Pensions Detailed
This is to prepare the pension schemes that you can then apply to the employee as required.
From your pension supplier get the details of your pension scheme.
Try to find a pension description that is close to your requirements.
Enter the required information into the pension screen.
Lookup
Choose which pension you wish to work on.
Type
this can be:
Comp Company scheme.
PPP Personal Pension Plan.
STKHLD StakeHolders pension.
OTHER not above.
Description
This will display on the employees record.
Payment.
There are 3 payments, Employee, Employer, & Employee Additional Voluntary Contribution.
Each one can be a NET (ie fixed) or a PERCENTAGE of their pensionable income.
Enter the amount/rate to be deducted.
***Please note that if you also put a figure in the EMPLOYEE DETAILS section that amount will be used for that individual and it will still observe the pension scheme details.***
TaxRelief
Tick if the scheme allows tax relief.ie the pension is deducted from income before tax is calculated.
Aeo
If payments are allowable before an arrestment earnings order.
If you enter percentage more options are opened up for you.
Calculate from Pension Inc or Gross :
P If the pension is to be calculated from the elements of income that have been described as Pensionable in COMPANY Pay Headings
G If the pension is to be calculated from all of the GROSS income.
Gross income is defined as all the entries you put in the PAY section of the Employee\EmployeeDetails\Pay
Restrict Pen. Inc. between amounts :
A for All income ie no restrictions.
N to use the current NIC Lower and Upper limits.
I to enter your own Individual Lower & Upper limits.
Please enter a WEEKLY figure only, if paying monthly multiply your figure by 12 / 52 to get to weekly. The program will then calculate the correct figure according to payment frequency.
Restrict pension PAID :
A for All ie no restriction.
R to enter your own Restricted Lower & Upper limits. The pension will always be at least the Lower figure and will never go above the Higher figure. Leave Lower figure at 0.00 if there is no lower limit.
Please enter a WEEKLY figure only, if paying monthly multiply your figure by 12 & divide by 52 to get to weekly.
Maximum to be paid
Enter an amount that the total pension for the YEAR should not exceed.
This is currently not available.
Force Minimum contribution re rebate.
Check your policy re this.
S.S.P.. Pensionable
Tick if Statutory Sick Pay is to be included in Pensionable Income.
S.M.P. Pensionable
Tick if Statutory Maternity Pay is to be included in Pensionable Income.
Administrator
Enter the name of pension company who the scheme is with.
Admin Ref.
Enter the pension company reference.
See Also Company\Company Details Econ , Employee/Employee Details/Pension , CalcPay/Process Payroll
pensiondetail 06/04/04
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