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Edit Pension Scheme (Stake Holder Pension)

Use

Most employers / contractors with 5 or more employees, and who do not already offer suitable pension arrangements, must offer their employees access to a stakeholder pension scheme. In this screen you can modify the Pension schemes that fall under Stake Holder Pension Scheme category. At the payrun stage, this pension scheme can be applied to the individual employees and deduction values entered as appropriate.

Path

Payrun > Payment Frequency (Weekly/Monthly/2 Weekly/4 Weekly/Quarterly/Annual/Bi-annual) > Deduction & Pension > Pension Deduction > Stake Holder > Edit

Fields Available

Fields marked with an asterisk (*) are mandatory.

Stake Holder Pension Details

• Scheme Name: From the drop down list, select the appropriate pension scheme that applies to your chosen employee. (Note-if the scheme you require is not shown in the list, then you can create the pension scheme by going to the Pension Scheme option under the Employer / Contractor module.)
• Scheme Joined Date: Enter here the date on which the employee joined this pension scheme. You can use the calendar button to enter the date.
• Scheme Left Date: If the employee has left the pension scheme then enter here the date on which the employee left this pension scheme. You can use the calendar button to enter the date.
• Employee Pension Ref.: Enter here the employee pension reference if any.
• Other Ref.: If there is any account reference number with respect to the scheme, enter it here.

Employee Contribution

• Deduction Type: From the drop down list, whether the deductions should be taken as a fixed amount, (i.e. a fixed sum mutually agreed between you, the employee and the pension scheme provider), or as a percentage of gross pay (basic pay plus bonuses, commission, overtime or similar payments), or as a percentage of basic pay (pay not including bonuses, commission, overtime or similar payments).
• Deduction Value: Enter here the deduction amount or the percentage rate of gross or basic salary of the employee contributed towards the pension scheme.
• Last Change Date: An employee has the right to change his/her amount of contribution at least once every six months. You can agree to make changes more often if you want. Enter here the date when the last change was made.
• Next Change Date: Enter here the date when the next change is to be made.

Employer / Contractor Contribution

• Deduction Type: If, as an employer / contractor you are going to contribute to the pension scheme, enter here how your contribution is to be calculated. If you intend to contribute a fixed sum select fixed rate from the drop down list. Similarly if you intend to contribute a percentage of your employees gross pay, or a percentage of their basic pay, then select the appropriate entry from the drop down list.
• Deduction Value: Enter here the fixed amount or the percentage rate of the employee's salary contributed by you (employer / contractor) towards the pension scheme.
• Status: State the status of the selected pension scheme by clicking on the respective option.
• Active: Select this check box if the pension is currently operational and deductions should be made.
• On Hold: Select this check box if the pension is not currently operational and no deductions should be taken.

Associated Tasks

• Back: If you wish to exit this screen without saving the changes, click on this button. You will be taken back to the Deduction & Pension screen.
• Update: If you are sure about all the entries and wish to continue, click on this button. You will be taken back to the Deduction & Pension screen, where all the changes can be viewed.

Related Topics

Add New Pension Scheme (Stake Holder)

Click here to view the demo to add a stake holder pension to your employees deduction