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What happens if an employer pays over its contributions late?

NILGOSC may charge interest on the late payment at the rate of base rate plus one percent from the due date to the payment date with three monthly rests. If NILGOSC has reasonable cause to believe that the failure is likely to be of material significance to the Pension Regulator (tPR) then it must give a written report to tPR as soon as reasonably practicable.

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