MDP - Company - Adding or Updating Pension

This article explains how to add a new pension scheme or update an existing pension scheme for a company in MDP.

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Adding a Pension Scheme

Pension details are the seventh step in the company setup process. You can add your company’s pension details when creating a new company or update them later when managing an existing company.

To add a pension scheme, you need to click on the + Add New Pension Scheme. This will open up the screen below.

Basic Pension Details

Field	Description
Pension Provider	Select a provider from the available list.
Scheme Name	Enter a descriptive name for the scheme. This is useful if multiple schemes are in place.
Pension Group Name	Enter a relevant group name. If only one scheme exists, you can use the company name.
Start/Staging Date	Enter the scheme's start/staging date.
Salary Sacrifice	Enable this if the pension scheme is a salary sacrifice scheme.
Employer Pension Scheme Reference	Enter the reference number assigned by the pension provider.
Contribution Basis	Select either Qualified Earnings or Pensionable Pay.
Tax Relief Type	Select the appropriate method: Net Pay Arrangement or Relief at Source.
Employee’s Contributions	Set the default contribution percentage for employees. This can be adjusted at the worker level.
Employer’s Contributions	Set the default contribution percentage for employers. This can be adjusted at the worker level.
TPR Letter Code	Enter the 10-digit reference number provided by The Pensions Regulator (TPR).
Company Pension Letter Contact Name	Enter the contact name to be included in the pension letter.
Company Pension Letter Phone	Enter the phone number to be included in the pension letter.
Company Pension Letter Email	Enter the email address to be included in the pension letter.

Postponement & Re-enrolment Settings

New Employee’s Postponement: Select the postponement period to apply to eligible new starters: 1 month, 2 months and 3 months
Threshold Change Postponement: Select the postponement period for workers who become eligible following a change in circumstances, such as a salary increase or reaching the relevant eligibility age. The options are 1 month, 2 months and 3 months
Re-Enrolment Date: Enter the date on which eligible workers should be considered for re-enrolment.
Exclude Opt-Outs in Last 12 Months from Re-Enrolment: Enable this option to exclude workers who opted out within the past year from being re-enrolled.

Pension Scheme List

You can add multiple pension schemes, and they will be displayed in the list. You can update the pension scheme by clicking the Edit icon on the respective row.

If you are not ready to complete the pension setup, select Next to continue and return to the pension details later.

Updating the Pension Scheme

To update or create your pension scheme after the initial setup, follow these steps:

Navigate to the Dashboard by clicking the logo. The Company List will then be displayed.
Locate the company you want to update and click the Edit icon.
On the company details page, locate the Pension section.
In the Pension section, you will have two options based on the initial setup
1. Add: If no pension schemes were configured during the initial setup, you will see the + Add option. Follow the steps outlined in the Adding a Pension Scheme section.
2. More: If pension schemes were previously added, the More option will be available.
  1. Click More to view the existing pension schemes. Locate the pension scheme you want to update.
  2. Click the Edit icon next to the scheme you wish to modify.
  3. Click Save to apply changes.
  4. To discard any changes you have made and reload the previously saved data, select Reset.
  5. To create an additional pension scheme, click + Add New Pension Scheme.
    Note: The Pension Provider field cannot be changed once the pension scheme has been created. All other available fields can be updated.
Click the Close icon at the top right of the slider to close the slider.