How do I configure and assign Pension Deductions to a Pension Fund?

Pension deductions should link to a Pension Fund. A Pension Fund is used by default during auto enrolment and allows you to set default values for all employees.

Number 1 in the Configure Pension Fund Details screen is always NEST. Edit this entry if you want to use a NEST pension.

Add a new Pension Fund

  1. From Pension, select Configure Pension Fund and then Add New.

  2. Enter the required General details on the first tab.

  3. In the Scheme Type section, from the drop-down list, select whether the scheme is Defined Contribution, Defined Benefits or Hybrid.

  4. Select the Qualifying Scheme box. A message displays asking whether you require every employee in this Pension Fund to be a Member of a Qualifying Scheme.

  5. If the employer is covering the whole of the minimum contribution rather than the employee, select Minimum contribution met by employer.

  6. Pension deductions not assigned to a fund display on the right under Pension Details. Select the pension deductions to assign to this Pension Fund.

  7. Select Output Files.

  8. Select the required File Format and choose who to include from the Include drop-down.

  9. Other fields on this screen differ according to the File Format you select. The Pension Provider usually provides the required details.

  10. The Add Employee contributions to Employers option adds the employee contribution to the employer contribution in the output file, resulting in the employee contribution showing as zero. This is used for certain salary sacrifice pensions.

  11. Select Bank Details. The information entered here is for your information only so you can leave this blank if you wish.

  12. Select OK.

  13. Repeat for any other pension funds you have.

    If you have a NEST Pension Fund, the Qualifying Scheme indicator selects automatically, and for employees in the NEST Pension Fund, the Member of a Qualifying Scheme selects.