Pensions

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Pensions

Pensions and AVCs can be handled in many ways. You have full flexibility to use pension rates by scheme (26 main schemes available), or by person, or a mixture of both. Pension rates can be by percentage (of all pay, of named elements of pay, of a separate pensionable pay) or a fixed amount. Pensions can be deducted before or after tax. The National Insurance rebate can be added to the rate automatically for money purchase schemes. Schemes can have a disregard and have split rates.

Pensions can be paid over to the pension manager automatically with the BACSTEL module. This can be done once a month as a separate run or as part of the pay run payment cycle. This makes sure that your pension payments are sent on time to meet your obligations under the Pensions Act.

Pension deductions are held by tax year and by other periods which allow you to accumulate them over any period.