Pension Scheme Templates

Global Payroll for the U.K provides you with a sample template that you can use as a starting point for processing two kinds of pension schemes: standard occupational pensions and stakeholders pensions. Because pension schemes are not a statutory requirement, you should tailor the provided template to your own requirements or create your own.

Pension schemes are created at the job level. That is, if an employee has multiple employment contracts, the employee can have different pension schemes for different contracts.

Within the two main pension types, the delivered template enables you to define these types of employee and employer contributions:

• A fixed scheme, in which an employee and an employer pay a fixed amount per pay period.

• A percentage scheme, in which both employee and employer pay a specified percentage of employee earnings per pay period.

• An additional voluntary contribution scheme, in which the employee can contribute a fixed amount or percentage.