Stakeholder Pensions

Setting up a Stakeholder Pension in BrightPay

To access this utility, click Employer:

1) Click Add within the Pension Schemes section on the menu toolbar

2) Enter the name of the policy and the reference number provided by the pension company

3) Under Type, select Stakeholder Scheme from the drop down menu

4) Reduction - if applicable, tick this box to reduce contributions by the basic rate of tax

5) Default Contributions - this is optional. Complete this section if you would like to apply default contributions to an employee who is added to this pension scheme. They can subsequently be changed for each employee as required

6) Within the Contact and Payment section, enter the contact details of the pension provider

7) Select the method of payment for remitting the pension contributions to the pension provider. If the method of payment is credit transfer, enter the pension provider's bank account details accordingly. 

8) Click Save

Applying the Pension Scheme to an Employee

To apply the pension to an employee, click Payroll and select the employee:

TO ENTER A PENSION DEDUCTION BY AMOUNT:

1) Under Additions & Deductions click the Add icon

2) Under Deduction, select the Stakeholder pension scheme

3) Select the £ sign from the drop down menu and enter the Employee Contribution

4) Select the £ sign from the drop down menu and enter the Employer Contribution, if applicable

TO ENTER A PERCENTAGE-BASED PENSION:


1) Under Additions & Deductions click the Add icon

2) Under Deduction, select the Stakeholder pension scheme

3) Select the % sign from the drop down menu and enter the Employee Contribution percentage amount

4) Select the % sign from the drop down menu and enter the Employer Contribution percentage amount, if applicable