Late payment of contributions. If a Participant fails to pay the contribution referred to in clause 7.2 on or before the due date for payment then, in addition to the contribution, the Participant must pay to the RRC interest on the contribution at the overdraft rate charged by the RRC’s bank on amounts of the same size as the unpaid contribution calculated from and including the due date to but excluding the actual date of payment.
Late payment of contributions. In the event that an Employer’s contributions for any month are not paid by the twentieth (20th) day of the second month after the month due, such Employer shall thereupon be obligated to pay to the Pension Plan, as liquidated damages, in addition to the delinquent contributions, an amount equal to the greater of:
A. One Hundred Dollars ($100.00); or
B. One and one-half percent (1-½%) of the delinquent contributions. The Employer shall also be required to pay interest of an additional one and one-half percent (1- ½%) of the delinquent contributions for each full month that the contributions remain unpaid, after the date upon which late contribution was due.
Late payment of contributions. Unless otherwise agreed, if a Participant fails to pay to the MRC a sum of money owing under this clause on or before the due date for payment, that Participant shall, in addition to the sum of money due and payable, pay to the MRC, interest at the overdraft rate charged by the MRC’s bank on amounts of the same size as the unpaid sum, calculated from and including the due date of payment to but excluding the actual date of payment.
Late payment of contributions. An employer has not made the due payments of contributions in the amount of £2,500 pm for 3 months under the GPP. The provider reports the £7,500 unpaid contributions to the Pensions Regulator in accordance with the Pensions Regulator’s code of practice on reporting the late payment of contributions to personal pensions. A report is also received from an employee alleging that the employer has ’stolen’ his contributions. The Pensions Regulator checks whether the employer has gone into administration/liquidation as this issue would then become a matter for the insolvency practitioner to deal with. The employer is still trading. The Pensions Regulator writes to the employer regarding the unpaid contributions. There is no response and the provider advises that a further contribution has been missed, so total outstanding contributions are £10,000. The Pensions Regulator sends a further letter to the employer to which there is no response. The Pensions Regulator makes telephone contact with the employer and a cheque for overdue payments is sent to the provider. This matter is dealt with by the Pensions Regulator as it relates to the employer not complying with its legal obligations. The Pensions Regulator does not liaise with the FSA as the FSA has no regulatory remit in respect of late payment of contributions by employers. A provider discovers that due to a system error, the price of units in their personal pensions unitised with-profits fund has been incorrectly calculated for the past three months. This affects members of both individual and group personal pensions and means that the wrong number of units and inaccurate policy valuations apply on these policies. The provider reports the matter to the FSA together with their action plan to address it. The provider ensures that the error is corrected for future transactions and puts in place a project plan to correct all transactions, both purchase and sale of units, to ensure that no member suffers loss as a result of the error. The provider gives updates at agreed intervals to their nominated supervisor at the FSA confirming progress in addressing the matter. The supervisor requests a further report on the cause of the systems error and clarification of what steps have been taken to prevent a recurrence. This is an isolated incident at the provider and due to the prompt action taken to report and rectify matters, the FSA takes no further action. This matter is dealt with by the FSA as it arises in the carry...
Late payment of contributions. Unless otherwise agreed, if a Participant fails to pay to the BHRC a sum of money owing under this clause on or before the due date for payment, that Participant shall, in addition to the sum of money due and payable, pay to the BHRC, interest at the overdraft rate charged by the BHRC’s bank on amounts of the same size as the unpaid sum, calculated from and including the due date of payment to but excluding the actual date of payment.
