Help Centre

Direct Debit Payments Process

 


Step One
Pension data file imported to your portal

When you have closed your payroll for the period, produce your pension data file and import to your portal in the usual way. It is important to ensure that the pension data file is imported on time and at the end of each pay cycle e.g. weekly, fortnightly, 4 weekly, monthly.



On the pay period end date shown in NOW: Pensions Gateway.


Step Two
Payroll processed

Your payroll will be processed on the pay period end date shown in NOW: Pensions Gateway.

Remember to check that all data errors are corrected prior to confirming the import. Otherwise, this could cause either delays to the collection of contributions or incorrect amounts to be collected.



Up to 5 days after the payroll is processed.


Step Three
Request for payment

For each pay period that a pension data file has been successfully imported, you will receive an initial advance notice of direct debit notifying you of the amount and the date that pension contributions will be collected from your bank account. Remember that the collection for the pay period will not include pension contributions for members that have been enrolled but still have a statutory right to opt out. It is important to keep NOW: Pensions up to date with any changes to your direct debit arrangements otherwise the collection of pension contributions could be delayed.



2-3 days after the advance notice of direct debits has been issued.


Step Four
Pensions contributions collected by direct debit from your bank account

Provided that you have successfully imported a pension data file for each pay period: If your payroll frequency is weekly, the collection of pension contributions will happen on the same day every week. If your payroll frequency is fortnightly, the collection of pension contributions will happen on the same day every other week. If your payroll frequency is 4 weekly, the collection of pension contributions will happen on the same day every 4 weeks. If your payroll frequency is 445, the collection of pension contributions will happen on the same day every 4 weeks. Otherwise the collection of pension contributions will happen on the same date each month.



3 working days before 22nd of the month


Step Five
Sweep up of uncollected contributions

In line with the sweep up calendar below, a check will be made for any contributions not already collected e.g. for new members that reach the end of their opt out period (enrolment date if later) or as a consequence of previously unprocessed contributions passing through our system. A separate advance notice will be sent on this date and payment taken 2-3 working days after if there are further contributions to be collected. If any further contributions are collected it will not affect the next regular payment as described in Step Four. Click on the icon below to see the sweep up dates.

×

I've known ATP for many years and have enormous respect for the effectiveness of their investment strategy. I'm convinced that NOW: Pensions can become a major player in the UK and look forward to being a part of that success. — Chris Daykin, the former Government Actuary
...its simple design means the pressure is taken off us as the employer and avoids costly administration charges, whilst removing the burden of choice and ensuring the best possible retirement outcome for our employees. — Matthew Johnson, Head of Compensation and Benefits at Adecco Group UK & Ireland
I'm excited by the opportunity to help bring to the UK auto-enrolment market NOW: Pensions, a customer-friendly and responsive trust-based alternative to NEST and to contract-based offerings. — Chris Daykin, the former Government Actuary
NOW: Pensions' risk management and diversified growth fund are state of the art. — Win Robbins, former Head of European Fixed Income Barclays Global Investors
NOW: Pensions is supportive, easy for our employees to understand and uncomplicated in terms of its implementation. Its structured approach removes the complicated investment choices & makes auto-enrolment a straightforward and simple process. — Mark Manaton, Managing Director, Blue Arrow Group