How do I set up Pension Interest Rates?
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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.
Interest rates MUST be entered/specified for each year that interest is to be calculated.
Pension Interest Rates
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.
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