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OHAIE_PENP - Create pensions schemes

OHAIE_PENP - Create pensions schemes

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In this step, you set parameters for each pension scheme ID.

The 'Pension schemes Ireland' table (T7IEP) contains pension plans which, combined with the value of the constants you have created in the 'Payroll Constants' table in the previous step, allow you to use many different formulas to determine the pension contribution.

The Pension Plan type represents the fundamental nature of the scheme. It determines how often the pensions are calculated:

  • Once a year (APC)
  • Each pay period (PPC)
  • A flat deduction (FRC)

In deciding the plan type, determine if you want pension contributions to rise and fall in the same way as hourly paid employees income can fluctuate from pay period to pay period. Salaried employees generally use an APC scheme, while hourly paid employees generally use PPC.

Calculation

Total pension contribution = Perc x (Annual Salary - (factor x STPEN ))

A person who earns 25,000 per year wants to pay a standard pension contribution. The STPEN (state pension) is 6,094 and the factor is 1.5.

Therefore the annual pension contribution for the employee is:
(25000 - (1.5 X 6094)) X 0.1 = 1585.9

Note: STPEN is often the state pension figure but can be any constant in table T511P.

To customize scheme with an employee formula of 5% (weeks pay - £200) and an employer formula of 3%(week pay).
The pension plan type is 'Per Period Contribution'.
EE Std contrib is 5%.
EE Std factor is 1.
EE Std constant is Week. The constant table T511P has an entry 'Week' with a value of 200 IEP.
ER Std contrib is 5%.
ER Std factor is blank.
ER Std constant is blank.

To customize a scheme for employers where they contribute £100 per period per employee no entries are made for Contributions or Constant and factor values. The £100 is entered on the Per Period amount on the Pensions Ireland infotype(0361).






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