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Mid-period pension membership changes

in Payroll and Global Payroll Interface (GPI) 8 comments

Summary:

Is there any way for employees to change pension scheme mid-period?

Content (please ensure you mask any confidential information):

Employer has a scenario where people are promoted beyond a certain grade, they become entitled to be in a different pension scheme. This isn't a choice, they have to change scheme. Obviously people will have promotions on various dates, not always on the first of the month.

HCM pension processing seems to only process pension schemes that are active on the last day of the pay period. If one scheme is ended 15th April and another one starts 16th April, then only the 16th April pension will be processed, but as pensionable pay is based on period balances, it will include pay from the old job as well as the new job. This is wrong in all kinds of ways and generates a lot of manual work to adjust.

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