Setting Up Pension Deductions

To set up pension deductions for an employee, simply go to Add/Amend Employees > select the Employee > select their Deductions tab.

TO ENTER A PENSION DEDUCTION BY AMOUNT:

Under Pension Details, enter the pension scheme reference (if applicable) or select an existing scheme reference number from the drop down menu. A scheme reference is contained in policy documents and is usually no greater than 10 characters in length.
Enter amount for employee's contribution in the box provided
Enter amount for employer's contribution in the box provided, if applicable
Indicate the Pension type by ticking the appropriate box:

RBS: Retirement Benefit Scheme
PRSA: Personal Retirement Savings Account
RAC: Retirement Annuity Contract

The total amount entered will be deducted from the employee's weekly/fortnightly/monthly gross pay as appropriate.

Please Note: a scheme number must be entered otherwise the pension report will not copy to disk. There is no facility to allocate scheme numbers to already updated payroll.

TO ENTER A PERCENTAGE PENSION DEDUCTION

Under Pension Details, enter the pension scheme reference (if applicable) or select an existing scheme reference number from the drop down menu. A scheme reference is contained in policy documents and is usually no greater than 10 characters in length.
Enter employee's percentage of gross salary to be deducted in the box provided
Enter employer's percentage of gross salary to be deducted in the box provided, if applicable
Indicate the Pension type by ticking the appropriate box:

RBS: Retirement Benefit Scheme
PRSA: Personal Retirement Savings Account
RAC: Retirement Annuity Contract

The percentages entered will be applied to the employee's weekly/fortnightly/monthly gross pay as appropriate.

* Please Note: a scheme number must be entered otherwise the pension report will not copy to disk. There is no facility to allocate scheme numbers to already updated payroll.

TO ENTER AVC CONTRIBUTIONS

An AVC is any Additional Voluntary Contributions made by the employee to a Pension scheme. As a result of the Pensions Act (Amendment) 2002, you will be required to facilitate an employee wishing to make an additional voluntary contribution (AVC) to their pension.

Enter AVC amount
Click Update
Remember to zero-ise the AVC amount in the next pay period

TO ENTER A CONTRIBUTION TO A SECOND PENSION SCHEME

Click Additional
Under the section Other scheme, choose a scheme reference from the drop down menu or type in a new scheme reference. A scheme number must be entered for the secondary contributions otherwise the pension report will not copy to disk.
Enter the applicable pension amounts under Ordinary or AVC
Click Update to save second pension scheme

Please note that the percentage basis of pension deduction will no longer work for this employee if amounts are input in this section.

ORDINARY

This refers to RBS/PRSA/RAC contributions made to a 2nd scheme in addition to the main scheme. The employee and employer (if applicable) contributions are entered as the weekly, fortnightly or monthly contribution amounts. The employee amount entered is deducted from their weekly, fortnightly or monthly gross pay as appropriate.

AVC

This refers to any Additional Voluntary Contributions (AVC) made by the employee to a pension scheme.

TO ENTER A CWPS PENSION

The Construction Workers' Pension Scheme (CWPS) is a not-for-profit industry-wide scheme covering the entire construction industry in the Republic of Ireland.. It was set up to replace the Construction Federation Operatives Pension Scheme (CFOPS) and started in business on July 1st 2006.

The scheme allows employers to fulfil their legal obligations of the Pensions (Amendment) Act 2002 to provide access to at least one Standard Personal Retirement Savings Accounts (PRSAs). Membership of CWPS also provides death in service cover and sick pay benefit and it gives members the opportunity to build up valuable pension benefits for their retirement.

Since May 2013, the collection of both the Construction Industry Monitoring Agency (“CIMA”) and Electrical Pensions and Conditions of Employment (“EPACE”) deductions are suspended by CWPS so it does not form part of the 2016 deduction.

Further information can be found on www.cwps.ie

Within Add/Amend Employees > select the Employee > select their Deductions tab.