Pension Groups
Pension Groups are a set of employees who make use of the same Pension Scheme.
To create a new group:
- Go to the Pensions page
- Click on the Groups tab
- Click Add New Group
- Insert the group start date and end date, if applicable
- Write the Group Name
- Select the Scheme Used (from the created or integrated pension Schemes)
- Input the Employee and Employer contribution rates
- Configure any advanced settings
- Click Create to save it
Salary Sacrifice
When enabling Salary Sacrifice, you will be able to customise the pension group further:
- NIC Savings Method
- Choose between a percentage of all savings or a percentage of employee's sacrifice
- Customise the % of contributions that will be added to the pension
- Sacrifice Tax Savings
- Adds an additional 20% of savings that were relieved from Income Tax
- Reduce Pensionable Earnings for AVCs and Other Schemes
- In the case employees have additional voluntary contributions (AVCs), enabling this option will ensure the Salary Sacrifice takes priority and reduce the pensionable pay of other contributions
Advanced Settings
When enabling the Advanced Settings, you can override the Scheme Type of the Pension Scheme, and calculate the employee and employer portions on different methodologies.