Refunding pension contributions involves returning the amounts that employees have paid into their pension plans, typically when they leave the organization or opt out of the pension scheme.
It is important because it ensures financial accuracy and provides former employees access to funds they may need for other financial commitments.
To process a refund, follow the steps below in portal.
Click Employee then in the search field, search for employee.
Beside the relevant employee, click VIEW.
Click Pension then beside the relevant pension code, click the three dot icon.
Click Edit then in the End Date field, enter the date in a future period or leave blank as a refund will not process if the pension is closed.
Under the Adjust Normal Amount section, process the pension refund.
To save changes, click Save.