Pension Rate Change

Pension Percentage Update

This wizard is provided as a utility to update the Pension Contribution Criteria for a selected Pension Scheme.

This assumes that any definitions of the scheme, as attached to each HR Record, currently hold as incorrect or old definitions and that the master scheme details have already been changed to contain the new calculation criteria (i.e. the percentage rate and/or a fixed value).

If the Scheme chosen is of type Standard Rates, then the employee and employer values and percentages entered against the pension, will be passed down to the appropriate employees. (Note: unless the Fixed flag is set to Yes on the employee’s Pension Record).

If the Scheme chosen is of type Contribution Band and the Band Method is Each Calculation, this process cannot be used to define entries against the employees, as any such values would be overwritten by the next payroll calculation.

If the Scheme chosen is of type Contribution Band and the Band Method is Fixed Update, then this process should be used periodically to set the correct Pension Bands against each employee.

The first form of the wizard allows the selection of the Pension Scheme, which is to have its default values downloaded to the employee’s defined as being on the Pension.

The second form allows the user to specify which fields on the employee’s Pension Records are to be updated.

The third form of the wizard allows for the selection of a previously define HR Query, which limits those employees whose pension settings are to be updated by this process. This is the final form of the wizard. (Note: Unless the Pension is of type Standard Rates).

Select Finish and confirm that you wish to run the process.