2017 Pensions Upgrade

Article ID: 2025224         Last updated: 28 March 2017

 

AccountEdge Plus 2017 introduces the ability to setup multiple pension schemes, offering more flexible pension reporting.

You might use multiple pension scheme records where you have some employees with NEST pensions, some with The People's Pension, and some with pensions from other providers.

Alternatively you might have multiple pension groups under one pension provider, for example, a group of employees on 1% contributions, another group on 2%, and so on.

Each employee can now be linked to one or more pension scheme, if required.

 

Upgrading to AccountEdge 2017

To facilitate support for multiple pension scheme records, AccountEdge Plus 2017 introduces a Pension Scheme List.  

During the upgrade, AccountEdge will populate the Pension Scheme List with a scheme for each pension deduction category previously setup in version 2016.

After upgrading to AccountEdge Plus 2017, please take the following steps to finalise the setup your Pension Scheme List.

 

Step 1 - Tick the new Employer Pension Contribution checkbox

Go to the Payroll> Payroll Categories> Expenses window.

Open each employer pension category and tick the Employer Pension Contribution checkbox.  Example below:

Employer Pension Expense

Once complete, click into the Deductions tab, to refamiliarise yourself with your Employee Pension Deduction categories.

 

Step 2 - Review the Pension Scheme List

At the top of your screen, go to Command Centres> Payroll> Pension Scheme List.

The Pension Scheme List will be populated with one Pension Scheme ID for each employee pension deduction from your Payroll Categories.

In the example below the company has one NEST pension scheme with three groups of employees who contribute 1%, 2% and 3% respectively.

Pension Scheme List

NOTE:  The Pension Scheme ID will be abbreviated and prefixed with:

  • NST   (NEST)
  • NOW (NOW Pensions)
  • TPP   (The People's Pension)
  • OTH  (Other pension providers)

 

Click [»] to zoom into each pension scheme.  You will be presented with the following message:

Review Pension Scheme Information

A pension can be comprised of both an employee pension deduction and an employer pension contribution, or in some cases only one of the two. 

The upgrade process creates a pension scheme record for the employee pension deductions but does not link them to an associated employer contribution. You will do this now, if required.

Click OK.

You will be presented with the Pension Scheme Information window, similar to below:

Pension Scheme Information 1

You'll notice that the Linked Expense Category is empty.

 •  If this pension does not require a corresponding employer contribution, go to Review Complete, below.

 •  If this pension requires both an employee and employer contribution, click the selection button to the right of the field.

A list of Expense categories will appear.  Select the relevant employer pension contribution category for the the pension scheme.

 

The Pension Scheme Information window should now look similar to below:

Pension Scheme Information 2

 

Review Complete

Tick the Meets Auto Enrolment Requirements checkbox if this pension scheme meets Automatic Enrolment criteria.  Check with your pension provider if you are unsure, or click here for more information. 

Tick the Review Complete checkbox and click OK when done.

 

** Complete Step 2 for all pensions in the Pension Scheme List **