After receiving many requests and enquiries about it, we are pleased to announce that our system now also features an option to capture Additional Voluntary Contributions (AVC) for personal pension plans.
Pension Types and the AVC Additional field
We cater for the following personal pension plans:
- Personal Retirement Savings Account (PRSA);
- Retirement Annuity Contract (RAC); and
- Retirement Benefit Scheme.
We have added a new field for all three pension types where you now have the option to specify an AVC amount as either a fixed amount or as a percentage of the employee’s income.
Payslips and Reports
Additional Voluntary Contributions will now appear on an employee’s payslip under Deduction.
The payslip will also display the calculated amount of the taxable income deduction for the Pension Fund AVC Deduction. This amount will be deducted from the employee’s gross pay before PAYE is calculated and the employee will be granted the appropriate tax relief.
You also have the option to view AVCs on our Transaction History Report.
You can find more information on how to add an AVC on our help site.
Should you have any questions regarding SimplePay or any of our services, please feel free to contact [email protected] for assistance.
Keep well and stay safe.