Setting Up a Penfold Pension Scheme
Access payroll settings
Navigate to Settings > Payroll in FreeAgent.
Enable pension contributions
For each employee:
Go to their payroll profile.
Select 'Yes, making contributions' under the pension contributions section.
Choose 'Auto calculate pension contributions?' to let FreeAgent handle calculations automatically.
Configure default pension settings
Set default employer and employee contribution percentages.
Define the earnings basis (e.g., qualifying earnings).
Specify the pension tax relief method (e.g., Relief at Source or Net Pay Arrangement).
Save Changes
Click 'Save Changes' to apply the settings.
👉 Tip: Ensure that each employee's details are up-to-date to facilitate accurate pension calculations and regularly review contribution settings to remain compliant with pension regulations.