Configure Pensions

To configure pensions:

  1. Create new Pension deductions at company level (if required).

  2. Specify Qualifying & Pensionable earnings.

  3. Configure the Pension Fund.

  4. Assign pension deductions to fund.

Create Pension Deductions at company level

If you already run a pension scheme that matches or exceeds the minimum requirements for Auto Enrolment, you do NOT need to create any new pension deductions.

The regulations state that the pension deduction should be calculated as percentage of Qualifying Earnings between the Qualifying Earnings Lower Threshold and the Qualifying Earnings Upper Threshold.

If you do need to create new pension deductions, IRIS Earnie IQ has a deduction Type - Percentage Auto Enrolment which calculates the pension as required by the legislation.

If you select this pension type, all you need to do is enter the correct percentage amounts. IRIS Earnie IQ then calculates the deduction for you.

Add a new Pension Deduction

To add a new pension deduction:

  1. From the Company menu, select Alter Payments / Deductions.

  2. Select Add New. When asked if you want to use the Wizard, choose No.

  3. Configure your new pension deduction, ensuring to select Percentage Auto Enrolment from the Type drop-down list.