4. Pension Scheme
- Mark Holland (Unlicensed)
Owned by Mark Holland (Unlicensed)
Navigation: Company menu --> Pension Schemes screen
The Pension Scheme set up has been enhanced as follows
- Basic Scheme Tick Box: When setting up a pension scheme InPay allows the selection of the basic scheme tickbox this has the effect on basing the scheme on the minimum requirement laid out in legislation. (Deductions to be only taken between a lower and upper threshold and at a set percentage – currently 1% for employees, 1 % for employers)
- Non Auto Enrolment: Ticking this indicates that a pension scheme is not treated as auto-enrolment. For an auto-enrolment scheme, this should be left unchecked.
- Use Standard Pay Tick Box: When a pension scheme is set up the user must pick which pay elements are included to calculate pensionable pay. However if the pensionable elements are to be the same as those that are used to determine whether an employee is above the earnings threshold (see Section 2 of this document), then clicking this tickbox will automatically allocate the same set of elements.
Figure 3.1