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Add New Pension Scheme (FSAVC)

Use

FSAVCs are free-standing additional voluntary contributions. Each employee can generally pay up to 15% of his or her salary into a pension scheme. Contributions to company schemes are usually lower than this but an employee can choose to make additional voluntary contributions if they want. A free-standing additional voluntary contribution is such a contribution but it is arranged independently of the company scheme. For further guidance on appropriate personal scheme Click here.

In this screen you can select the required Pension schemes that fall under FSAVC 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 > FSAVC Pension > Assign Scheme

Fields Available

Fields marked with an asterisk (*) are mandatory.

Free Standing Additional Voluntary Contribution (FSAVC) 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.
• 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.
• Save: 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 details can be viewed.

Related Topics

Edit Pension Scheme (FSAVC)