Interest rates MUST be entered/specified for each year that interest is to be calculated.
Interest Rates
These are the rates at which interest is calculated on the contributions made to a pension plan or on the benefits accrued. Interest rates may differ based on several factors.
Using the Interest Rate Codes previously defined, define the interest rate (%) to be applied on:
Normal Ordinary Contributions.
Additional Voluntary Contributions.
Transfer Values for a given year.
At a minimum, interest rates must be defined for the definitions above. If other interest rates exist, then they must be defined here.
You MUST set up Interest Rates for NORMAL ORDINARY CONTRIBUTIONS, ADDITIONAL
VOLUNTARY CONTRIBUTIONS and TRANSFER VALUE FOR A GIVEN YEAR.
If other interest rates exist, then they must be defined here!
Interest Rate Description: Select the interest rate code description from the drop-down list.
Interest Rate: Enter the value of the interest rate applicable.
Effective Date: Enter the effective date of the pension interest rate.
Save the record and repeat to enter additional interest rates.
Enrolling Employees in the Pension Plan
Members must first be enrolled in the benefit plan in the benefits module and contributions deducted via the benefit-payroll linkage. Contributions should be linked to the same pension deduction code referenced in the pension module.
Please ensure that user-defined, unique Pension IDs have been defined for employees. This can also be completed using the import template.
Company Code: Select the Company from the drop-down list.
Pay Group: Select the Pay Group from the drop-down list. Pay groups shown will be filtered based on the Company selected.
Badge Number, Last Name, First Name: Select the Name or Badge number of the employee from the drop-down list. Names shown will be filtered based on the Pay Group selected.
Date Join: Enter the date the employee joined the benefit plan (e.g. the date on the employee’s registration form)
Date Start: Enter the effective date the employee became active on the plan.
Certificate Number: Enter the registration number of the employee that is obtained from the insurance company upon enrollment in the plan.
Option: This field shows how the contribution is paid. It is either cash or percentage and is set at the Plan level. This field cannot be edited in from this screen and is view ONLY.
Employee Contribution: Enter the value of the employee’s contribution to the plan. This can be either cash or a percentage based on what was set up at the plan level. This only needs to be entered at the employee level if the value of the contribution is different for each employee.
Employer Contribution: Enter the value of the employer’s contribution to the plan. This can be either cash or a percentage based on what was set up at the plan level. This only needs to be entered at the employee level if the value of the employer's contribution is different for each employee.
Date End: This field is left blank until you are aware of the date that the date the benefit plan type will end (cease to exist). Once the date is entered here, the employee will no longer be on the plan and deductions will stop generating for them in the payroll.
It should also be noted that when an employee is separated, if the flag titled Stop Benefits is set to YES, then the end date will be automatically populated with the separation date of the employee. This is another integrated feature of HRplus where data only has to be entered in one module but can be linked to connected modules.
Sum Insured: If this is a non-life insurance policy with a sum insured, then enter the value of the reimbursement here.
Plan Members
Plan members must first be enrolled in a pension plan via the benefits module.
Plan members can then be added to the pension administration module individually or "en masse" via an import utility Excel spreadsheet. A download template is available on the screen (with instructions on the format it should be completed).
Once completed, the file can be uploaded via the Import button and the data will be displayed in the table. Please ensure that user-defined, unique Pension IDs have been defined for employees.
Pension Id: Enter user-defined unique pension ID.
Company: Auto-fills with the employee's company name.
Badge Number/First Name/Last Name/Date of Birth: Enter employee details to be placed in a member plan.
Date of Birth Confirmed?: Select "Yes" to indicate that the employee's date of birth was verified. Otherwise, select "No".
Company Start Date: The date the employee first started at the company.
Pension Type Plan Id/Pension Type Plan Description: Select the pension plan that the employee is joining.
Deduction Code/Deduction Description: Select the payroll deduction code for the pension plan.
Date Join Plan: Enter the date the employee joined the pension plan.
Date Left Active Status: Enter the date the employee was separated from the company. Otherwise, leave blank.
Save the record and repeat to enroll additional employees.
Pension History and Personal Data
Having enrolled employees in the Pension Plan, process the payrolls as you normally would.
Based on the employee's effective date (Date Joined), the system will automatically process the Pension deduction in the relevant pay cycle.
The system will populate the data in the following screens for mainly viewing purposes only.
Pension Data
These View-Only Options allow you to view an employee's pension data after calculations have been processed. The options are:
Transfer Value Received from Employer
Member Contribution History.
Death in Deferment.
Leaver with Transfer Value.
Leaver with Contribution Refund.
Deferred Pensioner Data.
Deferred Pension History.
Additional Voluntary Contributions.
Pensioner Data.
Pension History.