sent to the investment manager.

    Can you provide a clearer example and I'll try help.


  • #5
    mbradso2003
    Closed Accounts Posts: 261 ✭✭mbradso2003


    Pension contributions do not need to be paid until 21 days after month they were deducted e.g you could be paid on 25th Jan but contributions do not need to be paid until 21st Feb.

    In best practice they should be remitted as promptly as possible.


  • #6
    j4vier
    Registered Users, Registered Users 2 Posts: 1,893 ✭✭✭j4vier


    I contacted the broker who stated that Zurich were updating their systems and that's the reason for the delay.
    I can check the account online so I'll be keeping a close eye on this.


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  • #7
    homer911
    Registered Users, Registered Users 2 Posts: 5,129 ✭✭✭homer911


    In my experience there is often a considerable delay between the trustees investing the funds and the online systems being updated to reflect this. The annual audit will always check to see that the funds are invested within the required period


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