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Solution Name

Solution Caption

Staff Pension Reconciliation

Solution Description

This reconciliation shows how the provision for staff pension (both employer and employees) are distributed among the various PFAs in a particular month. There are 3 parts to this statement: First, the Pension Contribution part- this has the addition of both total pension deduction from employees' salaries and the provision for the employers contribution towards staff pension. Less Second, this part shows a list of the various staff PFAs and the total amount being remitted to each. Each PFA will have a schedule of the staff under it and each staff pension contribution for the month Difference This should show an amount equal to those staff for which pension provisions were made but not remitted to any PFA (perhaps, because no Retirement Savings Account yet)

Solution Industry : Financial Institutions

Solution Department

Attachment

Staff_Pension_Reconciliation.pdf

Objective key line

Solution Objective

To give proper account of pension deduction in staff salary and employers' contribution to staff pension

Solution Benefits

i. The reconciliation will quickly show any mistake or error in the amounts to be paid to the PFAs on behalf of staff. ii. It will allow the preparing officer give account for the staff without RSA PIN (which at same time will be the balance remaining in Staff Pension Payable ledger after payment and taking entries) iii. This will ensure that the total pension amount remitted during a particular months is less than or within the provision made.

Variables

i. Employees' pension deductions ii. Employers pension contribution for staff iii. Remittances to various PFAs (Pension Fund Administrators)

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