Section 58A of the Pensions Act 1990 (as amended) requires you, as an employer, to ensure that contributions deducted from employees' salaries are paid to us within 21 days of the end of the month in which contributions were deducted. This also applies to employer contributions.
Section 59 (1) of the Act also states that contributions must be invested within 10 days of the date in which they should have been remitted.
If an employer deducts pension contributions from employees' salaries and fails to remit these contributions to us within the required timeframe, they are in breach of the above legislation. Such breaches may be reported to the Pensions Authority and can ultimately lead to prosecution.