A Guide to Using the Pension Module

Updated on Nov 20, 2024

The Pension Administration Guide provides a comprehensive overview of the administration of employee pension benefits within the HRplus Pension Module.

Step 1	Pension Setup
	Benefits>>Pension Admin>>Pension Setup>>Pension Status Benefits>>Pension Admin>>Pension Setup>>Pension Status Sequence Benefits>>Pension Admin>>Pension Setup>>Retirement Type Benefits>>Pension Admin>>Pension Setup>>Interest Rate Codes Benefits>>Pension Admin>>Pension Setup>>Pension Type Plans Benefits>>Pension Admin>>Pension Setup>>Transfer Value - Employer Benefits>>Pension Admin>>Pension Setup>>Pension Constants
	Pension Status	Classify employees according to their pension eligibility/status. Default Pension statuses that should be created include: Active Deferment Deferment on Ill-Health Death in Service Death - No Further Benefit Death prior to Retirement Early Retirement Guaranteed Pension Status Leave with Contribution Refund Pensioner Voluntary Withdrawal Additional Voluntary Contribution How do I set up Pension Status?
	Pension Status Sequence	Determine the NEXT pension status to which a pension plan member is allowed to move to, given his/her CURRENT pension status. How do I set up Pension Status Sequence?
	Retirement Type	define, categorize and manage various reasons for retirement Examples include early retirement, medical retirement, and normal retirement. How do I set up Retirement Types?
	Interest Rate Codes	Rates at which interest is calculated on the contributions made into a pension plan or on benefits accrued must be defined. Interest rates within a pension administration plan can differ. How do I set up Interest Rate Codes?
	Pension Type Plans	User-defined unique pension plan codes and descriptions linked to company. How do I add Pension Plans?
	Transfer Values - Employer	Employer Transfer Values are the amounts of money that have been contributed to the pension fund and an employer then transfers to another pension scheme on behalf of a member. How do I set up Transfer Values - Employer?
	Pension Constants	These are codes that are used for programming purposes. Use both user defined codes as well as codes that were previously set upto define the following: Pension Status Codes Interest Rate Codes Limits Other Constants How do I set up Pension Constants?

Step 2	Pension Administration
	Benefits>>Pension Admin>>Administration>>Pension Interest Rates Benefits>>Benefits>>Benefits Setup>>Benefit Plan Types>>[Select Benefit Type Code]>>[+]>>Enrolled Employees Benefits>>Pension Admin>>Administration>>Plan Members
	Pension Interest Rates	Rates at which interest is calculated on the contributions made to a pension plan or on the benefits accrued. How do I set up Pension Interest Rates?
	Enroll Employees in 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. How do I enroll employees in the Pension Plan (via the Benefits module)?
	Pension Plan Members	Plan members must first be enrolled in a pension plan via the benefits module. How do I Add Pension Plan members?
	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. How do I view employee's Pension History and Personal Data?
	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. Leaver with Transfer Value. Leaver with Contribution Refund. Deferred Pensioner Data. How do I view employee's Pension Data?

Step 3	Pension Calculations
	Benefits>>Pension Admin>>Administration>>Calculations Benefits>>Pension Admin>>Administration>>Calculations>>Transfer Value Interest Calculations Benefits>>Pension Admin>>Administration>>Calculations>>Ordinary Member Contributions Interest Calculations Benefits>>Pension Admin>>Administration>>Calculations>>Additional Voluntary Contributions Interest Calculations Benefits>>Pension Admin>>Administration>>Calculations>>Pensions in Payment Increases Calculations Benefits>>Pension Admin>>Administration>>Calculations>>Deferred Pension Increases Calculations
	Pension Contributions Interest	Having set up the Pension Interest Rates and other core values that are necessary for the system to process Pension contributions, you can now proceed to run the interest calculations. Interest is calculated via separate tabs and are transparent to the user as follows: Ordinary Member Contributions. How do I calculate interest on Ordinary Member Contributions? Transfer Value. How do I calculate interest on employees' Transfer Value contributions? Additional Voluntary Contributions. How do I calculate interest on Additional Voluntary Contributions? Pensions in Payment Increases. How do I calculate interest on Pensions in Payment? Deferred Pension Increases. How do I calculate interest on Deferred Pension Increases? How do I calculate interest on Pension Contributions?

Step 4	Print Pension Statements
	Benefits>>Pension Admin>>Reports>>Pension Reports>>Pension Statements
	Print Employees' Pension Statements	Before printing Pension Statements, ensure that calculations are run see Step 3: Pension Calculations. How do I print employees' Pension Statements?

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