MONEYSOFT Payroll Settings

A step by step guide to changing pension contribution settings

Updating MONEYSOFT with the new minimum pension contributions from 6th April 2018

THE LEGISLATION

Employers are responsible for ensuring that any pension contributions deducted from earnings after 6th April 2018 are at least equal to the minimum amounts laid down by the legislation.

 

MONEYSOFT

Updating the legislative requirements in Moneysoft is much easier and less time consuming than implementing the original automatic enrolment. The step by step guide shows you how to make the amendments.

If any of this information is unclear or you need any assistance, call our office on 0113 457 4574. You need to update before your first pay run of the 2018/19 tax year.

 

STEP BY STEP GUIDE

1. In your software go to “Pensions” on the top task bar 

2. Select the first option “Pension Scheme Details”, this will open the Pension Scheme edit box as shown below

3. The click “Change Default Pension Rates”

4. Make sure Employee is changed to 3.00 and Employer is changed to 2.00

5. Make sure the dates are set to April 2018#

 

Speak to pension and payroll experts today. 

We can help if you’re:

 Past your staging date
Currently being fined for missing your duties
Struggling with an existing pension scheme
Worried about non compliance penalties
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*Monthly fee initial 24 month contract: See Fees for details

Assumptions: 2016/2017 tax year – £26,500 average pay – 15% average staff turnover. Available ongoing cost savings are from salary exchange, earnings definition, postponement for new starters, employee charges, employee lost investment return, and employer charges.

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