Our pension fund contributions are not based on an estimate made at the beginning of the year, but are calculated based on your actual payroll. As part of our process, payroll+ reports all payroll payments from the previous month by the middle of the following month. The Tellco Pension Fund typically needs 30 to 45 days to credit our contributions to the corresponding employee accounts. Once this process is complete, we can initiate your deregistration with the pension fund. The deregistration process at the Tellco Pension Fund takes about one month. Once you have been successfully deregistered, you will receive a confirmation that you can use to inform Tellco where your balance should be transferred.
Example:
Your last paycheck was issued on December 13, 2023. payroll+ will submit the report to the pension fund on January 15; the Tellco Pension Fund requires up to 45 days to credit the employee accounts—that is, by the end of February—so the termination of coverage cannot take place until early March, and the transfer of the pension fund balance will occur around the end of March.