The Pensions Regulator issues revised codes of practice on reporting late contributions
Following a consultation exercise in autumn 2012, the Pensions Regulator has published final revised codes of practice on reporting late payment of contributions to occupational defined contribution (code of practice number five) and personal (code of practice number six) pension schemes. Following a number of concerns raised during the consultation, considerable changes have been made to the original drafts of the revised codes of practice and associated guidance, with many of the original proposed changes having been discarded. The codes have come into force, replacing the existing codes of practice (numbers five and six).
Employers sponsoring defined-contribution pension schemes are subject to strict legal requirements as to when contributions to the scheme should be paid.
In the case of a trust-based occupational defined-contribution pension scheme, the employer and employee contributions must be paid by the due dates set out in the payment schedule, and in any event the employee contributions must be paid into the scheme no later than the 22nd day of the month following the month in which the contribution is deducted if they are paid electronically or by the 19th day of the month in any other case. However, in relation to a person who is automatically enrolled into an auto-enrolment pension scheme, all their contributions deducted during the first three months of membership must reach the scheme by the 19th–22nd of the fourth month…
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