This article explains how to add pension policies and contribution bands.
Note: To follow these steps, ensure that you’ve turned on the HR module.
Click the HR tab then click Policies.
Click the Pension tab, then click Add policy.
Enter the policy name.
Select if contribution rates are:
Percentage (%) or,
Fixed value (£)
From the drop-down, set if the contribution bands are:
Based on pensionable pay for periodAutomatically assign to team members based on their pensionable pay in the period, made up of their pay, pensionable allowance, and any pensionable pay elements.Based on annualised pensionable pay for periodAutomatically assign to team members based on the annualised figure of their pensionable pay in the period, made up of their pay, pensionable allowance, and any pensionable pay elements.Based on full-time equivalent salaryAssign to team members based on the full-time equivalent salary you enter for them when adding them to the pension scheme.ManuallyManually assign contribution bands to team members when adding them to the pension scheme.Click Next then, for each band, enter the following values:
To
Employee contribution rate.
Employer contribution rates.
Tip: To use the same employer contribution rate for all bands, turn on the toggle, then enter the employer contribution. You can also use the ‘and above’ toggle to indicate that there’s no upper limit to the band, for example, a final band with pensionable pay for period of £60,000.00 and above. Once all the bands have been configured, click ‘Save’