Do any of your employees pay Additional Voluntary Contributions? If so then it’s important for payments and payroll files to be sent to Prudential correctly, as it could mean:
- Prudential won’t invest contributions until the correct payroll file and payment is received. This also impacts other members contained in the payroll files, as they’ll be unable to claim or transfer their funds when they need them.
- It can cause tax payments and member benefit statements to be incorrect, if the contribution types on the payroll file are wrong.
Prudential have produced a handy payroll guide to help employers send information successfully each time.
We are aware many academies are going through conversions at the moment so please don’t forget to let Prudential know if any members with AVCs are impacted.
