How do I change a pension scheme?

Summary

This article explains how to amend a pension scheme e.g. to increase contributions or amend the name of a scheme.

More Information

If you intend to amend a pension scheme please check from when the change should be effective. Wait until you are in that payroll period before making any changes.

Auto Enrolment Schemes

Over the next couple of years HMRC intend to increase the percentage contributions to be applied to Auto Enrolment schemes. The Pensions Regulator article provides a useful guide to the proposed dates and percentages to be applied.

As and when further information becomes available the guidance here will be updated.

Any Other Schemes

• Go to " Payroll Maintenance Options Payroll Settings Company Parameters Pension Schemes".
• Find the scheme to amend.
• Alter the "Description" and/or "%/Value" as necessary.

It is not advisable to amend the parameters on an active scheme i.e. the "TAX", "%" or "Lim" columns. These will alter the way contributions are calculated.

• Press <Esc> or click [Exit]. The changes are applied immediately to all employees in the scheme in the current Payroll Period.

See also

• How do I set up a pension scheme in Platinum Payroll?
• How do I Prepare for Automatic Enrolment?
• Links to Pension Providers

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Keywords AND Misspellings

pension, scheme, payroll, parameters, auto enrolment, auto enrol, increase conts, increase contributions, amend scheme, amend pension, increase