If you’re new to The People’s Pension, you might be wondering why you can’t see any pension contributions on your transactions, even though they’ve been deducted from your pay.
For the first 42 days, we hold your pension contributions for you but don’t invest them. This is so we can give you a refund if you opt out of the pension scheme in the first calendar month.
After this time period has passed (and providing your employer has paid in your contributions) we’ll begin to invest your money. You’ll see this reflected on your Online Account transactions page.
How does tax relief show on my Online Account?
This depends on how your employer deducts your contributions from your pay – whether before or after tax has been deducted. You can find more information on this here.
What if your pension contributions on your Online Account don’t match your payslip?
Your pension contributions will show alongside the date your employer has sent them to us. This doesn’t always match the date they deducted contributions from your pay. Many employers work in arrears, ie linked to the previous pay period rather than the current pay period – so it’s worth checking if your contributions match your payslip from the month before.
If you have any questions about what you’re paying into the scheme, your payroll department should be able to assist. As your employer is responsible for working out your contributions and sending them to us, we wouldn’t be able to adjust this for you if you feel it’s incorrect.
Check your contributions are correct
You can check what contributions you should be making under qualifying earnings by using the Money Advice Service’s workplace pension contribution calculator.
If you have any questions about what you’re paying into the scheme, your payroll department should be able to assist.