Setting up a Penfold Pension in MoneySoft
To set up a Penfold Pension in MoneySoft Payroll Manager, follow these simple steps:
Go to the Pensions menu
You can create up to 5 pension schemes for the company - select a blank one or edit an existing one, if required
Enter the following information:
Name - Penfold
Provider Type - PAPDIS
EmployerID - this is the unique reference assigned to the company by Penfold. It is usually PEN followed by the Company Number e.g. PEN12345678, and it is often referred to as the EPSR number.
Tax Relief:
If you’re using Salary Sacrifice for this scheme you can set this here. This means all contributions are paid as Employer contributions in exchange for the employee taking a lower salary.
Alternatively, select Relief At Source and set the Reduce by Basic Rate Tax option to Yes. This means that Employee contributions will be deducted net of basic rate tax relief from after tax pay (Penfold will add the tax relief to make up the full contribution).
Net Pay is not a suitable option to use with a Penfold Pension.
Note - if you have some employees on Relief at Source and some on Salary Sacrifice, you will need to create two pensions e.g. Penfold RAS and Penfold SS.
Earnings basis
Select “% apply to all pensionable earnings” if the company is using an alternative definition of pensionable pay e.g. basic or total pay
OR
Select “% apply to banded qualifying earnings only” if the company is using the statutory minimum Qualifying Earnings definition of pensionable pay (all earnings between £6,240 and £50,270)
Change default pension rates - you can adjust the company’s minimum contribution rates, if they are paying higher than the statutory minimum rates.
Everything else in this screen can be left blank.
Enrolling employees in the Penfold Pension
Go to the Employees menu, select each relevant employee and follow these steps:
Go to the Auto Enrolment section
Note - if the employee is already in a different scheme, you will need to add a Leave Date for that scheme first and click OK (ensure the Date Joined field is blank), before you do the below steps.
Select Penfold from the Auto Enrolment Pension dropdown
Set the Assessment and Enrolment Type (e.g. Eligible Jobholder / Auto Enrolled)
Set the Date Joined (or enter a date to Defer / Postpone to if required)
Click Set Contributions and click OK to set the contributions to the scheme defaults, or manually override if required
Click OK to save
How do I set MoneySoft up to produce the right data?
Great news - this is automatic. When you run payroll, MoneySoft will automatically produce a PAPDIS CSV file which can be easily dragged and dropped into the Penfold Platform to process both enrolments and contributions.
Sending Enrolments and Contributions to Penfold
Once you have finalised the pay run, you can go to the Pensions menu and select Generate Upload Files.
Select the Penfold Pension (if have a Relief at Source scheme and a Salary Sacrifice scheme there will be 2) to view a preview and download the file.
Save the file to a secure location and that’s it - it’s ready to be dragged and dropped into your Penfold Platform.
There is no separate Enrolment report, but if you want to enrol employees early, e.g. to ensure they get their Opt Out window before payroll is run (albeit you’d have to finalise and then reset), you can upload the PAPDIS CSV to the “Add Employees Only” window in the Penfold Platform. Alternatively, upload the file(s) to the Payroll Pension window and all outstanding enrolments and contributions will be processed in one go.