Private Sector Pensions

You can create private sector pension elements using the delivered pension template. The pensions can be based on a flat amount and a percentage for employer, employee, and additional contributions. When both an amount and a percentage are provided, the sum of both values is used.

You need to set up a third-party pension provider to whom the contributions are to be paid and specific it in the template. 

Pension Category

These are the options for private pension category:

• Pan European Personal Pension Product
• Payroll Related Savings Account
• Additional Voluntary Contributions
• Payroll Related Savings Account Additional Voluntary Contribution
• Retirement Annuity Contract
• Occupational Retirement Benefit Scheme
• Not Applicable (Default)

Elements and Input Values

These elements are created:

• Employee Pension Deductions
• Employer Pension BIK

Input values are required for:

• Pensions Tracking Number, which is required for statutory reporting.

• Pensionable Earnings Reduced Liability, to hold the difference between the pensionable pay and the value used in the actual calculation.

Balances and Value Definitions

The predefined balances are based on the scheme types and are used for reporting employee and employer contributions. These balances are not linked to specific scheme types:

• In Scheme Pensionable Earnings Employers
• In Scheme Pensionable Earnings

Apart from the value definitions that are generated by the template, these predefined value definitions are delivered:

• Pension Contribution Percentage Limit
• Pension Contribution Total Earnings Limit
• Pension Retirement Age Bracket
• Pension Employers Max Contribution Percentage

Use the new pensions element template to set up private sector pension deductions.

Steps to Enable

For more information, see Oracle Help Center -> Cloud Applications ->Human Resources -> Playbooks -> HR and Payroll Localizations -> Ireland