This new feature will give you more flexibility and control over when payments are taken from your bank account.
It will also reduce the time between when you deduct contributions from your employees’ salary and when we invest the money into the Smart Pension Master Trust.
It also means that, if you miss the deadline of the 5th of the month to upload files, you don’t need to wait a month before your contributions are collected.
If you are late in paying your contributions, you can also make late payments immediately to comply with instructions from The Pensions Regulator. This will reduce the chance of them taking regulatory action against you.
Please remember, we still need to receive the payment of your contributions by the 22nd of the following month after you made deductions from your employees’ salaries.
When will the new feature be available and where can you find it?
Our new pay now feature will launch on Tuesday 7 July 2020.
You can find and use the new feature by following these three steps from 7 July:
- sign in to your Smart Pension account
- visit the contributions page
- select Pay now
What if you do not want to change how you pay contributions?
The new feature will not replace the existing collection process. This means that if you don’t want to use the new payment method, you can still upload your files by the 5th of each month and we will collect your contributions on the 7th of each month.
However, we will no longer use the collection points on the 17th and 27th of each month for failed payments or opt out payments. If you miss a payment, you should use the pay now feature instead.
If you do not use this feature, we’ll try and collect the missing contributions on the 7th of the next month. However, if your payments are late, we may have to report you to The Pensions Regulator. This could result in The Pensions Regulator taking regulatory action against you.
What happens if you do not upload any file(s)?
We cannot collect your contributions if you do not upload a contribution file. You will still need to upload contribution files if you use the new pay now feature.
If you do not upload your contribution files, this could cause your contributions to be paid late. As a result, we may need to report you to The Pensions Regulator who could take regulatory action against you.
Find further information
If you have any questions about this new way to pay contributions, please contact us by email at email@example.com or call us on 0333 666 2323.