You have two ways of adding regular contributions data to the SIF. You can either provide the amount of contributions deducted from the employee's salary, or provide the contribution percentage and we will calculate the amount based on the percentage and earnings supplied. If you supply both we will upload both to the member’s record, but the amount will be used to create the contribution record.
You can also use the SIF to upload one off or ‘single’ contributions to the retirement plan. Details of these can only be provided as amounts.
You can use SIF to update contributions for one or more members as long as the contribution being updated has not been or is being processed. Changes to these contributions will need to be made via an adjustment agreed with your administrator, once the contributions have been invested. You can find the state for each contribution from the table found by selecting ‘Contributions’ on the ‘Contribution and payroll’ page on your MyPension365 online portal.
Contributions will only be accepted for members of your retirement plan who are active during the pay period covered by the contributions. You will not be permitted to upload contributions for an employee who has ceased membership of the retirement plan or has left the company.
For further information on the SIF, please refer to the SIF guide.