Select Add Group, and complete the relevant fields from the table.
Group name
Enter a name for this plan.
Type of contribution
Choose the type of contribution you have with Smart Pension.
Salary sacrifice - Money paid into the pension deducts from your employee's gross pay. This deducts before calculating tax and National Insurance
NOTE:
With Salary sacrifice, enter the percentage contribution for the employer and employee. The employee contribution shows as a negative payment on the payslip.
Contribution deducted before tax. Money paid into the pension deducts from your employee's gross pay. This deducts before calculating tax. Taxable gross pay reduces by the amount of the pension contribution. This means the employee doesn’t pay tax on this contribution
Contribution deducted after tax. The money paid into the pension deducts after tax calculates. The pension provider claims back the tax paid on this contribution, direct from HMRC
Employer Contribution
Enter the percentage you pay into the pension scheme.
NOTE:
Smart pensions don't support fixed-value contributions for employers.
Employee Contribution
Enter the percentage your employee pays into the pension scheme.
NOTE:
Smart pensions don't support fixed-value contributions for employees.
Select Next and complete the relevant fields from the table.
Earnings Basis
If you chose a percentage deduction, choose one of the following options:
Pensionable Pay. The calculation uses only payments that have the Pension Earnings checkbox selected
Qualifying Earnings. The calculation uses only payments that have the Qualifying Earnings checkbox selected
Custom Earnings Basis. You can enter your own thresholds for pension contributions. You can then enter an annual lower and upper earnings limit. When you process your pay run, Payroll adjusts the thresholds based on the pay frequency. It only deducts pension on earnings between the two bands
NOTE:
These options aren't available for Salary sacrifice contributions.
Annual lower earnings limit (£)
This option only appears if you chose Custom earnings basis. Enter the annual lower earnings limit for your pension.
Annual upper earnings limit (£)
This option only appears if you chose Custom earnings basis. Enter the annual upper earnings limit for your pension.
Contributions payment date
Select the date you pay the pension contributions to your pension provider.
Default plan (optional)
Enrolling employees into this pension scheme is automatic if you select this box. You can change this for individual employees when you process their pay run.
Select Save. You can repeat the process to add more groups if required.
Select the Qualifying Scheme checkbox.
To read the terms, select the our terms link. Then to accept them, select the Terms checkbox.
Select Save.
NOTE:
Payroll will correctly calculate pre-tax and post-tax deductions. You don't need to adjust the percentage amounts to allow for a pre or post tax calculation.