Personal pension payments made outside the payroll by an employee should be processed in the payroll using Payslip Input as Retirement Annuities so the employee can benefit from the pension tax deduction.
When a Retirement Annuity is processed the figure is included in pension deductibles that reduce taxable income. This amount does NOT affect Net Pay calculations
To create a Retirement Annuity code:
- Go to the 'Edit', then 'Transaction Codes' menu options
- Press 'Insert'
- Click on the 'Deductibles - Retirement Annuity
- Enter, or accept the default code, and description
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