Parasol SIPP Contribution Shambles

[gizzmo]

Waiting since April to get paid for my SIPP. Still hasn't received anything from Parasol. I wonder if they lost the payment

That seems really long - i was constantly on at them until they sorted mine out - and so far the last 2 months have gone without any issues. Did you get in touch with the Head of Partnerships whose details I pm'd you?

[cwah]

Waiting since April to get paid for my SIPP. Still hasn't received anything from Parasol. I wonder if they lost the payment

[lucyclarityumbrella]

The personal pension side of things is a logistical nightmare, which is why we have tried to steer away from it. Although I know it is a preferable route for most, it carries some potential issues over the standard offering.

[Paralytic]

I agree with that. I was told it's 'around 22nd' - first was 18th, next was 28th (admin error) and this month was 24th (fair enough, 22nd was a Saturday)

It sounds like it's a "we'll do it when we can be ar$ed" schedule.

[the_rangdo]

From my experience with Parasol there isn't really a schedule of SIPP payment dates. One month it was the 21st of the following month, another it was the 14th, another it was the 28th - even though i am usually paid on the last Friday of the month - which is when the pension amount is deducted.

I agree with that. I was told it's 'around 22nd' - first was 18th, next was 28th (admin error) and this month was 24th (fair enough, 22nd was a Saturday)

[gizzmo]

Have you checked/asked for your Umbrella's payment schedule to SIPP schemes - it could just be that your most recently weekly invoice remittance did not make the defined cut-off date, but will be included in the following month's.

From my experience with Parasol there isn't really a schedule of SIPP payment dates. One month it was the 21st of the following month, another it was the 14th, another it was the 28th - even though i am usually paid on the last Friday of the month - which is when the pension amount is deducted.

[the_rangdo]

Have you checked/asked for your Umbrella's payment schedule to SIPP schemes - it could just be that your most recently weekly invoice remittance did not make the defined cut-off date, but will be included in the following month's.

After escalating I finally got a response - the payment itself turns out to be correct based on what was actually deducted, the information on the portal is wrong.

Bank Holidays (in this case Easter Monday) started the confusion - for me payroll is a Monday, when there's a Bank Holiday that gets deferred to the following day and you get a payslip as normal. On the next Monday, because you've effectively been paid twice in one financial week (Tue-Mon) you get a subsequent updated payslip covering both weeks. For some unknown reason no pension contribution was deducted for the second week yet the portal says it was; the portal states one double and two single deductions, in reality it was three single deductions.

Having two payslips confused the issue (at least it does for me) as they seem to confirm the portal view of events, and around that time my weekly net pay was bouncing around a bit so it wasn't obvious what had happened from a payments received point of view.

Still got an issue with the P60, response was I hadn't submitted my P45 but I have email confirmation it was received. This is pending further response.

[Paralytic]

Well another month and more issues.

SIPP - I'm paid weekly, they deduct pension contributions weekly but pay my SIPP once per month - this month I've had 3 weeks contributions, should have been 4.

Have you checked/asked for your Umbrella's payment schedule to SIPP schemes - it could just be that your most recently weekly invoice remittance did not make the defined cut-off date, but will be included in the following month's.

[the_rangdo]

Well another month and more issues.

SIPP - I'm paid weekly, they deduct pension contributions weekly but pay my SIPP once per month - this month I've had 3 weeks contributions, should have been 4.

P60 - incorrect, doesn't include my previous employment details.

Emails hitting a wall of silence, can't be bothered ringing as last month all they did was take a message and do f'all with it and I'm trying to stay calm. Currently I'm following their escalation process and have flagged with my agency given Parasol are on their PSL.

[richt5a]

Another one suffering Parasol SIPP Issues and have also, like gizzmo, ended up dealing with Head of Partnerships after several escalations, including via their twitter account and the account manager I signed up with in the first place, as no one was responding to anything via mail or phone.

To be fair to Parasol, my SIPP Provider can't accept weekly and variable payments with or without associated documents, which is meaning me moving to monthly timesheet and payroll so that Parasol can pay a fixed monthly amount to my SIPP.

My latest issue now is the Parasol monthly margin which they want to base on the assumption that I work 52 weeks per year, i.e
monthly margin = (weekly margin * 52) /12!
Which means I'd end up paying a higher margin for them to process 12 timesheets, payrolls and pension payments than if I stayed weekly and they had to process 46!
They've been told that's not acceptable! Awaiting a response.