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joanne2510

Does anyone know if any of the following are subject to COSR PENSION OR STAKEHOLDER PENSION:
BASIC PAY
OVERTIME
ANNUAL BONUS
COMMISION
PERFORMANCE RELATED PAY
SHIFT ALLOWANCE
FIRST AID ALLOWANCE
SSP
SMP
SAP
SPP

SOOOOO CONFUSED PLEASE HELP

payrollpro

Joanne,

This may confuse even more but the real answer is .... it depends!

You would normally expect basic, bonuses and commissions and statutory payments to be included with the others not, but it depends on the terms and conditions of the scheme.

For example, public sector pension schemes, which as in the main COSR, would allow basic and statutory payments but disallow everything else because the scheme rules won't include it unless its contractual and guaranteed.

Stakeholder schemes tend to be based on total taxable pay as this determines how much tax relief can be given.

If I was answering this I would probably stick to what I have said above, that schemes will generally always allow basic, SAP, SMP, SPP and SSP but the inclusion or otherwise of the rest will depend on the actual terms and conditions.

Payrollpro

Staci Lea

The company policy should list all payments that are subject to pensions.

Hope this helps

Im studying with Premier Training.

payrollpro

Staci,

In general terms you are correct but I would excercise caution here because many private sector schemes will have a separate administrator and it is to this person employees would go to confirm the pay for pension purposes. Some schemes will be trust based so the definitions will be in the trust deed and statutory schemes will have the definitions laid down in the regulations.

Some employers will cover them selves by entering a link to the appropriate details or simply state the contact for the employee to go to.

Payrollpro