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Pension Schemes

Use

If you have already entered the details of pension schemes you can view the list of names of the pension schemes on this screen. For your reference, alongside each scheme name is listed the scheme type etc., with respect to each scheme.

Path

Employer / Setup > Pension Schemes Settings > Usual Pension Setup > Main Pension Schemes

OR

Employer / Setup > Chart of Setup > Pension > Usual Pension Setup > Main Pension Schemes

OR

Bureau Main Page > Admin Payrun > Enter > Employer / Setup > Pension Schemes Settings > Usual Pension Setup > Main Pension Schemes

OR

Multi-Sites Payroll Starter > Head Office Details > Employer / Setup > Pension Schemes Settings > Usual Pension Setup > Main Pension Schemes

Fields Available

Pension Schemes

• ECON: If you have already entered the ECON (Employer's Contracting-out Number) it will appear here. To edit or to enter the ECON click on the Edit button.

Company pension schemes can offer employers / contractors and employees the opportunity to pay reduced amounts of NIC. To qualify for these reductions the pension scheme will need to have contracting out certification from the Pension Schemes Office of the HM Revenue & Customs. They will issue SCON (Scheme Contracting-out Number) and ECON (Employer's Contracting-out Number) numbers which employers / contractors must record and list on their end of year returns.

• Scheme Ref: The pension scheme reference will be displayed here.
• Scheme Name: The pension scheme name will be displayed here.
• SCON: The SCON (Scheme Contracting-out Number) will be displayed here. The SCON number is applicable only if your scheme type is COSR or COMP.
• Scheme Type: The scheme type corresponding to the schemes will be displayed here. To edit the scheme type click on View / Edit link.
• Exclude from gross pay for
• PAYE purposes? (Deduct After PAYE): If you have allowed tax relief to the scheme you have selected, the pension contributions will be excluded from the employee's gross pay before the PAYE tax is calculated. It will be deducted after the PAYE tax is calculated. This is again subject to the scheme you have selected.
• Nic's purposes? (Deduct After Nic): If you have allowed tax relief to the scheme you have selected, the pension contributions will be excluded from the employee's gross pay before the NIC tax is calculated. It will be deducted after the NIC is calculated. This is again subject to the scheme you have selected.
• Action: The various tasks associated with the data in each row will be displayed here. For example Save, Edit, Delete, etc.

Associated Tasks

• Edit: To make any modifications to the ECON, click on this button.
• Save: To save the ECON you modified, click on this button.
• View/Edit: To view or edit the details of the pension schemes, click on this link corresponding to the respective pension scheme.
• Add New Pension Scheme: To add a new pension scheme click on this button.
• Back: If you have finished viewing the details and wish to leave this screen, click on this button.

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