Difference between revisions of "How do I set up a pension scheme in Platinum Payroll?"
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To allocate a Pension Scheme to an employee, see Employee Amendments - TAX, NI & Pension. You can amend the default Employee and Employer's contribution if necessary. You can also enter voluntary top up contributions for both the Employee and the Employer if applicable. | To allocate a Pension Scheme to an employee, see Employee Amendments - TAX, NI & Pension. You can amend the default Employee and Employer's contribution if necessary. You can also enter voluntary top up contributions for both the Employee and the Employer if applicable. | ||
| − | == See | + | == See also == |
* [[How do I Add a New Employee to the Payroll?]] | * [[How do I Add a New Employee to the Payroll?]] | ||
* [[Payroll End of Year]] | * [[Payroll End of Year]] | ||
Revision as of 11:40, 27 November 2013
Contents
Summary
The following article explains how to set up Pension Schemes. This enables the system to calculate contributions correctly.
More Information
- Go to " Payroll Payroll Parameters/Maintenance Company Parameters Period Adjustments".
Your screen will resemble the screen displayed below:
Pension Schemes
<---- Employee ----> <-- Employer -->
Description TAX % %/Value Lim % %/Value Lim Reb SCON. Lim
1 COSR Pension N Y 0.00 B Y 0.00 B S B
2 COMP Pension N Y 0.00 B Y 0.00 B M B
3 N Y 0.00 B Y 0.00 B B
4 N Y 0.00 B Y 0.00 B B
5 N Y 0.00 B Y 0.00 B B
6 N Y 0.00 B Y 0.00 B B
7 N Y 0.00 B Y 0.00 B B
8 N Y 0.00 B Y 0.00 B B
9 N Y 0.00 B Y 0.00 B B
10 N Y 0.00 B Y 0.00 B B
General Details
The information that you need for this screen should be provided by the people who arranged the pension scheme for you, and any questions should first be aimed at them. There is information required for both the Employee and the Employer, depending on whether the employer contributes to the scheme. The fields and their purpose are the same for both employee and employer and are explained below.
Description
Enter a description for the pension scheme. There are two defaults set up for the common types - 'COSR' - salary related and 'COMP' - money purchase.
Tax
Are the pension contributions subject to tax at source? Generally this would be 'No', but if the tax is reclaimed at a later stage or legislation changes, this can be set to 'Yes' if required. If you are not sure, check with your pension adviser.
%
Is the Value, entered in the "%/Value" column to the right, a Percentage?
- 'Y' - Yes, the value is a Percentage.
- 'N' - No, the value is an Actual Value.
%/Value
Enter the 'Percentage' or 'Actual Value' which the employee or the employer will contribute to the pension scheme. This is a default field which can be left blank. When you are linking a scheme to an employee you can amend the employer's contribution for an individual, if it differs from the default.
- Percentage: - The Percentage of the Pensionable Gross to contribute to the pension by the employee or employer (the Pensionable Gross may be limited by the Upper & Lower NI Limits).
- Actual Value: The Actual Value the employee or employer will contribute to the Pension Scheme.
Limits
Define the NI Limits to be applied to the Employee's Pensionable Gross if Percentage Calculations are to be used.
- 'N' - Calculate the Pension on the Whole Pensionable Gross.
- 'L' - Limit calculations to the Lower NI Limit only.
- 'U' - Limit calculations to the Upper NI Limit only.
- 'B' - Apply the percentage to the Pensionable Gross between the Lower and Upper Limits minus the Lower Limit.
Other Parameters
Reb
Is the Payroll to calculate the NI Contracted Out Rebate?
- 'S' - this is a Salary Related Pension
- 'M' - this is a Money Purchase Pension
- ' ' - Leave blank if this pension scheme is not contracted out.
SCON
If this is a Contracted Out Pension Scheme, you will have a SCON "S4" number provided by the people who arranged the scheme. This should be quoted on year end documentation.
- Enter the SCON value provided.
Lim
What NI Limits are to be used to calculate NI Rebates?
- 'N' - Calculate the Pension on the Whole Pensionable Gross.
- 'L' - Limit calculations to the Lower NI Limit only.
- 'U' - Limit calculations to the Upper NI Limit only.
- 'B' - Apply the percentage to the Pensionable Gross between the Lower and Upper Limits minus the Lower Limit.
To allocate a Pension Scheme to an employee, see Employee Amendments - TAX, NI & Pension. You can amend the default Employee and Employer's contribution if necessary. You can also enter voluntary top up contributions for both the Employee and the Employer if applicable.
See also
- How do I Add a New Employee to the Payroll?
- Payroll End of Year
- How do I Run a Payroll Period?
- How do I Close a Payroll Period?
