Pension provision forms a significant part of the total reward package you offer your employees.
The contributions you pay for members in these schemes are collectively known as Accruing Superannuation Liability Charges (ASLC).
In some circumstances you may want to offer individual pension arrangements for a special or senior appointment.
A member’s permanent pensionable earnings are their basic salary and any other pensionable emoluments.
If service begins or ends with part of a month, your payroll must calculate the ASLC.
Pay arrears do not take a member into a higher salary band for the purpose of determining which ASLC percentage rate applies.
When a member is paid other than monthly - for example, every week - the ASLC calculation must be done at the end of each month.
Employer contributions to partnership pension accounts come in three parts.
Employee contributions are worked out before the deduction of basic rate tax is taken from the employee’s pay.
Your payroll must follow the Legal & General ‘Manage Submissions Interface Guide’.
The limit to reckonable service under classic is 45 years in total.
You must clarify and agree with the member and with the borrowing employer which pension scheme the member belongs to before secondment begins.
The level of National Insurance employers and employees pay depends on how much the employee earns.
The Scheme Manager is responsible on behalf of the Civil Service Minister, for making any changes to the benefit structure of each of the schemes.