Superannuation or retirement scheme settings determine how retirement savings contributions are calculated and paid.
Default settings
Default settings include the minimum percentage required for both employer and employee contributions, specific to each country's payroll regulations. While available settings vary between countries, all options necessary to meet local compliance requirements are included.
What schemes might be called
Depending on your country, this may be labelled as:
Super (Australia)
KiwiSaver (New Zealand)
CINSF (Cook Islands)
SINPF (Solomon Islands)
Or other jurisdiction-specific retirement schemes
Configuring superannuation settings
Navigate to the Staff screen.
Select the employee.
Open the Super tab (or equivalent for your country).
Configure the following settings.
Information to enter
Nominated fund or scheme
Select the employee's chosen fund. - Not applicable for many jurisdictions where there is only one fund
If they haven't chosen, you can use your default fund. - Australia only
Member number
The employee's member number with the fund. - Not applicable for many jurisdictions
Employer contribution rate
Set to the minimum required by law.
Can be higher if your organisation offers above-minimum contributions.
Employee contribution rate
Set to the minimum required by law.
Can be higher if the employee elects to contribute more.
Setting up funds (Australia only)
Before you can assign employees to funds, you need to set up the funds in your system.
Navigate to the Codes screen.
Select Agencies and superfunds.
Add each fund with required details. - ABN & USI or ESA and bank account details for SMSF's
Agencies must be set up in the codes screen first before you can assign them to employees.