Pension Deductions & Payments
If you are opting to contribute towards the Nest payment via our payroll, you mayhave questions about how and when payments are paid across to Nest. So, we wanted to take a moment to explain…
We are only able to make a submission to Nest once per period, in our case once a month. So you may see a delay in the funds appearing in your Nest account, this all falls down to the pay date of your deduction as to when this is paid across.
On your payslip you will see a pay date, this is the date of the end of the tax period that your payment has been submitted in. We have put together a tax calender, which you can download here to see what tax week or month you fall into.
So let’s say you are paid on 5th April, this has a tax period end date of the 6th April, and will be reported with the April submission, paid across at any point between the 1st May and the 19th.
However, if you are paid on the 6th of April, this has a tax period end date of the 5th May and will therefore be reported to Nest with the May submission. This is submitted at the end of May once the payroll has closed for the month, and Nest will take the direct debit at any point between the 1st of the month and the 19th of the month.
For weekly payroll, this is still reported on a monthly basis at the end of the month, however each tax week ends on the Sunday (2020 details). Again please refer to the tax month calendar for more information on tax period end dates for your payroll billing period.
If you have any queries on this, then please do get in touch and we will be more than happy to talk you through this.