Manage the Retirement Plans Calculation Card

Personal payroll calculation cards capture information specific to a particular payroll relationship.

The Retirement Plans calculation card has 3 main components that’s generated by the element template.

• <Scheme Name>
• <Scheme Name> Summary
• <Scheme Name> Contributions

Each component holds the details needed for employee assessment for pension enrolment and stores the results of the assessment. The Contributions component contains the benefits value definitions and can be associated with assignments.

The employee overrides only apply to the Private calculated Pension Types, and not the Public, legislation driven pension types. Employer overrides affect all.

There’s an additional component <Scheme Name> Limits and Overrides. You need use this if you wish to override the Third-Party Payee for a specific employee in the Pension Scheme.

Here's what to do:

Note: My Client Groups > Person Management

1. Search for and select the employee.
2. Got to Payroll > Calculation Cards.
3. Select the Retirement Plans calculation card. This is under the Benefits component group.
4. Select Pension Plan, Pension Plan Summary, then Pension Plan Contributions.
5. In Contributions, go to the Enterable Calculation Values on the Calculation Cards tab. You get the values for these fields:
   • Flat Amount for Employee Contributions – Total amount
   • Percentage for Employee Contributions - Rate
6. Click Add for additional calculation values such as employee or employer overrides, flat amount or percentage for additional contributions. You can create entries to affect and override against the actual plan details for the employee, or additional contributions, or employer.
   The values here override the default values from the pension scheme configuration. For example, if the pension scheme has a standard 250.00 euros deduction for the employee contributions, you can override it at this level with a different value. For example, an entry of 270.00 Euros will apply only to this employee and others would continue to with a deduction of 250.00. You might also record this into the additional contributions instead (if the scheme has been configured to allow that entry or calculation type).

   Note: Reduced liability reduction percentage enables the pension calculation card to override where there are business rules for percentage and there’s a need to override for employees who don’t fit the rule. You need to configure any rule based calculations according to your requirements.
7. Select Associations. Ensure that the employee assignments are appropriately associated with the pension scheme. This displays the scheme name contributions.
8. Save and submit your changes.
9. Run the Calculate Payroll task to check and verify the results.