Pension administration
Pension schemes are increasingly contribution based, individualised for employees and provided by third parties. This radically increases the administrative effort in:
- Ensuring the pension costs are estimated and accrued correctly during each payroll run
- Updating the pension provider’s systems with relevant employee compensation data
- Reconciling and approving incoming invoices from pension providers
Zalaris smartHR pension administration template addresses these challenges and provides system support for all parts of the pension administration process.
Our standard template includes:
- Pre-set wage types that calculate required pension costs and corresponding accruals and posts these to standard pension accruals accounts
As an option the following functionality can be provided:
- Interface to pension providers. Our processes currently cover the most commonly used pension providers in the Nordic region
- Pension reconciliation service that offers process support for matching incoming pension invoices with accrued pension volumes. See ’pension reconciliation service’
Pension reconciliation service
Our pension reconciliation service offers customers full reconciliation of incoming invoices from pension providers with accrued pension levels in their General Ledger and payroll system.
The service involves Zalaris receiving pension invoices in electronic or paper based form from the pension providers. These are digitised and matched electronically with accrued pension levels on an individual employee level. Discrepancies will be identified, with the likely result that either the pension provider will be notified to correct the invoice or an adjustment of the individual employee’s accruals will be made.
This service can be provided for all Nordic countries.