Configuring pension schemes involves establishing the parameters and rules governing how a pension plan operates within an organization. This process includes defining contribution rates, eligibility criteria, and investment options for employees.
This configuration should be done during the setup of a new pension scheme, when making changes to an existing scheme, or in response to regulatory updates.
To help you configure pension schemes, watch the video of follow the steps below:
Click Settings then under Codes, click Pension Scheme.
Click Add.
🤓Tip: Alternatively, we recommend copying an existing pension scheme, where a similar one exists, by selecting the scheme from the Pension Code drop-down menu and clicking Duplicate.
In the Pension Scheme field, enter a unique pension code.
In the description field, enter the description.
From the Company drop down menu, select a company.
Complete any mandatory fields highlighted with an asterisk then click Next Page to navigate through the pages.
Once all pages are complete, click Save.
For further guidance, check the configure pension scheme user guide.