👉 Tip: You'll need the 'EmployerID,' a unique code assigned by Penfold to each employer. Typically, it starts with PEN followed by your Company Number. You can find it on the dashboard 👇
To set up your Penfold scheme, go to the Payroll Menu, select 'Payroll Settings', go to 'Workplace Pensions' and select 'Add Workplace Pension'.
You will then be taken through a few steps to configure the pension:
1. Start Date
Enter the Auto Enrolment Staging / Duties Date for the company.
Select whether you want to use postponement.
Enter your next re-enrolment date (optional)
2. Pension Provider
Type 'Penfold', then click on 'Set up manually'.
EmployerID is the unique reference assigned to the scheme by Penfold. It is usually PEN followed by the Company Number e.g. PEN12345678, and is sometimes referred to as the EPSR number.
Employer and Employee Contribution - set the default percentage rates for the scheme here.
Qualifying Earnings:
Select yes if you want to use the statutory minimum definition of pensionable earnings (all earnings between £6,240 and £50,270), or
Select no if you want to use an alternative definition of pensionable pay (such as basic or total pay).
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).
Note: Net pay is not a suitable option to use with a Penfold Pension
Review the settings and click Confirm. All done! ✅