If an employee decides to stop purchasing the notional service before its maturity date and this results in an inaccurate benefit statement being generated, there are a couple of possible reasons for this occurrence. For example:
No employee pension benefits were generated on the date they completed paying for notional service.
In the Maintain Employee Notional Service screen, no new row was entered.
To resolve the issue causing the incorrect benefit statement, follow the steps below in back office.
Click CorePension then click Maintenance.
Click Generate Employee Pension Benefits.
Enter the required data on the following fields:
Employee Ref: Leave blank if generating employee benefits for all employees.
Pension Scheme: To select a pension scheme, click the list
icon.
Calculation date: Enter the calculation date of when the purchase of the notional service was ceased.
Click OK then to exit screen, click the exit
icon.
Click Maintenance then click View Employee Pension Benefits.
In the Employee Ref field, enter the employee number.
Press Tab on your keyboard then select View Benefit Details.
To expand Accrued Benefit (Pension), click the
icon.
Take note of the amount for Gross Notional Service.
To exit screen, click the exit
Click Maintenance then click Employee Notional Service.
To enter a new row, click the add
icon and fill the following fields.
Employee reference number
Pension Scheme
Years: Enter the gross notional service figure.
Grant Date and Maturity Date: Date the notional service was ceased.
Enter the actuarial code for lump sum reduction and pension reduction to pull in the tables corresponding to the Pension Actuarial Rates.
Select the Conf. and Dep. check box for this new row.
Clear the Conf. and Dep. check box for the previous row that had been entered.
To save this, click the save
icon.