4.2.6 The partnership pension account is an occupational pension scheme under a Master Trust. It is therefore vital that you follow the correct procedures. Occupational pension schemes under a Master Trust are regulated by The Pensions Regulator, which means that the pension provider has strict guidelines to adhere to. If you do not follow these procedures, the provider may report you to The Pensions Regulator.

4.2.7 Your payroll must send contributions to the provider as soon as possible after being deducted from an employee’s pay. This is so that the member does not suffer a loss of investment opportunity. There is a statutory deadline under the Welfare Reform and Pensions Act 1999, which requires the employee and employer contributions to be paid by the 22nd day of the month (19th day if paid by cheque) following the month in which they were deducted from the policyholder’s salary. You should, ideally, instruct your payroll to pay contributions within the shortest possible time.

4.2.8 The pension provider tells us of any employers who do not get payments and required information to them within the statutory set time limits.

Published:
23 December 2021
Last updated:
23 December 2021