Payment information | Help and support https://thepeoplespension.co.uk/help Search our knowledge base for answers Thu, 08 Aug 2024 08:29:23 +0000 en-GB hourly 1 https://wordpress.org/?v=6.7.2 As the employer, do I have to match the employee contribution? https://thepeoplespension.co.uk/help/knowledgebase/as-the-employer-do-i-have-to-match-the-employee-contribution/ Sun, 26 Apr 2015 08:27:10 +0000 http://ask.prodtpp.wpengine.com/?post_type=knowledgebase&p=849 No. An employer doesn’t have to match employee contributions. Currently, the minimum contribution is 8% of qualifying earnings, of which at least 3% must be paid by the employer.

]]>
Can an employee reduce their pension contributions? https://thepeoplespension.co.uk/help/knowledgebase/reduce-employee-contributions/ Tue, 26 May 2020 16:14:15 +0000 https://thepeoplespension.co.uk/help/?post_type=knowledgebase&p=5488 Pension savings can be a very effective way to save for the future. Your employee may not be aware of how much money they’re missing out on if they stop paying into their pension pot. They should visit our website before they make a decision, to understand what they risk losing by stopping or reducing their contributions.

What if your employee wants to stay in the pension scheme, but doesn’t want to pay the balance to meet the legal minimum contribution?

An employee can decide that they’d like to reduce their pension contributions so as they’re not meeting the legal minimum contributions. This means the employee will no longer be classed as ‘eligible’ for auto-enrolment’.

It should be their choice to pay below the minimum levels, and their employer is legally not allowed to suggest, encourage or induce them to do so.

Employers can choose to support the employee’s decision to reduce their pension contributions by following our guide,’Paying below the minimum contribution levels’.

Reducing their pension contributions means:

  • the employee should remain in the pension scheme as an active member.
  • you don’t have to continue paying pension contributions for them – but you can if you want to and can choose how much you’ll pay.
  • you may need to re-enrol your employee into the pension scheme every 3 years (sometimes sooner). They’ll then have the opportunity again to see if they’d like to contribute to meet the total legal minimum contributions.
  • the employee can decide to join the pension scheme and pay towards the total minimum contributions at any point in the future. They’ll just need to let their employer know in writing. This can be a signed letter or email, if it includes a statement to say it has come from them.

If you choose not to enable your employees to pay below the legal minimum contributions, they can opt out and pay pension contributions directly into their pension pot by Direct Debit. They’ll still benefit from the tax relief on their payments, and you won’t need to contribute. Your employee should be directed to our website if they’d like to set this up.

]]>
Can employees and/or employers pay more than the legal minimum contribution? https://thepeoplespension.co.uk/help/knowledgebase/can-employees-andor-employers-contribute-legal-minimum-contribution/ Tue, 26 Apr 2016 15:51:18 +0000 https://ask.prodtpp.wpengine.com/?post_type=knowledgebase&p=2118 Both employers and employees can choose to contribute more than the legal minimum contributions.

There is no minimum contribution level for employees, so if the employer chooses to pay the full total minimum contribution level, then the employee could choose not to contribute.

However, even if the employee increases their contribution, the employer must still meet the minimum employer contribution.

Tax relief on pension contributions

There can be tax implications to this for both the employer and employee. Employees should be aware of the annual allowance – the maximum amount that can be paid into their pension with tax relief. Read more about this on our website.

To do this you can add the employee to a new worker group with higher rates of employee and employer contribution amounts.

]]>
Can I transfer the credit on my account to my bank account? https://thepeoplespension.co.uk/help/knowledgebase/why-is-there-no-facility-on-my-account-to-repay-back-monies-to-our-bank-account-2/ Tue, 05 May 2015 15:56:09 +0000 http://ask.prodtpp.wpengine.com/?post_type=knowledgebase&p=1550 Your account balance may be in credit – either due to a refund of contributions for employees that have opted out, or due to an overpayment. If the account balance is in credit with us there are 2 options. You can either:

  • offset the credit amount against the next payment (reducing the next payment by the credit balance amount)
  • request a refund to the bank account details we have for you.

If you’d like us to make a refund to a bank account, we’ll need you to complete a direct payment instruction form and provide evidence of the bank account.

You can find a ‘direct credit instruction form’ from the documents section of your Online Services account. For more help with setting up a credit payment, see our ‘Quick Guide to Online Services’.

]]>
Can you accept a one-off contribution for an employee once we’ve set up the scheme? https://thepeoplespension.co.uk/help/knowledgebase/can-you-accept-a-one-off-payment-for-an-employee-once-we-set-up-the-scheme/ Tue, 05 May 2015 15:36:56 +0000 http://ask.prodtpp.wpengine.com/?post_type=knowledgebase&p=1536 We do accept one-off pension contributions for an employee – you might see these called additional contributions.

Additional contributions can be added to the next file that’s uploaded – simply alter the amount that needs to be increased.

If your employee wants to set up regular additional contributions, they’ll need to follow the instructions on our website to set up a Direct Debit.

]]>
Can you accept contributions net or gross? https://thepeoplespension.co.uk/help/knowledgebase/can-you-take-contributions-net-or-gross/ Sun, 26 Apr 2015 09:10:05 +0000 http://ask.prodtpp.wpengine.com/?post_type=knowledgebase&p=853 When you set up your workplace pension with The People’s Pension, you can choose to deduct your employees’ contributions from their wages either before or after tax.

Tax relief can be applied in two very different ways (and it’s important to get it right):

  • Deducting employee contributions after tax? We call this the net tax basis. You may see HM Revenue & Customs (HMRC) referring to this as the ‘relief at source’ method. When you sign up to The People’s Pension, we’ll automatically set you up on the net tax basis.
  • Deducting employee contributions before tax? We call this the gross tax basisYou may see HMRC referring to this as the ‘net pay arrangement’ method. If you choose this option, you’ll need to call us on 01293 586666 to set this up.

 

 

 

]]>
Can you accept contributions net or gross? https://thepeoplespension.co.uk/help/knowledgebase/are-the-contributions-paid-net-or-gross/ Wed, 29 Apr 2015 09:59:21 +0000 http://ask.prodtpp.wpengine.com/?post_type=knowledgebase&p=850 When you set up your workplace pension with The People’s Pension, you can choose to deduct your employees’ contributions from their wages either before or after tax.

Tax relief can be applied in two very different ways (and it’s important to get it right):

  • Deducting employee contributions after tax? We call this the net tax basis. You may see HM Revenue & Customs (HMRC) referring to this as the ‘relief at source’ method. When you sign up to The People’s Pension, we’ll automatically set you up on the net tax basis.
  • Deducting employee contributions before tax? We call this the gross tax basis.  You may see HMRC referring to this as the ‘net pay arrangement’ method. If you choose this option, you’ll need to call us on 01293 586666 to set this up.
]]>
How do I add or change my Direct Debit details? https://thepeoplespension.co.uk/help/knowledgebase/how-do-i-add-or-change-my-direct-debit-details/ Thu, 23 Sep 2021 14:17:42 +0000 https://thepeoplespension.co.uk/help/?post_type=knowledgebase&p=7429 To change your Direct Debit details, please download and complete a new Direct Debit mandate. One can be found in the ‘view documents’ section in Online Services.

This should be signed by an authorised person and emailed to kyc@peoplespartnership.co.uk. Alternatively, you can post it to us at:

People’s Partnership – The People’s Pension, Manor Royal, Crawley, RH10 9QP

To activate the bank details, we’ll also need matching evidence of the bank details through either a copy of:

  • the company’s bank statement (dated within the last 3 months)
  • a void cheque
  • a pre-printed paying in slip.

The name of the Direct Debit mandate signatory is incorrect. Can this be changed?

Yes, send us a fresh Direct Debit with the correct signatory by following the previous steps.

]]>
How do I cancel a direct payment? https://thepeoplespension.co.uk/help/knowledgebase/i-cancel-direct-debit-payment/ Wed, 08 Feb 2017 14:52:13 +0000 http://prodtpp.wpengine.com/help/?post_type=knowledgebase&p=3558 You’re unable to cancel a direct payment via Online Services, but get in touch and we’d be happy to help. We need at least 3 working days’ notice before the due date to cancel.

If you want to cancel your automated collection, you can do this yourself from your account home by clicking ‘deactivate’ on your account home screen. Don’t forget if you deactivate automated collection, you’ll have to make a payment after every pension submission.

]]>
How does salary sacrifice work for pension contributions? https://thepeoplespension.co.uk/help/knowledgebase/can-use-salary-sacrifice-takes-employees-salary-minimum-wage/ Fri, 18 Nov 2016 11:16:59 +0000 http://prodtpp.wpengine.com/help/?post_type=knowledgebase&p=2616 Salary sacrifice for pension contributions is a way for an employee to give up some of their salary and have it added to their pension pot instead. You can read more about how salary sacrifice works on our website.

Setting up your worker group

If you’re using salary sacrifice, you should set up a worker group with just an employer contribution, making sure this meets the total minimum contribution level. As you’re paying pension contributions on behalf of your employees, we wouldn’t expect to see an employee pension contribution.  For more help with this, please see our ‘Quick guide to Online Services’.

Salary sacrifice must not take the employee’s salary below the minimum wage. For more information please see HMRC guidance on salary sacrifice.

]]>