matt76 wrote:Anyone else’s SIP website page out of date? Mine says the last contribution was on 31st May. Contributions still being taken from pay.
I posted about this in February. I’ve copied and pasted it below.
My Feb allocation isn't showing up yet and also according to the website my last contribution date was 25/1, so not sure why my last 3 contributions aren't showing either.
Anyone else have similar issues?
(The contributions are still showing on my payslip, so not sure where they've been going!)
I phoned up about this a couple of months ago.Apparently Equiniti take/transfer our deductions on the last day of every month and in between these days our weekly deductions are held by payroll/ Royalmail, probably earning interest. Equiniti then use the money they take to buy shares on the 15th of the next month, ie Equiniti take the money on 31.01.19 and use this money to buy shares on 15.02.19, again probably earning interest. Equiniti can only update our contribution record when payroll transfer the money and they buy the shares.Using this month as an example, all of our contributions after 25.01.19 will be held by payroll/Royalmail until Equiniti take them on 28.02.19, and buy shares on 15.03.19. Only then will our contributions/deductions be updated,and only up to 28.02.19.
It took me a while to get my head round,and I was over an hour on the phone, as I was convinced I was getting screwed over.