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Pensions

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In this guide we will go though setting up pensions in Parolla. The pension can be set up in Parolla after you have created the employee profile. Pensions are either a benefit or a deduction.

Benefits are paid for by the company on behalf of the employee.

Deductions are taken directly from the employee’s earnings.

Both can be with or without Revenue tax relief.

Types of Pensions

  • PRSA – Personal Retirement Savings Account.
  • RAC – Retirement Annuity Contract.
  • Occupational pension schemes such as
    • CWPS – Construction Workers Pension Scheme.
    • DCS – Defined Contribution Scheme.
    • NECI – National Electrical Contractors Ireland.

Pension Set up

There are 3 parts to setting up pensions in Parolla.

  1. Create the pension provider as a recipient
  2. Create the pension plan
  3. Add employee’s payment particulars to the pension plan

Required information

  • Pension tracing name and number and type (PRSA , RAC etc)
  • Employee pension membership number
  • For employee contributions- employee Date of Birth and estimated annual income (employee contributions have age related tax relief cut off points)

1. Creating the pension provider as a recipient

Go to the menu bar and choose Settings > Recipients > +New.

Input the details, the pension option will appear in the type box. Click on Create

2. Create the Pension Plan

From the menu bar choose Benefits/ Deductions > Pensions > New

The pension or insurance recipient will now appear as an option in the Pension provider box. Fill in all available details and submit.

A default PRSA has been set up for you to use. If you wish to customize this click on edit, make the relevant changes and click on submit.  

3. Adding employee payment particulars to the pension plan.

Next add the relevant employees as members of the pension by clicking on the people icon.

Click on the add member button in the top right of the screen.

Since PAYE modernisation Revenue require the Pension details to be submitted with the pay run. The pension and/or membership number may be required.

Pension Contributions Report

A pensions contributions report is available to assist with reconciliation or pension payments to providers.

Go to Benefits/ Deductions > Pensions> Contributions

Choose the date range and relevant calendar. Advanced search allows you choose individual employees.

Common Problems

I have added an employee as a member of a pension but it doesn’t appear on the payslip.

To resolve this reload the template in the pay run.

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Parolla Limited trading as Parolla. Registered office 5 Springhill Court, Tramore, Co. Waterford, Ireland. VAT Number IE355718IH. CRO 631364